Equinox Gold (TSX: EQX; NYSE: EQX) has marked the upcoming opening of its Greenstone mine with a 3,634-km cycling journey from Vancouver, B.C., to the mine in Geraldton, Ont.
The team arrived at the mine on Wednesday, delivering a cheque for more than $1.3 million to Geraldton District Hospital. This effort was boosted by additional support from colleagues in Brazil, Mexico and California, who collectively raised more than $200,000 for local charities through various physical activities.
“As we conclude this incredible journey, I reflect on the dedication and unity of our team. The Ride to Greenstone symbolizes our commitment to teamwork and community health and well-being, and we appreciate the generosity of our many stakeholders who supported the ride with donations,” Equinox Gold chair Ross Beaty said.
The Greenstone mine is one of the largest gold mines in Canada and a significant contributor to the local economy. The mine is expected to produce over 400,000 oz. of gold annually during its first five years, creating substantial employment and business opportunities in the region. It poured its first gold on May 22 and is set to reach commercial production by the third quarter of 2024.
Greenstone, located 275 km northeast of Thunder Bay, will be the company’s eighth producing mine. It has four in Brazil, two in California and one in Mexico.
The cycling journey is part of the celebrations leading up to the mine’s official opening on Thursday, which will be viewable on Greenstone’s YouTube page.
Equinox shares were down 3.3% to $7.49 apiece on Wednesday afternoon, valuing the company at $3.1 billion. Its shares traded in a 52-week range of $5.36 to $8.79.
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