Equinox Gold ( NYSE: EQX ) +4.9% in Tuesday's trading after saying it achieved commercial production at its Santa Luz gold mine in Brazil.
The miner said the Santa Luz mill is operating at ~90% of design capacity of 7,400 metric tons/day, with recoveries consistently above 70% and as high as 85%, and 23K oz of gold were produced as of September 30, with output expected to continue to increase through Q4.
Santa Luz is Equinox's ( EQX ) fourth operating mine in Brazil and "represents 100K oz of average annual production with mine life extension potential," the company said.
Equinox Gold ( EQX ) owns several quality properties but shares have become cheap during the recent gold selloff, Don Durrett writes in an analysis published recently on Seeking Alpha .
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Equinox Gold launches commercial production at Santa Luz mine