Equinox Gold Corp. [AMEX: EQX] revealed Monday that it has decided to sell its Pilar Gold Mine in Brazil to Pilar Gold Inc. The firm has sold the Pilar Gold Mine for $38 million in cash, a 9.9% equity interest in Pilar Gold and a 1% net smelter returns royalty on production from the Pilar Gold Mine.
Furthermore, the firm has disclosed that it has decided to sell Pilar Gold Mine. The decision has been taken to enhance its portfolio and to focus on its larger production and development assets. Equinox Gold Corp. has seen a growth pattern recently.
The Pilar Gold Mine is an extraordinary foundation mine for an emerging gold firm with current production and growth potential. Additionally, the firm is engaged in the completion of Pilar Gold as a supportive shareholder as they start a new Brazil-focused gold producer.
The Pilar Gold Mine values for nearly 35,000 ounces or 5% of Equinox Gold. It has earlier disclosed 2021 production guidance of 600,000 to 665,000 ounces of gold. Pilar Gold Inc. is pleased to buy an asset of the caliber of the Pilar Gold Mine. The firm is anticipating that it will be its foundation asset for the firm.