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    Equinox sells Brazilian operations to CMOC: portfolio and capex shift for mine planners

    December 15, 2025|

    Reviewed by Joe Ashwell

    Equinox sells Brazilian operations to CMOC: portfolio and capex shift for mine planners

    First reported on MINING.com

    30 Second Briefing

    Equinox Gold has agreed to sell its entire Brazilian portfolio — the Aurizona and RDM mines plus the Bahia complex (Fazenda and Santa Luz) — to China’s CMOC Group for over US$1 billion, including US$900 million cash on closing and up to US$115 million in contingent payments tied to production. The divested assets were guided to produce 250,000–270,000 oz. of gold in 2025, while Equinox’s refocused portfolio will centre on the Greenstone (220,000–260,000 oz.), Valentine (175,000–200,000 oz. at full run-rate) and Mesquite (85,000–95,000 oz.) operations. Proceeds will be used to retire US$800 million of debt, cutting interest costs and freeing capital for expansions at Valentine, Castle Mountain and Los Filos, with group output targeted at 700,000–800,000 oz. next year.

    Technical Brief

    • Transaction consideration is US$900 million cash at closing plus up to US$115 million contingent on production.
    • Brazilian package comprises 100% interests in Aurizona (Maranhão), RDM (Minas Gerais), and the Bahia complex (Fazenda and Santa Luz).
    • Equinox plans to fully repay a US$500 million term loan and a US$300 million Sprott facility from proceeds.
    • Immediate debt retirement is expected to materially cut interest expense and lift per‑share operating cash flow.
    • El Limón and Libertad in Nicaragua enter the growth pipeline via Equinox’s earlier US$1.8 billion Calibre Mining acquisition.

    Our Take

    Within our 299 Mining stories, there are only a handful of large single-transaction gold M&A deals above the US$1 billion mark, so Equinox Gold’s Brazil sale stands out as one of the more sizeable balance-sheet resets in the gold space this year.

    Using over US$800 million of the proceeds to clear term debt and Sprott obligations positions Equinox’s remaining assets such as Greenstone, Mesquite and Castle Mountain to fund expansion or optimisation with less reliance on high-cost project finance, which has been a recurring constraint in other gold items in our database.

    CMOC Group’s move into Brazilian gold assets adds a precious-metals leg to a portfolio better known in our coverage for base metals and rare earth elements, signalling that diversified Chinese groups are willing to pay up for operating gold platforms in jurisdictions like Maranhão, Minas Gerais and Bahia rather than only greenfield critical-mineral plays.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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