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Company Statement
Equinox Minerals Limited is an international mining company that is dual listed in Canada and Australia on the Toronto Stock Exchange and the Australian Securities Exchange (Symbol: 'EQN').
The Company is currently focused on operating its 100% owned large scale Lumwana copper mine in Zambia, one of the largest new copper mines to be developed globally over the last decade.
Equinox acquired the Lumwana project in 1999 and following nearly 10 years of feasibility, financing and construction, commissioned the mine, plant and infrastructure in December 2008.
Situated 220 km west of the Zambian Copperbelt, Lumwana is now a major open-cut copper mine which positions Equinox as one of the world’s top 20 copper producing companies.
At initial design capacity, Lumwana is processing about 20 million tonnes of ore per year, mined at an average life of mine strip ratio of 4.2:1. Lumwana ore, which is predominantly sulphide, is treated through a large, yet conventional plant, producing a copper concentrate for sale to local and international offtakers.
In addition, Equinox is looking at opportunities to grow the Company. Internally, organic growth opportunities include phased expansions of the Lumwana copper mine and plant to increase process throughput rates to 24 Mtpa, and then up to 35 Mtpa, maximizing the benefit of the large scale Lumwana copper resource. Externally, the Company is investigating international acquisition opportunities to grow the Company. Equinox is approaching the assessment of these internal and external growth opportunities with rigor and discipline to ensure that any investments are accretive.
Our Key Objectives
- Produce 135,000 tonnes (300 million pounds) of copper metal in concentrates in 2010 at a C1 operating cost of $1.35 per pound of copper
- Achieve the plant design throughput rate of 20Mtpa for the mine and mill in the second half of 2010
- Once design throughput for the mine and mill is achieved, optimize and de-bottleneck the plant to increase throughput to 24Mtpa over a subsequent 18 month timeframe
- Given the large resource and long mine life at Lumwana, evaluate further expansion opportunities to increase throughput to greater than 30Mtpa
- Continue to assess the development of a uranium process plant, subject to offtake, marketing and financing arrangements
- Accelerate the exploration effort on the Lumwana mining licence to identify potential additional sources of ore for the Lumwana mill. Expand the regional exploration program in Zambia and consider opportunities elsewhere
- As the financial capacity of the Company grows, evaluate opportunities for accretive project or corporate acquisitions.
Current Operations
Exploration
Though Equinox has been focusing on the commissioning and ramping up of production at the Lumwana Mine, it has maintained an exploration program in Zambia primarily directed towards the 1,355 km2 LML-49 that surrounds the Lumwana mine. This program is focused on targets regarded as prospective for additional mineralization to feed the Lumwana mill.
Exploration work continued to focus on evaluating and ranking targets at Lumwana:
At Chimiwungo, an induced polarization (IP) survey identified significant chargeability anomalies over the down dip portion of Chimiwungo East. This area has not been drill tested by the Company in the past and was only poorly tested with historical drilling in the 1960s. This is interpreted to indicate a highly prospective plunging shoot of sulphidic mineralization which will be drill tested in 2010, potentially providing an extension to the Chimiwungo Deposit.
On the west side of the Mwombezhi Dome, anomalous copper geochemistry and geophysics has defined the Odile Prospect, west of Malundwe. Further geophysics and drilling is planned for this target in 2010.
IP surveying confirmed the presence of plunging shoots of chargeable material, possibly sulphides, at Lubwe West, northeast of Chimiwungo. Ground spectrometer work targeting uranium was also completed at Lubwe. Further target definition at this target may justify drilling.
Equinox has been granted the 2,200km2 Mufapanda licence, an iron oxide-copper-gold target some 200 km west-north-west of Lusaka. A reconnaissance field visit identified an outcropping zone over 8 km of hematite-magnetite breccias above a magnetically active granitoid. Following anomalous assay samples from this zone the Company plans to undertake an airborne magnetic and radiometric survey of 10,820 line kilometres to provide the foundation for future exploration activities in 2010.
Lumwana Project
The Lumwana copper mine is located 220 kilometres west of the world-renowned Zambian Copperbelt. The mine is of significant scale with measured and indicated resources of 342.5 million tonnes of ore grading 0.74% Cu, plus inferred resources of 563.1 million tonnes at 0.63% Cu.
At initial design capacity, Lumwana will process in excess of 20 million tonnes of ore each year, mined at an average mine strip ratio of 4.2:1 over a mine life of 37 years. Steady state initial design capacity is expected to be achieved in the second half of 2010.
Lumwana ore, which is predominantly sulphide, is treated through a large, yet conventional sulphide floatation plant, producing copper concentrate for smelting.
The project is making a significant positive impact on Zambia, being the largest new mine in a generation and the largest single capital investment in Zambian history. At full capacity, it is expected that Lumwana will provide around 20 per cent of the country’s total metal copper output.
Lumwana is a major copper project which has established Equinox as one of the world’s top 20 copper producers.
Geographical Spread
Equinox activities are managed on a global basis from Perth, Western Australia but operate in three main geographical areas namely Australia, Zambia and Peru.
Board of Directors and Key Management
| Board | |
| Peter Tomsett | (Chairman) |
| Craig Williams | (President and Chief Executive Officer) |
| David McAusland | (Director) |
| David Mosher | (Director) |
| Jim Pantelidis | (Director) |
| Brian Penny | (Director) |
| Management | |
| Michael Klessens | (Vice President Finance and Chief Financial Officer) |
| Robert Rigo | (Vice President Project Development) |
| Cobb Johnstone | (Vice President Operations, Chief Operating Officer) |
| Ralph Gibson | (Vice President Project Finance) |
| Kevin van Niekerk | (Vice President Investor Relations) |
| Carl Hallion | (Vice President Business Development) |
| Sonya Stark | (Vice President Corporate Affairs and Corporate Secretary) |
| Adam Wright | (Managing Director, Lumwana Mining Company) |
Company AddressGround Floor
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Additional Address/Key Contact155 University Avenue |
CapitalShares Issued - 339 million
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Related News
08/04/10 - Equinox Minerals Is Well On Target To Produce 135,000 tonnes Of Copper In Concentrate This Year.11/08/09 - It’s All Smiles At Equinox As Copper Production At Lumwana Gets Into Its Stride, And The Uranium Stockpile Grows Ever Larger
02/04/09 - Equinox Minerals Survives Multiple Baptisms To Deliver On A Ten Year Old Promise
Most Recent Statement
13/08/10 - Q2-2010 Results - Profit of $91.1M and cash flow of $142.5M13/07/10 - Publishes Preliminary Lumwana Production Results for Q2-2010
02/06/10 - Lumwana Prod. Update, Mine Expansion and Drilling Plans
07/05/10 - Consolidated Financial Statements - March 31, 2010
07/05/10 - Lumwana generates Operating Profit of $82.1 million in Q1-10
30/04/10 - Proxy research firms provide guidance for EQN shareholders