G'day all,
EQUINOX have announced that enviro. approval has been obtained for development at Lumwana, which clears the way for project construction as soon as the financing loose ends are tied up, which should occur in the near future.
They are planning to produce 140,000 tonnes of copper per year for the first 5 years of this long life project. Even at us$1.50 per lb. Cu, this represents a metal value of us$460 million annually _ and it's 100% owned! That's a big turnover first up for a junior. Considering that the project will be fully debt funded, some degree of hedging would seem to be in order at current high metal prices, for the first few years at least. The banks will probably insist on it anyway.
Other news recently ann. was of their intention to start exploration on the now 100% owned Zambezi Project areas, incl. the 3170 sq.km. of prime copperbelt acreage on the Zambian side of the DRC border. Three highly prospective targets are close to current mines operated by Mopani and First Quantum, with a number of new discoveries made recently in the same area.
Cheers ... WJ
Add to My Watchlist
What is My Watchlist?
