about lundin take over, page-30

Hi Amulet.

There are always two sides of the coin ofcourse, and I have to admit that dispite the frustration I share with all of you with the current weakness in the shareprice, I do see the other side of this coin also.

If copper prices do stay high and if you are a medium to longer term investor in Eqn, then this deal could be THE turnaround for this company.

We would be up with the TOP major copper producers and would be producting copper of more then 500 000 t/pa.

What kind of shareprice we would carry once we have Lundin under our belt , Lumwana at 45M t/pa thru put, and our Saudi operations in production???

Imho it could be easy 4 times the current shareprice.

So it would 4 years of risk with carrying a debt around the $2.4 billion , but being able to pay around $500 Million off every year as long as current high copper prices hold.

The rewards would mean being part of the next Xstrata ,with robust earnings and plenty of room for more aquisitions.

I am very much aware of the high risks involved as I was part of PNA when that company was being held randsom by Goldmans-ucks during the GFM and the shareprice totally collapsed.

So I am very much aware of the risks involved, but on the other side I am also very much aware of the tremendous upside this deal will give Equinox.

Remember if our management would not have taken big risks in the past, they would have NEVER being able to build the biggest opencut coppermine in politcally risky Zambia and overcome all the pitfalls they had along the way achieving this.

Time will only tell the outcome from this deal.

good luck

jojo