It now seems that EQN intends to retain majority ownership of Lumwana under any new jv agreement and develop the project themselves.
Management must have been unable to stitch up a suitable deal to introduce a new major partner, which resulted in this about face, as the Coys original stated preference was to retain a minority interest of not less than 30% and allow the incoming partner to develop the project.
However, we are still waiting for transfer to EQN of the 49% interest held by Phelps Dodge to be concluded _ it was expected weeks ago, before any of the above can proceed.
The wheels certainly grind slowly where this Company is concerned.
Cheers ..... WJ
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