It now seems that EQN intends to retain majority ownership of...

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