Hi,
I found this new post (by suti on sharescene):
http://www.sharescene.com/index.php?showtopic=4960&hl=
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Equinox Minerals to expand Zambian copper-gold mine
Steve Swindells
312 words
12 May 2005
22:57
Metal Bulletin News Alert Service
English
© 2005 Metal Bulletin plc
Equinox Minerals is close to securing $300 million from foreign banks to develop its open pit Lumwana copper-gold mine in Zambia's North Western province, the biggest copper deposit in the southern African country outside the Copperbelt.
The Canadian and Australian-listed firm has targeted mid-2005 for the start of construction of its 140,000 tpy Lumwana mine with the first copper concentrate production set for 2007.
"A consortium of 15 international banks are finalising arrangements for the provision of $300 million working capital for the development of the mine," Equinox's chief exploration geologist Greg Winch in Lumwana told the Times of Zambia newspaper.
Lumwana is being touted as the most important new copper mine to be built in Zambia. Lumwana, together with First Quantum Minerals' initial 130,000 tpy Kansanshi mine, which started commercial production last month, are located more than 200km northwest of Zambia's traditional Copperbelt, where the bulk of the country's 400,000 tpy of copper is produced.
Lumwana's development will be critical if Zambia is to meet its target of raising copper output to 700,000 tpy in 2007. The Lusaka government has already demonstrated its support for the mine, building power supplies to the remote district and upgrading road infrastructure.
The Lumwana tenement covers 1,355 km² and includes two major deposits - Malundwe and Chimiwungo - which combined represent the largest known Zambian copper resource outside of the Copperbelt. The mine is scheduled to produce 2,300 oz per year of gold in its first five years and 1,000 tpy of cobalt in the sixth year of operation.
First Quantum Minerals plans to invest an additional $29 million this year to lift production capacity at Kansanshi to an average of 145,000 tpy of finished copper production during 2006-2009.
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Cheers .... WJ
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