Equinox raises production, profits

Equinox Minerals has reported an after tax profit of $US269 million in the 12 months to December 31, on the back on increased copper production and improved operational performance at its Lumwana copper mine in Zambia.

Revenue from sales more than doubled to $US1.04 billion in 2010, up from $US531.9 million in 2009.

Copper production also spiked, from 87,150 tonnes in 2009, to 146,690 tonnes in 2010.

Equinox lodged a $183 million loss in 2009.

Equinox said the improved production was due to a ramp-up of production at the Lumwana mine, which was commissioned in April 2009.

The company launched a $US4.9 billion takeover bid for Toronto-listed Lundin Mining this week, following on from its successful takeover of Saudi Arabia-focused Citadel Resource Group in January.

At the close of trade today, Equinox shares had fallen 25c to $5.12.