Equinox secures $449m loan facility

Equinox Minerals says it will roll over its existing debt into a new $US400 million ($A449 million) corporate loan facility, which it said will provide greater flexibility.

The company, which is dual listed in Toronto and Australia, said it had secured commitments from Standard Bank, Standard Chartered Bank, Industrial and Commercial Bank of China and BNP Paribas.

Equinox said the corporate facility will be used to repay existing senior and subordinated project debt facilities that were provided in 2006 for the development of the Lumwana copper mine in Zambia.

"The provision of this loan facility by a core group of international commercial banks is recognition of the strength of the Lumwana copper mine and the long-term prospects of the Equinox group," Equinox president Craig Williams said.

"Refinancing our existing project debt facilities with a corporate loan reflects our transition from a developer to an operator of a world class mining asset.

"Our Company will benefit from the increased flexibility in the structure of this facility and is now very well placed to move to the next phase of its growth."

The corporate facility is subject to the execution of documentation and meeting certain conditions. Financial close for the facility is expected next month.

Equinox said it will incur up to $US20 million in break fees from its existing debt facilities. It added that its existing finance facilities for the mining fleet of $US104.3 million will remain in place.

Shares in Equinox climbed 12 cents to $3.69 at 11:37 AEDT.