07/12/2007 - 13:31

Equinox shares surge after Canadian miner buys in

07/12/2007 - 13:31

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Equinox Minerals Limited shares surged more than 10 per cent during trade today, following the announcement that Canadian investor First Quantum Minerals Ltd had acquired a 17 per cent stake in the company.

Equinox Minerals Limited shares surged more than 10 per cent during trade today, following the announcement that Canadian investor First Quantum Minerals Ltd had acquired a 17 per cent stake in the company.

The West-Perth based company, which has a copper mine in the Republic of Zambia, said First Quantum had acquired the 97 million common shares for investment purposes and could acquire further common shares or dispose of its holdings of common shares, as investment conditions warranted.

The Lumwana mine is located in the North Western province of Zambia and is expected to produce an average of 169,000 tonnes of copper metal per year contained in concentrates for the first six years of its 37 year mine life.

Construction remains on schedule for commissioning in the second quarter of 2008.

Equinox shares closed at $6.09 per share, up from yesterday's closing price of $5.59.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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