Objectives & Highlights
2008 Objectives
- Commence copper production at Lumwana in December 2008 following construction completion by the EPC contractors;
- Progress uranium development activities with a view to producing U3O8 in 2010;
- Significantly expand exploration activities;
- Evaluate and potentially implement opportunities at Lumwana to expand throughput, improve transport logistics and process concentrate on-site;
- Actively monitor new project and corporate opportunities.
2007 Highlights
The highlights for 2007 are:
- Construction of the Lumwana Project progressed well;
- Concentrate offtake agreements for the first 5 years of Lumwana concentrate production were signed with Chambishi Copper Smelter, Mopani Copper Mines Plc and Glencore International AG;
- The closing of an equity offering for gross proceeds of Cdn$211 million (US$179 million) and establishment of US$45 million contingent funding credit facility to be used should cost overruns occur or for corporate purposes post project completion;
- Equinox successfully achieved financial close on its US$583.8 million Lumwana Project finance debt facility and drawdowns are well underway. This completed the funding of the Lumwana Copper Project;
- Large scale mining commenced in April 2007 at the Malundwe pit and has now reached the primary sulphide ore body, with oxide ore stockpiled for later processing;
- ZESCO has connected the Lumwana substation to the national electricity grid.
- The Lumwana Uranium Feasibility Study is complete and results have been released;
- Exploration activities continued to progress with high grade copper intercepts at Ndola West, high grade uranium intercepts at Malundwe and the copper discoveries at Kababisa and Kanga; and
- During 2007 Equinox was the 12th best performing stock in the TSX 300 Index and recorded the 3rd highest trading volumes for the year.
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