Objectives & Highlights
2008 Objectives
- Commence copper production at Lumwana in the third quarter of 2008 following construction completion by the EPC contractors;
- Complete the Lumwana Uranium Feasibility Study and progress 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
Construction of the Lumwana Project remains on schedule and on budget, with commissioning to commence late in the second quarter of 2008;
- 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 commenced and results are anticipated to be available early in the second quarter of 2008;
- 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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