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Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") is pleased to announce it has accepted from its EPC Contractor (a joint venture between Ausenco Projects Limited and Bateman International Projects BV | Quote | Chart | News | PowerRating) handover of the process plant and other related infrastructure at its Lumwana Copper Project ("Project"), reaching Practical Completion and attaining the final milestone under the EPC contract.
Equinox reported on October 7, 2008 that crushing of material at the primary crusher had commenced with the 4.5km conveying circuit transporting crushed material to the fine ore stockpile at the copper concentrator. Plant commissioning with ore will now commence and plant ramp up will take place over the coming months. Initial concentrate is expected to be produced next week, with shippable quantities of commercial grade concentrate from December 2008.
Total pre-production capital expenditure is expected to be $814 million, compared to the budget of $758 million estimated prior to the transformer incident which delayed the project for 4 months. This includes all mining fleet costs, clearing and pre-stripping costs, the EPC Contractor's cost to complete the 20Mtpa process plant, tails and water facilities and owners costs as well as operating consumables and additional mining activity, fixed costs necessarily incurred as a result of the delay and liquidated damages proceeds received from the EPC Contractor of $27 million. In addition, the delay in start-up insurance proceeds are currently being processed. The actual costs to complete the Project, had the fire incident not occurred, were in line with the original budget.
As reported in the results for the Quarter ended September 30, 2008, Equinox had cash resources of US$51.8 million and undrawn debt facilities of US$151.4 million plus a $45 million cost overrun facility. The outstanding capital commitments of the Company relating to the construction of the Lumwana Mine (which are incorporated in the expected total cost of $814 million) at September 30, 2008 were $55.1 million.
Mr Craig Williams, Equinox's President and CEO commented, "Equinox is pleased to accept handover of the Lumwana process facilities and commence ore commissioning and production ramp up. We are very pleased to bring on line the largest copper mine on the African continent which will not only be a long term, low cost copper producer, but will make a major economic and social contribution to Zambia. I would personally like to thank our EPC Contractors Ausenco-Bateman, and pay particular tribute to Equinox management and employees whose outstanding efforts, project management skills and resolve have delivered a high quality asset at a remarkably low capital cost."
<< On Behalf of the Board of Directors of Equinox: Craig R. Williams - President & Chief Executive Officer ------------------------------------------------------- ------------------------------------------------------------------------- Cautionary Language and Forward Looking Statements -------------------------------------------------- This press release contains "forward-looking statements" and "forward- looking information", which may include, but is not limited to, statements with respect to the future financial or operating performances of Equinox, its subsidiaries and their respective projects, the future price of copper and uranium, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, estimated costs of future production, the sale of future production, capital, operating and exploration expenditures, costs and timing of the development of the Lumwana Project, the costs of Equinox's hedging policy, costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for the Company. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Equinox and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, those factors discussed in the section entitled "Risk Factors" in the Company's annual information form, which is available at www.SEDAR.com. Although Equinox has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Equinox disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. Technical information in this release is summarized or extracted from the "Amended Technical Report on the Lumwana Copper Project, North Western Province, Republic of Zambia" dated June 2008 (the "Technical Report"), prepared by Michael Davis, Process Manager, Ausenco Ltd. ("Ausenco"), Ross Bertinshaw, Principal of Golder Associates Pty Ltd. ("Golder"), Andrew Daley, Director, of Investor Resources Finance Pty Ltd ("IRF"), Daniel Guibal, Corporate Consultant (Geostatistics and Resources), of SRK Consulting (Australasia) Pty Ltd ("SRK") and Robert Hanbury, Associate Director, of Knight Piésold Pty Ltd. ("Knight Piésold"), each of whom is a "Qualified Person" in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Readers are cautioned not to rely solely on the summary of such information contained in this release, but should read the Amended Technical Report which is posted on Equinox's website (www.equinoxminerals.com) and filed on SEDAR (www.sedar.com) and any future amendments to such report. Readers are also directed to the cautionary notices and disclaimers contained herein. All currency in this release is U.S. dollars unless otherwise stated. ------------------------------------------------------------------------- >>
SOURCE: Equinox Minerals Limited
Craig R. Williams (President and Chief Executive Officer), Michael Klessens (V.P. Finance and CFO), Phone: +61 (0) 8 9322 3318, Email: equinox@equinoxminerals.com or Kevin van Niekerk (V.P. Investor Relations/Corporate Development), Phone: (416) 865-3393, Email: kevin.van.niekerk@equinoxminerals.com; For information on Equinox and technical details on the Lumwana Project please refer to the company website at www.equinoxminerals.com
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