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Zambia-focused copper producer Equinox Minerals Ltd. (EQN.T) Thursday slashed its forecasted copper metal in concentrate output for 2009 by over a third to 110,000-120,000 metric tons because of equipment shortages and lower ore recovery.
The problems are expected to be "of a short-term nature," and haven't impaired the company's flagship copper mine Lumwana, the company said in its second-quarter report.
Equinox previously forecasted its 2009 output at 170,000 tons.
The company reported a 9.7% increase in copper metal in concentrate outputat Lumwana in the second quarter. Production increased to 24,413 tons, up from 22,263 tons in the first quarter.
Equinox also raised its cash cost estimate for 2009 to $1.35-$1.50 a pound, up from its forecast last quarter of $1.15/lb.
Its operating profit of $36.1 million in the second quarter was offset by non-cash losses on copper futures hedges, leading to a net loss of $38.7 million.
-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; matthew.walls@dowjones.com
(END) Dow Jones Newswires
08-11-09 1046ET
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