Equinox Minerals announced its results of operations and financial condition for the three and six months ended June 30, 2009, and its financial position as at June 30, 2009. Highlights for the quarter includes the production of 24,413 tonnes of copper at an average (C1) operating cost of $1.44 per pound, at the Lumwana mine commenced commercial production as of April 01, 2009 achieving an operating profit of $36.1 million for the quarter. The operating profit was subsequently offset by a non-cash hedging instrument loss, resulting from the rising copper price, leading to a net loss position, after tax, for the quarter of $38.7 million or $0.06 per share.
Equinox Minerals announced its preliminary production statistics for the quarter ended June 30, 2009 (“Q2-2009”) from its Lumwana Copper Project in Zambia. During this period, the Lumwana mine was still in the ramp up phase for both the mine and process plant operations. From 3,030,352 tonnes of ore mined, contained 24,414 tonnes of copper in concentrate produced at a grade of 39.1% copper.
Equinox Minerals Limited reported that its wholly owned subsidiary Lumwana Mining Company Limited has signed a five year concentrate offtake agreement with Konkola Copper Mines Plc for annual quantities of between 70,000 and 80,000 dry metric tonnes of concentrates from the Lumwana copper mine located in Zambia with an option by mutual agreement for additional annual quantities of Lumwana copper concentrates under the same terms as the Agreement.
