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Equinox Minerals

Title: Equinox Minerals
Category: Mining
Clicks: 13
Added on: Jun 16, 2012
PageRank:
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Equinox Minerals operated as an exploration and mining company with corporate offices located in Toronto and Perth. The company had operations in Zambia, Australia, and Peru and was listed on the Toronto Stock Exchange under the ticker symbol EQN. The main competitors of Equinox Minerals were Rio Tinto Limited and Freeport-McMoRan Copper & Gold Inc., based in Phoenix, and BHP Billiton Limited, based in Melbourne, among others.

Equinox Minerals was established with the merger between Equinox Resources and Equinox in 2004. In 1996, it commenced operations in Zambia and in 2010, the company was involved in several key transactions. Equinox Minerals acquired the copper-gold-silver site Jabal Sayid, located in Saudi Arabia, launching a hostile takeover bid for the copper producing company Lundin Mining. Barrick Gold announced the acquisition of the company in 2011.

Among the operations acquired by Barrick Gold is the Lumwana copper mine, situated in Zambia. This is a long-life high-quality operation and one of the world’s most prospective copper mining sites. The copper mine encompasses two copper deposits, Chimiwungo and Malundwe, together with 25 exploration prospects. Chimiwungo is larger than Malundwe and lower in copper grade. However, it contains uranium mineralization and large high-grade cobalt zones. Malundwe, which is smaller, contains zones of gold and uranium mineralization and higher copper grade, as well as sporadic high cobalt. There is a manufacturing plant which opened in 2009. The mining license for this mine is valid for twenty five years and covers 1,335 sq. km. Conventional flotation is used to process sulphide ore onsite, producing copper concentrates ready for shipment to offsite smelters. Smelters are used to smelt and refine concentrates into metal. The Lumwana operation cost Equinox Minerals 1 billion to develop and has sufficient reserves for 37 years. The project has been credited with attracting professionals to areas close to the mining sites, building schools, and other social development projects in Gambia.

In addition to copper deposits, the mining site contains uranium-rich deposits. Exploration projects of Equinox Minerals included Zambezi (coal), Sombrero, Huajoto, Caccapaqui, and Chapi Chapi-Utupara for silver, gold, copper, and zinc.
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