Perth, Australia — MININGREVIEW.COM — 18 October 2010 – Equinox Minerals Limited “’ the international mining company that is dual listed on the Toronto and Australian stock exchanges “’ says it intends making an acquisition to add to its Lumwana project in Zambia, and it forecast continued long-term price gains on supply constraints
“We have an active programme underway, looking for opportunities,” CEO Craig Williams said in an interview. “We’ll certainly be sticking with copper.”
The US$841 million (R5.8 billion) Lumwana mine “’ Zambia’s largest foreign investment project “’ began production in 2008, and this month Equinox increased its forecast 2010 output by 3.7% to 140 000 metric tonnes of concentrate.
“I would like to have another advanced asset that could be in production within two years,” Williams said here in an interview with Bloomberg News. “That could be anywhere on the globe, but we would like to reduce our risk profile so we’d be looking at an equal or lower risk area than Zambia.”
“The problem for the copper market is new supply,” Williams said. “The supply side response to a strong copper market is slow. A lot of the big deposits that are waiting to be developed are in countries that have political issues. In the next five or 10 years I see a continuing supply-side issue. For that reason, there will be continued price rises,” he declared.