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Equinox Minerals Posts Strong Quarterly Results

Equinox Minerals has beaten analysts estimates as it reported a fourth quarter profit. It also said that its full year copper output has surpassed its guidance. Equinox ended the year with $319,480 million in cash and cash equivalents.

It has formally announced its hostile takeover bid for Ludin Mining this week. The Canadian $ 4.8 billion worth bid includes a $3.2 billion bridging loan that it has arranged via Goldman Sachs lending Partners and Credit Suisse Securities. The cash and stock bid challenges a previously planned merger of equals between Ludin Mining and Inmet Mining, a Canadian company.

Chief Executive Officer of the Perth Based Equinox Minerals said that they would consider asset sales in the context of noncore and non copper assets of Ludin Mining as a debt reducing measure. This means that if the takeover is successful then Equinox Mining may sell the Ludin Mining zinc mine in Sweden called Zinkgruvan mine.

Equinox Mining currently operates the Lumwana mine in Zambia and is developing another project in Saudi Arabia. Ludin Mining owns part of a copper and cobalt venture in the Democratic Republic of Congo and also has stake in operations in Portugal, Spain, Sweden and Ireland. Equinox hopes that its acquisition of Ludin will create a global copper giant which will be listed amongst the top 10 copper producing companies by 2016.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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