Friday, March 29, 2024

Equinox Minerals generates US $ 91.1 million profit

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-Equinox Minerals has generated an operating profit of $91.1 million during the second quarter ending June 30, this year, an increase of 11 percent over the first quarter of and an after tax profit of $73.4 million, representing an increase of 128 percent over the first quarter at its Lumwana mine in Solwezi.

According to the quarterly web report obtained by ZANIS in Solwezi today, copper production increased 44 percent over the first quarter and by 80 percent over the second quarter of 2009, with 43,835 tonnes (96.64 million pounds) of copper in concentrate produced.

The report further says the Company has achieved the lowest quarterly operating cost to date of $1.19 per pound of copper and has also achieved recoveries of 94 percent and mine head grade of 1.02 percent copper.

It further states that the company has increased cash resources to $212.2 million, an increase of $92.1 million over the first quarter.

As a result of positive operating cash flows, the Company has achieved Lumwana Mine design output levels for the first time with an excess of 5 million tonnes of ore mined while total material movement increased by 77percent over first quarter.
“[pullquote]We are extremely pleased to have delivered record copper production and operating profits this quarter. With improvements in all areas of mining and processing operations, our committed hard work over the past year is now paying off; Lumwana is starting to show its true potential,” Mr Williams said.[/pullquote]
The output levels also increased by 28percent compared to the corresponding quarter last year and ore mined increased by 65percent over the first and by 68 percent compared to the corresponding quarter last year.

Commenting on the results, Equinox President and Chief Executive Officer Craig Williams expressed extreme pleasure on the positive record copper production and operating profits in the second quarter of this year, saying Lumwana is starting to show its true potential.

“We are extremely pleased to have delivered record copper production and operating profits this quarter. With improvements in all areas of mining and processing operations, our committed hard work over the past year is now paying off; Lumwana is starting to show its true potential,” Mr Williams said.

[ ZANIS ]

2 COMMENTS

  1. 1, Correct analysis, corporate tax is among the benefits of Foreign Direct Investment. On top of that there is direct employment for our people, tax on employees salaries, contractors and indirect employment and more tax. That is what is financing roads, health centres, schools etc. The needs of Zambia are huge, so when you hear that RB is travelling and wooing investors the idea is to increase this FDI many times over so that more resources are available for development.

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