🕐22.03.10 - 14:54 Uhr
EQUINOX latest PR: "Reaches Settlement with ZESCO"
Dear Sir/Madam,
TORONTO, ON, March 22, 2010 : Equinox Minerals Limited (TSX and ASX
symbol: "EQN") ("Equinox" or the "Company") and ZESCO Limited ("ZESCO"), the
Zambian power authority, are pleased to announce that on March 17, 2010, a
settlement agreement (the "Settlement Agreement") was executed in relation
to electrical power supply charges incurred during the construction phase of
the Lumwana Copper Mine in Zambia.
The terms of the US$4 million Settlement Agreement affords Equinox full and
final satisfaction and release from all claims and causes relating to the
dispute that involved ZESCO electrical power off-take supplied to the
Lumwana Copper Mine up to and including December, 2009.
The Settlement Agreement re-affirms the integrity and continuity of
Equinoxs long term Lumwana Power Supply Agreement as announced by Equinox
on February 16, 2006.
In a joint statement made subsequent to signing the Settlement Agreement, Mr
Craig Williams (Equinox President and Chief Executive
Officer) and Mr Ernest Mupwaya (ZESCO Acting Managing Director) commented,
"We are very pleased that the dispute has been resolved in an amicable
manner and we reiterate that this Settlement Agreement underscores our
strong commitment to develop and grow a long term relationship and
partnership."
Lumwana is the first greenfields copper investment in Zambia in a
generation and has brought significant infrastructure development and
employment to what was an economically depressed area of Zambia.
Electrical supply to Lumwana represents a key extension of the
interconnected power grid in Zambia, and apart from providing bulk power
supply to the Lumwana mining operations, interconnected power has also been
made available for the first time to the Lumwana region through domestic
reticulation to residential housing in a town development constructed by the
Company as part of its development agreements and construction commitments
to the nation.
The line also makes it possible for ZESCO to connect the rest of the North
western Province to the national grid.
Craig R.
Williams - President & Chief Executive Officer
Ernest Mupwaya - Acting Managing Director, ZESCO Limited
***
For any further information please contact:
Craig R.
Williams (President and Chief Executive Officer), Michael Klessens
(Vice President - Finance and Chief Financial Officer)
Phone: +61 (0) 8 9322 3318 Email:
or
Kevin van Niekerk (V.P.
Investor Relations)
Phone: +1 (416) 865 3393 Email:
or
David Griffiths (Gryphon Management Australia) Phone +61 (0) 419 912 496
Email:
****
About Equinox
Equinox Minerals Limited is an international mining company, dual listed on
the Canadian (Toronto) and Australian stock exchanges.
The Company is
currently focused on operating its 100% owned large scale Lumwana Copper
Mine in Zambia, one of the largest new copper mines to be developed globally
over the last few years.
Equinox acquired the Lumwana project in 1999 and following nearly 10 years
of feasibility, financing and construction, commissioned the mine, plant and
infrastructure in December 2008.
The Lumwana Mine is situated 220 km northwest of the Zambian Copperbelt.
Lumwana is now a major copper mine which will establish Equinox as one of
the worlds top 20 copper producing companies.
At initial design capacity, Lumwana will process in excess of 20 million
tonnes of ore per year, mined at an average life of mine strip ratio of
4.2:1.
Lumwana ore, which is predominantly sulphide, is treated through a
large, yet conventional plant, producing a copper concentrate for sale to
local and international offtakers.
In addition Equinox is also looking at opportunities to grow the Company
through both internal expansion (potential uranium plant to process the high
grade uranium stockpile and an expansion of the Lumwana copper plant
throughput rate) and through the international search for mergers and
acquisitions.
For information on Equinox and technical details on the Lumwana Project
please refer to the company website at www.equinoxminerals.com
****
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can contact my assistant Keri Kauffman on (416) 865-3393 Ext.
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email:
****
Thank you for your interest in Equinox and the Lumwana Copper Mine.
Kind regards
KvN
Kevin J.
van Niekerk
Vice President - Investor Relations
EQUINOX MINERALS LIMITED
155 University Avenue
Suite 1701
Toronto ON
M5H 3B7
Canada
Work: (416) 865-3393 x6226
Fax: (416) 865-3394
Mob: (416) 904-5340
www.equinoxminerals.com
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