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Equinox in $200m uranium plant talks By Business Reporter
By Business Reporter
Equinox Minerals Limited has opened up negotiations with possible partners for the construction of a $200 million unranium plant at Lumwana Mine in Solwezi, Chief Executive Officer Craig Williams has said.
Mr Williams said the company was in talks with off-takers and other potential long-term buyers to help build the uranium plant on site at Lumwana in the north western province.
"We are now commencing our discussion with off takers to see if we can put in place the right price package for the off taking . If we can't get the right price we are happy to leave it sit for a while," he said.
Mr Williams also said it was unlikely that Zambia would re-introduce windfall tax on miners and that Equinox Minerals has a good relationship with the government.
"They have stated very clearly that they will not be reintroducing windfall tax. They recognise that when they did bring that in, in 2008, there was a collapse in foreign investment in the country because of that, so I think that's very clearly off the agenda." he said.
According to Reuters, the company has in addition, doubled its exploration budget to $10 million on the mining licence to increase production.
"We have doubled our exploration budget this year to $10 million on the mining licence. Really what we've got on our licence is the makings of a copper province, there is alot of opportunities there," Mr Williams said.
He said the company expected to produce between 150, 000 tonnes and 170 000 tonnes of copper and that it has a Phase two expansion plan that will push up production to more than 200,000 tonnes of copper in the next three to five years.
Equinox last week, reported a 37 per cent rise in output at Lumwana to 30,471 tonnes of copper concentrates in the first quarter, and said the improved output indicated that, it could meet its full-year 2010 guidance of 135,000 tonnes of copper compared to 109, 413 tonnes in 2009.
"At the moment we are a one-mine company and the financial strength of the company is expanding very rapidly and I think it is appropriate now to be looking around for some geographical diversification. I'd like within a few years, to have a second operation somewhere," Mr Williams said.