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study a more than doubling of the mine’s projected output c
February 03, 2011, 1:27 AM EST
Feb. 3 (Bloomberg) -- Equinox Minerals Ltd., expanding a copper project in Zambia, will study a more than doubling of the mine’s projected output capacity because of a potential increase in resources and the improved outlook for the metal.
The expansion may cost between $450 million and $550 million and boost capacity to 45 million metric tons a year, Perth-based Equinox said today in a statement. The initial target was to increase capacity at the Lumwana mine to 35 million tons from 20 million tons, it said.
The world may be short of 822,000 tons of copper in 2011, more than double last year’s deficit, according to Barclays Capital. The price of copper, used to make pipes and wire, has gained 35 percent in the past six months.
Lumwana may operate for between 27 years and 37 years at the higher rate and produce 260,000 tons of copper in concentrate a year, Equinox said. An expansion to 35 million tons would cost between $300 million and $400 million, it said June 1.
Equinox rose 7.6 percent to A$6.66 at the 4:10 p.m. Sydney time close on the Australian stock exchange. That was its highest since Jan. 9, 2008.
--Editors: Keith Gosman, Indranil Ghosh
To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net