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Lumwana posts $36m profit By Business Reporter LUMWANA Min
By Business Reporter
LUMWANA Mine made an operating profit of US$36.1 million during the second quarter of this year.
Equinox Minerals, the holding company for Lumwana Mining Company, announced the development yesterday in a statement of consolidated results of operations and financial condition for the three and six months ended June 30, 2009, and its financial position during this period.
Equinox president and chief executive officer, Craig Williams said during the quarter, Lumwana Mine continued to ramp up both the mine and process plant operations.
Mr Williams said the operating profit was, however, subsequently offset by a non-cash hedging instrument loss, resulting from the rising copper price, leading to a net loss position, after tax, for the quarter of $38.7 million.
He said as at June 30, 2009, Equinox Minerals had cash resources of $187.2 million, a contingent funding facility of $45 million, and a town infrastructure financing facility of $25 million.