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Equinox ponders extending Lumwana mine lifespan By Business
By Business Reporter
EQUINOX Minerals Limited, the owners of Lumwana Mine in Solwezi, has continued to assess the possibility of expanding mining operations beyond the current mine.
Equinox Minerals president and chief executive officer Craig Williams said there were significant opportunities at the Lumwana Mine following the completion of ramp up to further expand and optimise the concentrator and mine current production rate.
Mr Williams said on Friday, when presenting the company’s financial and operational results for the third quarter, that the mine management had continued to assess and evaluate the additional near mine deposits discovered to date.
“Equinox will continue to assess these opportunities for expansion and organic growth at the Lumwana Mine,” he said.
The firm was also still negotiating for project financing and off take agreements for the possible construction of a uranium plant and to develop the Lumwana Mine uranium resource.
Mr Williams said the negotiations were on going and management was reviewing the developments.
The stockpiling of uranium ore at Lumwana Mine had continued, and by the end of the third quarter the stockpile totaled 1.94 metric tonnes with the value of 1,044 ppm of uranium and 0.81 per cent copper.
“Should Equinox be successful in negotiating viable uranium off-take agreements and securing the requisite project capital financing, the company estimates plant construction to take approximately 18 to 24 months,” he said.
Equinox has completed the uranium feasibility study (“UFS”) investigating the onsite treatment of discrete and high-grade uranium mineralisation contained within the Lumwana Mine copper pit shells.
The UFS has confirmed the potential viability of onsite uranium treatment.
Mr Williams said the decision to proceed with the development of the Lumwana Uranium Project would depend on satisfactory financing and off-take terms being negotiated.