Equinox Minerals
{{Short description|International mining company}}
{{Infobox company
| name = Equinox Minerals Limited
| logo = Image:Equinox Minerals logo.svg
| type = Public
| traded_as =
| fate = merger
| genre =
| foundation = 1993
| defunct = 2011
| founder = Craig Williams
| location_city = Toronto, Perth
| location_country = Canada Australia
| key_people = Peter Tomsett CHAIR
Craig Williams PRES, CEO
David McAusland DIR
| industry = Mining
| products = Gold, copper, cobalt,
uranium
| revenue = C$1,046.787 mil 2010{{increase}}96.8%{{cite web|url=http://www.equinoxminerals.com/files/files/942_EquinoxAR2010.pdf |title=Equinox Minerals 2010 Annual Report |date=2011-04-12 }}{{dead link|date=December 2016 |bot=InternetArchiveBot |fix-attempted=yes }}
| net_income = {{increase}}C$269.105 mil 2010
over loss of 183 mil in '09
| equity = {{increase}}C$1,931.01 mil 2010{{cite web|url=http://www.google.ca/finance?q=TSE:EQN&fstype=ii|title=equinox minerals google finance balance sheet|accessdate=2011-06-06}}
| assets = C$3,246.76 mil Dec'10
{{increase}}96% qoq
| divisions = Zambia (LMC)
| num_employees = 179 (December 2010)
| homepage = {{url|http://www.equinoxminerals.com}}
}}
Equinox Minerals is a mining and exploration company with corporate offices in Perth, Australia and Toronto, Ontario, Canada. It has operations in Peru and Australia. In Zambia it owned the Lumwana Mining Company, but that was bought by Barrick Gold in 2011. {{cite web|url= http://www.investsmart.com.au/shares/asx/Equinox-Minerals-EQN.asp|title=Company Profile|work=Invest Smart Australia|accessdate=2010-04-24}}
Through Liontown Resources Limited and Alturas Minerals Corp., the company has gold and copper-gold exploration interests in Peru and Australia.{{cite web|url=http://www.minesite.com/companies/comp_single/company/equinox-minerals-ltd.html|title=Equinox Minerals Ltd.|publisher=minesite|accessdate=2010-04-24|archive-url=https://web.archive.org/web/20100429120851/http://www.minesite.com/companies/comp_single/company/equinox-minerals-ltd.html|archive-date=2010-04-29|url-status=dead}}
The Lumwana project which had enough reserves to be productive for 37 years, cost the company one billion dollars to develop.{{cite web|url=http://www.sarwatch.org/headline-news-for-zambia/182-mining-and-politics-in-zambia/861--zambia-lumwana-open-pit-mine-37-years-to-go-.html |title=Lumwana open pit mine 37 years to go |date=2009-10-03 |url-status=dead |archiveurl=https://web.archive.org/web/20110721182904/http://www.sarwatch.org/headline-news-for-zambia/182-mining-and-politics-in-zambia/861--zambia-lumwana-open-pit-mine-37-years-to-go-.html |archivedate=2011-07-21 }}{{cite web|url=http://www.miningweekly.com/article/catalyst-for-change-2009-05-01|title=$1bn Lumwana copper project raises Zambian hopes of resuscitating its economy|date=2009-05-01}}
In Zambia it has been credited with supporting social development through projects which aim to build schools, attract professionals to areas around its mine sites.{{cite web|url=http://zambianchronicle.com/?p=3925 |title=Equinox Pumped In $1 Billion Into Lumwana Despite Unfavorable Commodity Prices |year=2009 |url-status=dead |archiveurl=https://web.archive.org/web/20110718150945/http://zambianchronicle.com/?p=3925 |archivedate=2011-07-18 }} 2010 copper production was 323.4 million pounds (146,690 tonnes) 68% higher than in 2009 (192.1 million pounds).
The company produced slightly more copper than it sells (In 2010 323.4 vs 290.2 million pounds up from 2009 when it was 290.42 vs 179.72 million pounds), 77% of production occurred during the first nine months of the year (production was 113 kt, sales were 98kt); capital expenditure amounted to $66 million. In September 2010 company debt was $433 million, long term debt fell significantly in the last quarter of 2010 from $422 million down to $295.57 million.{{cite web|url=http://www.equinoxminerals.com/docs/Equinox_Feb_2011.pdf |title=Equinox Minerals 2010 Third Quarter Report |date=February 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20110710200941/http://www.equinoxminerals.com/docs/Equinox_Feb_2011.pdf |archivedate=2011-07-10 }} Even though Equinox doesn't produce gold Barrick Gold, the world's largest gold company (both in terms of reserves and production) acquired Equinox Minerals in April 2011; the deal will lower the fraction of revenue Barrick receives from the sale of gold to 80%.{{cite web|url=http://www.financialpost.com/news/Barrick+Equinox+pact/4673809/story.html |title=Barrick, Equinox in pact |date=2011-04-29 }}{{dead link|date=December 2016 |bot=InternetArchiveBot |fix-attempted=yes }}
History
The company formed after a merger between Equinox and Equinox Resources in January, 2004, and was incorporated the same month as a Canadian company.{{cite web|url=http://www.mysharetrading.com/equinox-minerals-eqn.htm|title=Equinox Minerals on the Australian Stock Market|publisher=mysharetrading.com|date=2008-07-31}} It began operations in Zambia in 1996.{{cite web|url=http://allafrica.com/stories/200811180137.html|title=Zambia:No turning back for Lumwana|publisher=allafrica.com|date=2008-11-18}}
Prior to being acquired by Equinox in 1999 at least 10 different companies failed in their attempts to develop the Lumwana project, which covers 2 major copper mines and 1355 km squared in area.{{cite web|url=http://www.broadcastermagazine.com/issues/story.aspx?aid=1000220686|title=Perseverance pays for equinox at Lumwana|date=2008-04-21}}
In 2010 Equinox was involved in a couple major transactions; first it acquired the Jabal Sayid copper-gold-silver project 350 km from Jeddah, Saudi Arabia, capable of producing 2.6 million tons of ore per year starting in 2012.{{cite web|url=http://www.infomine.com/suppliers/minedevelopments/jabalsayid/welcome.asp|title=Jabal Sayid Mine Development Project|accessdate=2011-04-17}} In February it launched a $4.8 billion hostile takeover bid for copper producer Lundin Mining, at the same time Lundin was attempting its own takeover ($9 billion Inmet Mining merger which would result in the creation of Symterra Corp).{{cite web|url=http://www.bivinteractive.com/index.php?option=com_content&view=article&id=3844:equinox-proposed-48-billion-hostile-takeover-of-lundin-mining&catid=14:daily-news&Itemid=46|title=Equinox proposed $4.8 billion takeover of Lundin Mining|date=2011-02-28|access-date=2011-04-17|archive-url=https://web.archive.org/web/20110520211441/http://bivinteractive.com/index.php?option=com_content&view=article&id=3844:equinox-proposed-48-billion-hostile-takeover-of-lundin-mining&catid=14:daily-news&Itemid=46|archive-date=2011-05-20|url-status=usurped}} (As of April 2011 none of those deals have been finalized, combination with Lundin Mining would raise Equinox production growth rate 23%). In April 2011, Equinox rejected a takeover offer by China Minmetals,{{cite web|url=http://www.mining-journal.com/finance/equinox-rejects-minmetals|accessdate=2011-04-11|title=Equinox rejects Minmetals|date=2011-04-11|archive-url=https://web.archive.org/web/20120318035106/http://www.mining-journal.com/finance/equinox-rejects-minmetals|archive-date=2012-03-18|url-status=dead}} but later accepted a bid by Barrick Gold.{{cite news|url=https://www.bbc.co.uk/news/business-13187997|title=Barrick Gold beats Minmetals to buy Equinox Minerals|publisher=BBC News|date=25 April 2011|accessdate=25 April 2011}}
On April 25, 2011, Barrick Gold Corporation announced the acquisition{{cite news|url=http://noir.bloomberg.com/apps/news?pid=20601087&sid=aI8gbTnfaiFA&pos=3 |archive-url=https://archive.today/20120713150428/http://noir.bloomberg.com/apps/news?pid=20601087&sid=aI8gbTnfaiFA&pos=3 |url-status=dead |archive-date=2012-07-13 |work=Bloomberg |first1=Christopher |last1=Donville |first2=Sean B. |last2=Pasternak |title=Barrick Gold to Buy Equinox for $7.66 Billion, Topping Offer by Minmetals |date=2011-04-25 }} of Equinox for $7.69 billion.
Exploration projects
- Zambezi{{cite web|url=http://www.highbeam.com/doc/1P2-13700282.html|archive-url=https://web.archive.org/web/20121104004340/http://www.highbeam.com/doc/1P2-13700282.html|url-status=dead|archive-date=2012-11-04|title=Equinox Restructures the Zambezi Joint Venture|date=2005-06-14}} - coal
- Chapi Chapi-Utupara, Sombrero, Caccapaqui and the Huajoto - copper, gold, silver, zinc{{cite web|url=
http://markets.hpcwire.com/about/termsofuse?GUID=12540913&Page=MediaViewer&Ticker=ALT|title=Alturas Announces Second Tranche of Financing and Completion of Debt Settlement|publisher=about.com|date=2010-04-01}}
- Lumwana (2 open pit mines, both are sulphide ore deposits. - 5.97 billion pounds of copper, 7 billion pounds of copper inferred.,{{cite web|url=http://www.mining-technology.com/projects/lumwana/|title=Equinox Minerals Lumwana Copper Mine|accessdate=2010-04-28}} 16 million pounds of uranium,{{cite web|url=http://inzambia.com/?p=30|title=Lumwana Mine|date=2009-04-09|archiveurl=https://web.archive.org/web/20090414113202/http://inzambia.com/?p=30|archivedate=2009-04-14}} gold
- Malundwe, Chimiwungo - First quarter 2010 production of copper on pace to meet the 135,000 tonne expectation for the year.{{cite web|url=http://www.lusakatimes.com/?p=25309|title=Lumwana production shoots up by 37 p.c.|date=2010-04-09}} Fairfax estimates that production will be 172,000 tons for the first five years.
See also
References
Category:1993 establishments in Zambia
Category:2001 disestablishments in Zambia
Category:Companies formerly listed on the Australian Securities Exchange
Category:Companies formerly listed on the Toronto Stock Exchange
Category:Mining companies of Zambia
Category:Non-renewable resource companies established in 1993
Category:Non-renewable resource companies disestablished in 2011