Zambia continues to amass accolades for its burgeoning mining sector. The latest news is that Equinox Minerals’ Lumwana project has been awarded Mining Deal of the Year by Project Finance International (PFI) at the PFI Annual Awards Dinner held recently in London, England. The prestigious PFI Awards are decided by the industry through a public on-line voting process. The awards host over 30 different citations regionally and globally and are widely recognized as the ultimate symbol of excellence and achievement in the project finance industry. The Company’s award represented the winner in PFI’s European, Middle Eastern and African category.
The award recognizes the company’s significant achievement in securing the $583.8 million senior and subordinated project finance debt facility for the completion of development and construction of Lumwana . The debt facility will be provided by a syndicate of European, African and Australian based Commercial Lenders, Developmental Finance Institutions and Export Credit Agencies.
Lumwana, a wholly-owned subsidiary of Equinox – which is dual listed on the Toronto and Australian Stock exchanges (Ticker EQN), is located in the North Western Province of Zambia, west of the world-renowned Copperbelt. With proven and probable reserves totalling 321 million tonnes of ore grading 0.73% copper, Lumwana represents one of the largest fully permitted copper projects in the world currently in construction. Mine construction remains on schedule with commissioning expected during the second quarter of 2008.
Craig Williams, Equinox President and CEO said “Signing the Lumwana debt package was a milestone event for the company. The facility underpins the Lumwana project and as such, was a critical achievement to timely development of Africa’s largest copper mine. We are delighted that our solid work, conducted over some 25 months, has been recognized at the highest level by the project finance community. We came to Zambia in 1996 and to Lumwana in 1999 and our progress is testament to the tenacity, skill and perseverance of the committed Equinox team who are bringing this exciting development to reality.â€
source:MinewebÂ
The copper grade at Lumwana is higher than reported.
is it true ?
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Recently, ZCCM-IH managed to raise about $60 million which they subsequently pumped into the Lumwana copper venture,resulting in them having a 30 per cent stake in the project”
i just have to thank god one, to show mr mwanawansa all this plans to let us zambian to who we are to today,because of the opening new mines in our country,
i just have to say thank you god almighty one, to give give us or show us good leader mr mwanawansa who had come with this plans to let us zambian to be who we are to today,because of opening new mines in our country,
Harry Michael i personally miss u. MYRISP.