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Equinox Extinguishes Phelps Dodge Mining (Zambia) Right to 1% Lumwana Royalty - Zibb.com

Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") is pleased to report that its wholly owned subsidiary, Lumwana Mining Company Limited ("LMC"), has exercised its option to extinguish the right held by Phelps Dodge Mining (Zambia) Limited ("PD Zambia") to receive a 1% Lumwana Project ("Lumwana") net smelter return royalty under the purchase and sale agreement dated December 8, 2004 (the "Purchase and Sale Agreement") between PD Zambia and the Company.

Between August 1999 and June 2003, Equinox earned a 51% interest in Lumwana as a result of funding a bankable feasibility study. Under the Purchase and Sale Agreement, Equinox acquired the remaining 49% interest in Lumwana.

The Purchase and Sale Agreement provided that PD Zambia would retain the right to a 1% Lumwana net smelter royalty which could be terminated by the Company at its option under certain conditions. Exercising its option with a payment of US$12.8 million to PD Zambia, LMC has met the required conditions and extinguished the 1% Lumwana net smelter royalty thereby terminating all remaining obligations and/or associations between Equinox and the former holders.

Commenting, Craig Williams, Equinox President and CEO said: "Given the development and operating phase that Lumwana mine is now at, and looking at the inherent value of these wholly owned mining assets judged today compared to their value in 2004, we believe this is a very good deal for Equinox and its stakeholders".

    <<
    Craig R. Williams - President & Chief Executive Officer
    -------------------------------------------------------

    For information on Equinox and technical details on the Lumwana Project
       please refer to the company website at www.equinoxminerals.com
    >>

SOURCE: Equinox Minerals Limited

Craig R. Williams (President and Chief Executive Officer), Michael Klessens (V.P.
Finance and CFO), Phone: +61 (0) 8 9322 3318, Email: equinox@equinoxminerals.com Or
Kevin van Niekerk (V.P. Investor Relations), Phone: (416) 865-3393, Email:
kevin.van.niekerk@equinoxminerals.com

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Tags: ceo   mining   president   zambia  

Companies: Equinox Minerals Ltd (EQN), Equinox Minerals Ltd (EQNMF), Phelps Dodge Corp. (PD)

 

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DerivSERV - September 30, 2009 - ds841 - DTCC Deriv/SERV Rename Event Processing for Mittal Steel Company N.V., Phelps Dodge Corporation and Matsushita Electric Industrial Co.,Ltd.

www.dtcc.com

DTCC is now offering enhanced access to all important notices via a new, Web-based subscription service. The new notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery.

http://www.dtcc.com/downloads/legal/imp_notices/2009/derivserv/ds841.pdf

Wire & Cable: Home

Phelps Dodge International Corp. A global supplier of power cable, transmission cable, building wire, communication cable, copper rod and aluminum rod.

http://www.pdwc.com/

PUR03081movers.qxd

www.purchasing.com

P eople are the difference in the nonferrous metals supply chain—whether they’re creating supply strategies, producing mill products, or processing and distributing value-added goods.

http://www.purchasing.com/file/3081-Click_here.pdf

PD - Seeking Alpha

Does Freeport-McMoRan's Phelps Dodge Acquisition Signal a Top in Metal Prices?

http://seekingalpha.com/by/symbol/PD

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Phelps Dodge - Wikipedia, the free encyclopedia

en.wikipedia.org

Phelps Dodge Corporation was an American mining company founded in 1834 by Anson Greene Phelps and William E. Dodge. On March 19, 2007, it was acquired by Freeport-McMoRan and now ...

http://en.wikipedia.org/wiki/Phelps_Dodge

FCX_Freeport-McMoRan Copper & Gold Inc.

www.fcx.com

copper, gold, copper&gold, copper and gold, mining, drilling gold, exploring gold, drilling copper, exploring copper, Freeport, Freeport-McMoRan, Freeport McMoRan, FM, McMoRan ...

http://www.fcx.com/

PDIC: Home

pdic.com

Phelps Dodge International Corp. Phelps Dodge International Corp. (PDIC), through a group of production facilities and sales units in 19 countries in the Americas, Asia and Africa ...

http://pdic.com/