Hot Shares Equinox Minerals (EQN)

Equinox Minerals ASX EQNEquinox Minerals (EQN) is an international mining company that is dual listed in Canada and Australia, focused primarily on copper but with some small exposure to other resources (such as uranium and gold).

EQN boasts operations in Western Australia and Peru but the company’s main project is the development of its 100%-owned Lumwana Project (Zambia), one of the largest new copper mines to be developed globally over the last decade.

On 4 April, EQN received a takeover offer from Hong-Kong based Minmetals.

The $6.99 per share offer represents a 33% premium to the 20 day trade value weighted average price of EQN’s shares.

The all-cash bid is conditional on EQN terminating its proposed offer for Canadian-based Lundin Mining.

EQN was one of the hot shares in the day’s share market action, surging almost 30% on the news.

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