Mining Shares News Equinox Minerals (EQN)
2nd Mar 2011
Equinox 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.
EQN was hit hard yesterday after it made a takeover offer for Canadian-based Lundin Mining the previous night.
The C$4.8 billion offer is an attempt by EQN to derail a planned friendly merger between Lundin and fellow Canadian miner Inmet.
EQN said its bid would make it one of the top 10 copper producers in the world by 2016. EQN would return to a net cash position in four years, with the deal expected to generate bumper cash flows.
EQN’s part cash/part scrip offer represents a 26% premium to Lundin and Inmet’s share exchange offer, which has no premium.
EQN slumped 6.1% on the day, making it one of the worst performers in the Australian share market.
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