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Market:TSX ASX
Sector:General Mining
EPIC:EQN
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Equinox Minerals

Equinox Minerals (ASX/TSX:EQN) is focused on the development of its 100% owned Lumwana Copper Project in Zambia. The Lumwana Copper Mine will produce an average of 172,000 tonnes per year of copper metal contained in concentrates for the first 6 years of its 37 year mine life. With construction largely complete, remediation of works following the transformer fire incident underway and commissioning continuing, the mine is expected to commence production by the end of 2008.  Full production will be reached in 2009 at which time Lumwana will be Africa's largest copper mine.

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Equinox Minerals board agrees to $7.2b offer from Barrick Gold Corp

Wednesday, April 27, 2011
Equinox Minerals board agrees to $7.2b offer from Barrick Gold Corp

Equinox Minerals (TSX/ASX: EQN) announced today that it has entered into an agreement with Barrick Gold Corporation (NYSE: ABX) to support the takeover offer from Barrick at a price of C$8.15 per share in cash.

The board of directors of Equinox has unanimously determined that the offer is fair to the holders of Equinox common shares and is in the best interests of the company, and has agreed to recommend to shareholders that they accept the offer.

The bid is conditional on non-solicitation and right to match covenants in favour of Barrick and the payment to Barrick of a termination fee of C$250 million if the acquisition is not completed in certain specified circumstances.

It is also subject to a 66% acceptance condition from Equinox shareholders.

The company is currently focused on operating its 100% owned large scale Lumwana Copper Mine in Zambia and construction of the Jabal Sayid Copper-Gold project in the Kingdom of Saudi Arabia.

The offer is 17% more than the Perth-based Equinox's average share price over the past 20 days of trading. Equinox has agreed to drop its takeover bid for Canadian copper and zinc producer Lundin Mining Corp.

Equinox last traded in Australia at $7.34.

 

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