The Financial Post has a nice piece on how Equinox Minerals secured Lumwana, and are now poised for greatness. Excerpt:
Lumwana was discovered in 1961, but there was no serious work done on it until Equinox got involved in 1999. At the time, the property was controlled by Phelps Dodge Corp., a major producer that showed little interest in it. Mr. Williams formed a joint venture with Phelps in which Equinox could earn 51% of Lumwana by investing US$10-million and completing a feasibility study. Later, he struck a deal to buy Phelps out for a laughable US$5-million. That contract is framed on the wall at Equinox's head office today.
"You have to put it in context," Mr. Williams says. "Copper was 63¢ [a pound]. Frankly, Phelps Dodge was struggling at that point and selling assets all over the world. We just hit them at a good time."
Equinox eventually identified a measured and indicated resource of about 13.8 billion pounds of copper and 21.8 million pounds of uranium. That is big enough to be a world-class resource....
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