Equinox to defer Zambia uranium plant
Friday, Jan 09, 2009

Equinox Minerals is delaying construction of a uranium processing plant at its Lumwana copper-uranium mine in Zambia, due to low uranium prices and difficulty raising financing, the Canadian company said on Wednesday.

Equinox began copper production at Lumwana -- considered Africas largest open-pit copper mine -- in December, and plans to eventually produce uranium to use as a cost offset.

The company said it expects to produce 170,000 tonnes of copper concentrate at a cost of $1.15 a pound in 2009, which is in line with past estimates. But it said it will have to wait to move ahead on the uranium plant, which had been expected to start operations in 2010.

 

Source: Reuters India

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