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Equinox Minerals completes uranium feasibility study

Equinox Minerals completes uranium feasibility study
By Kabanda Chulu
Thursday September 11, 2008 [04:00]

EQUINOX Minerals Limited has completed feasibility studies for the treatment of high grade uranium mineralisation contained within the Lumwana Copper project in North Western Zambia. With this development, Equinox Minerals could commence production and processing of uranium when regulations are changed because the current Mining Act does not allow the mining of uranium in Zambia.

Confirming the completion of the Uranium Feasibility Study (UFS) yesterday, Equinox Minerals vice president Kevin van Niekerk said the company completed the investigations of onsite treatment of high grade uranium mineralisation found within the Lumwana copper mines.

“The UFS has confirmed the viability of onsite uranium treatment and on the basis of appropriate approvals, commissioning of the uranium processing plant is targeted for 2010,” van Niekerk stated. “We plan to expand exploration activities, evaluate and potentially implement opportunities at Lumwana and in the longer term we will consider the processing of concentrate on site and we will also actively monitor new project and corporate development opportunities.”

Van Niekerk stated that the Lumwana Uranium Project Environmental Impact Assessment has since been lodged with the Environmental Council of Zambia (ECZ) for processing that would result in awarding of the licence.

Elsewhere, Equinox Minerals was focused on the completion and commissioning of the Lumwana Copper Project that would produce an average of 172,000 tonnes of copper metal per year contained in concentrates for the first six years of its 37-year mine life.

He stated that Lumwana would produce its first copper concentrate during December 2008 and full production is anticipated to be reached in 2009 at which time Lumwana is projected to become Africa’s largest copper mine.

“With construction largely complete, remediation of works following the transformer fire incident underway and commissioning continuing, the mine is anticipated to commence production by the end of 2008,” stated van Niekerk. “Despite the delay in production commencement the Equinox is confident that its current efforts with its very supportive banking syndicate will allow it to meet its construction commitments and ongoing working capital requirements.”

Labels: EQUINOX, URANIUM

posted by MrK @ 4:41 PM