Equinox to revisit uranium plant

Equinox to revisit uranium plant
Written by Nchima Nchito Jr
Monday, April 06, 2009 3:31:28 PM

EQUINOX Minerals has announced intentions to revisit its plans for the construction of a uranium acid leech plant at the company’s flagship Lumwana Copper Mine in late 2009.

Equinox had late last year decided to place the uranium project on hold until the financial markets recovered and capacity to raise the US $200 million reproduction capital returned.

According to mining weekly, Equinox vice-president for investor relations and corporate development Kevin van Niekerk said the decision was made in spite of the market conditions.

“While the company needs confidence to return to the international markets before the uranium project can progress, certain members of its Lumwana copper project debt syndicate have already expressed interest in funding the project,” he said.

He added that there where a number of reasons for delaying the project.

“At that time, the Zambian government was still implementing appropriate permitting and legislation for the nation’s expected production and export of uranium in accordance with Geneva based International Atomic Energy Agency (IAEA) guidelines,” he said.

Van Niekerk said he understood that this process was complete and that the Zambian government was now ready, willing and able to permit uranium production in country.

Additionally, when the decision was taken to delay the project, Equinox Minerals still awaited approval from the Environmental Council of Zambia of its uranium environmental impact assessment (EIA) needed to permit its plans to international standards.

“I am pleased to report that the EIA for the uranium project was approved late last year,” said Van Niekerk. “Currently, the project is ready to go into front-end engineering and design and now only awaits the Zambian licensing, appropriate uranium off-take arrangements and funding.”