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Equinox Q3-2009 Results show 15% Increase in Lumwana Copper Production and 77% Increase in Operating Profit
Equinox Q3-2009 Results show 15% Increase in Lumwana Copper Production and 77% Increase in Operat...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 13 /CNW/ -- Equinox Minerals Limited (TSX and ASX symbol: \"EQN\") (\"Equinox\" or the \"Company\") today released its results of operations and financial condition for the three and nine months ended September 30, 2009, and its financial position as at September 30, 2009.All currencies specified in this press release are denominated in U.S. dollars.HIGHLIGHTS FOR THE QUARTER--------------------------- Copper production increased 15% over Q209 and 26% over Q109, with28,111 tonnes of copper produced at an average (C1) operating cost of$1.46 per pound;- Operating profit increased 77% over Q209 with the achievement of$64.1 million operating profit for the three month period endedSeptember 30, 2009 (commercial production commenced April 1, 2009);- Operating profit was subsequently offset by non-cash derivativeinstrument losses resulting from the rising copper price leading to anet loss position, after tax, of $56.3 million, primarily related tothe remaining hedge book being marked to market at the currentstrengthening copper price. Revenue was positively impacted by thestrengthening copper price;- Realized copper price, net of smelter treatment charges, was $2.58per pound and 16,632 tonnes of payable copper provisionally priced at$2.79 per pound ($6,153 per tonne) remain subject to final pricingadjustment during Q409;- Total material movement increased by 44% compared to Q209 and oremined increased by 33% compared to Q209;- Lower metallurgical recoveries continued to impact production due tothe proportion of transitional ore processed. Orebody studies byconsultants Golder & Associates show that the Malundwe resourcereconciliations are consistent with the original mine design. Thesestudies also confirm original estimates that the transitional oreconstitutes about 5% of the orebody;- Mining of the uranium zones at Valeria South and Valeria North withinthe Malundwe pit has produced a stockpile of 1.94mt @ 1,044 ppmuranium and 0.81% copper to the end of Q309;- Pit preparation has been substantially enhanced for the forthcoming2009/2010 wet season;- Hitachi has agreed to mobilize an additional five x EH4500 dumptrucks in order to expedite the recovery of lost availability hourson the existing fleet. These additional trucks are scheduled to be onsite by mid 2010;- Equinox took...