Equinox Minerals (EQN-T, EQN-A) has entered into a $175-million bought-deal financing agreement to fund the development of its Lumwana copper project in Zambia.
The company also plans to do a feasibility study on the treatment of Lumwana uranium ore and fund ongoing exploration for both copper and uranium in Zambia.
The syndicate of underwriters also has the option of buying an additional $26.25 million in units.
Starting in the second quarter of 2008, the $407.6-million project will produce an average of 169,000 tonnes of copper per year during the first six years of its 37-year mine life.
In December 2006, Equinox signed a US$583.8-million bank loan for Lumwana.
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