Canadian firm Equinox Minerals has granted the EPC contractors for the Lumwana copper project a total of 1,108,544 common shares, marking the second quarterly milestone payment to be made under the terms of the EPC contract.


The shares were issued to the Australian firm Ausenco Projects and Bateman International Projects, a subsidiary of Bateman Engineering. The share value was C$3.8951 (the five-day volume weighted average trading price on the Toronto Stock Exchange determined at the close of markets on September 21). Remaining quarterly common shares will be made over the course of the EPC contract, and will total US$8.628mn.


Craig Williams, Equinox President and CEO remarks on the progress of the Lumwana project: “This milestone payment signifies that the completion of Lumwana has now passed the 50% mark and continues to remain on track for a mid-2008 commissioning.”


Other recent developments on the Lumwana project include the political risk insurance package arranged by the Australian export credit agency EFIC. The ECA has also arranged insurance cover for the project’s hedging facility, a first for the agency.


The original US$583.8mn project financing package, featuring a multitude of different financing sources from development banks, ECAs and commercial institutions, closed in December 2006.