Equinox books FY turnaround profit

Company News

Dual-listed Equinox Minerals Ltd (ASX:EQN) has booked a turnaround full year profit, with full-year copper production exceeding its guidance.

In the twelve months to 31 December 2010, the copper miner posted a net profit of $269 million, rebounding from a loss of $183 million the year before.

Full-year production climbed 34 per cent to 146,690 tonnes.

Earlier this week Equinox formally launched a $4.8 billion hostile takeover bid for Toronto-listed Lundin Mining.

In January Equinox announced that it had successfully completed its $1.25 billion takeover of Citadel Resource Group Ltd (ASX:CGG).

Equinox Minerals generated a net profit of $124.33 million in the six months to 30 June 2010.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?