Equinox Minerals reports H1 return to profit

Company News

Mining and exploration company Equinox Minerals Ltd (ASX:EQN) has reported a $118 million profit for the first half of the year, rebounding from a loss of $111 million the year before.

The miner has also made its way out of the red in the June quarter, posting a profit of $82 million as opposed to a loss of $43 million in the 2009 June quarter.

Cash resources of $212.2 million have been recorded at the end of the quarter, the miner reporting the $92 million increase over the first quarter came as a result of positive operating cash flows.

Equinox is dual-listed in Canada and Australia, and says it is continuing to review and assess international acquisition opportunities.

Equinox Minerals reported a loss of over $183 million for the year to 30 December 2009.

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