Equinox Minerals improves Q3 profit

Company News

Copper miner Equinox Minerals Ltd (ASX:EQN) has improved its operating profit, growing 160 per cent to $166.4 million for the year to 30 September.

For the three months to 30 September net profit moved into the black, surging 226 per cent to $71.2 million.

Copper production increased by 37 per cent over the third quarter with almost 38,500 tonnes of copper in concentrate produced.

Dual-listed Equinox says the results were driven by stronger than expected production, and as a result the company has boosted its full year production guidance to 140,000 tonnes of copper metal in concentrates.

In October Equinox Minerals Ltd (ASX:EQN) launched a friendly bid for Citadel Resource Group Ltd (ASX:CGG) with an offer valuing Citadel at $1.25 billion.

Equinox Minerals booked a $124.33 million profit in the twelve months to 30 June 2010.

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