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Copper project in Zambia hit by fire, remediation underway.

Equinox Minerals (TSX: T.EQN, Stock Forum) provided an update on its Lumwana copper project in Zambia today, two weeks after the company reported that a fire had caused damage to a 20MVA transformer and adjacent 11kV substation. The damage has had an impact on the process plant facility currently being commissioned by the Australia-based company's EPC contractor, the Ausenco Bateman Joint Venture.

Equinox has begun to repair the damage and replacement items have been ordered. The company is looking at a December, 2008 date for the replacement, installation and testing of the new equipment.

Craig Williams, president and CEO, said, "While this is an unfortunate event, our focus remains on delivering a world class asset and facilities to our shareholders and the people of Zambia. Lumwana is a project that will deliver strong returns and provide significant scope for expansion in the near future." 

 

Today on the Bullboard, Stockhouse investor Schmoby responded to the news release: “It all makes sense now why the price inexplicitly dropped so sharply yesterday. This is a pretty major setback. See you in 3 months.” 

 
 
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First Majestic Silver Corp
First Majestic Silver Corp. is a pure silver producing mining company focused in Mexico. The Company strives for continued growth with a proven aggressive growth strategy based on acquisition and development of advance staged silver projects. First Majestic has excelled in acquisition of long term sustainable projects and has set itself apart from others in the silver space lead by President and CEO, Keith Neumeyer, founder of First Quantum Minerals, a successful copper company; alongside ...