ZCCM HI agrees to sale a 2% stake in the Equinox Minerals Limited

Posted on by Listify Me

TIME PUBLISHED – Sunday, June 5, 2011, 9:39 am

ZCCM IH , a listed investment company on the Lusaka Stock Exchange, has announced this week that t the company’s board accepted the offer from Barrick Gold Corporation, the Canadian company to buy its stake which will result in a cash realization in excess of USD 160 million. ZCCM IH owns a total 2.28% in Lumwana Copper Mines in Zambia and Jabal Sayid in Saudi Arabia as at March 21st 2011.

The initial investment for ZCCM IH cost USD 30 million in 2006 and therefore the potential return of investment is in excess of 400% during the period 2006 to 2011.

Meanwhile, Equinox Minerals Limited Board of Directors has with immediate effect resigned from the firm following the takeover its shares by Barrick Gold Corporation.

Equinox Minerals President and Chief Executive Officer, Craig Williams has complimented the board for its outstanding contribution, which he says have built Equinox into a leading global mining company.

Mr. Williams, along with David McAusland, David Mosher, Jim Pantelidis and Tony Reeves have resigned from the Equinox Minerals Limited Board.

This is contained in a web press release by Equinox Minerals obtained by Zambia News and Information Services in Solwezi today.

The statement says Rick McCreary, Jamie Sokalsky, Kelvin Dushnisky and Rob Krcmarov have been appointed to the Board and Jennifer Mazin has been appointed as the Assistant Company Secretary.

“Equinox announces that, following the satisfaction of all conditions to the offer by Barrick Gold Corporation to acquire all of the common shares in Equinox at a price of C$8.15 per share by way of takeover bid, the below changes have been made to the Equinox Board of Directors (“Board”) effective immediately.

“Mr Craig Williams, Mr David McAusland, Mr David Mosher, Mr Jim Pantelidis and Mr Tony Reeves have resigned from the Board.

” Mr Rick McCreary, Mr Jamie Sokalsky, Mr Kelvin Dushnisky and Mr Rob Krcmarov have been appointed to the Board. Ms Jennifer Mazin has been appointed as the Assistant Company Secretary,” the statement reads.

It furthers says it has also been resolved that the number of Board members be reduced from seven directors to six directors.

Meanwhile, Mr Williams complimented the board for its outstanding contribution, which along with the Company’s dedicated management team have built Equinox into a leading global mining company.

“The Company that I co-founded with the late Dr Bruce Nisbet in 1993 has evolved from a $10 million junior explorer to a major copper miner valued at over $7 billion.

” A credit to all involved in driving Equinox over the last 18 years. I offer my sincere thanks to all who have worked with me over those exciting and stimulating years,” he said.

Equinox Minerals developed and owned a 100 percent large scale copper mine in Zambia’s North-western Province.

ZANIS

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