Equinox Agrees to Sell Copper From Zambian Mine to Vedanta

By Jesse Riseborough

May 7 (Bloomberg) -- Equinox Minerals Ltd., owner of the Lumwana copper mine in Zambia, agreed to sell output to Vedanta Resources Plc.

Vedanta’s local unit, Konkola Copper Mines Plc, agreed to buy between 70,000 dry metric tons and 80,000 dry metric tons of concentrates annually over five years, Perth-based Equinox said today in a statement.

The accord comes after Glencore International AG, which agreed in 2007 to refine about 80,000 metric tons of concentrate annually from Lumwana, refused to accept deliveries because of uranium contamination, Equinox Chief Executive Officer Craig Williams said in March.

Equinox is also continuing to sell copper concentrates to international metals traders under short-term contracts, Williams said in the statement. Equinox reported a net loss of $60.6 million in the three months ended March 31 and sold 23,966 tons of copper, it said in a separate statement.

To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net