it's on. minmetals bids for equinox, page-19

Stock to watch ? EQN today announced that Minmetals Resources Limited intends to make an unsolicited offer to purchase all of the outstanding common shares of the Company at a price of C$7.00 per share

EQN is set to produce 260ktpa Cu in concentrate in 2015 (200ktpa from Lumwana, Zambia and 60ktpa from Jabil Sayid, Saudi Arabia) implying 85% growth over the coming five years.
EQN looks cheap as these expansions flow through. Price target to A$8.00/share with the inclusion of the Jabil Sayid asset.

The company performing strongly, recently upping CY2010 guidance to 140kt and confirming plans it will grow production in CY2011 154kt via optimisation of the existing Lumwana plant to 22Mtpa throughput.
Citadel takeover achievement - Under the existing plans Jabil Sayid will add 60ktpa production at a cash cost of US$0.91/lb.
The CGG deal should be a major positive for the company.

Generated an operating profit of $529 million in 2010, an increase of 170% compared to $196 million in 2009. An after tax profit of $269 million in 2010 was also generated compared to an after tax loss of $183 million in 2009.

Cash resources of $320 million at the end of 2010, an increase of 193% compared to $109 million in 2009. Quite good future outlook for the company.
Copper is today US$4.2347/lb, now the stock offers an attractive entry point.
With the 20 largest holders hold 90.88%, copper price future high again, SP will go up stably;

Target price A$8.00/share