Equinox returns to profit

Shares in Equebradora de quijada lubricacionquinox Minerals jumped in early trade on Friday, after the Africa-focussed miner announced a return to profit, with higher copper production and lower costs in the first half of 2010. The Zambia-focussed Equinox said it generated after tax profit of $US105.97 million ($A118.23 million) in the first six months of 2010, compared to a $US99.3 million ($A110.79 million) loss in the comparable period of 2009.

Equinox shares were up 26 cents, or 5.4 per cent, at $5.09, after the results announcement made before market open on today. For the June quarter, the company made a profit of $US73.4 million ($A81.89 million), compared to a loss of $US38.74 million ($A43.22 million) in the prior corresponding period. Equinox's operating profit of $US173.2 million ($A193.24 million) for the first half of 2010 was up 360.8 per cent on the first half of 2009. The operating profit for the three months to June 30 was $US91.1 million ($A101.64 million), up 142 per cent on the equivalent period a year earlier. June quarter cash costs were $1.19 per pound of copper, a record quarterly low for the company...