A fire causing damage at Equinox Minerals Limited's (OTC:EQMIF) Lumwana copper project in is expected to delay completion of the project, according to a company release.
The market is reacting negatively to news of the delay, driving shares down more than 10% on brisk trading yesterday morning.
The company stated that the fired caused damage to the 20MVA transformer and adjacent 11kV substation on Monday. Both pieces of equipment form part of the process plant facility being commissioned by Equinox's EPC contractor, the Ausenco Bateman Joint Venture [ABV].
The company said:
Whilst no further information is available at this stage, the company anticipates a delay to project completion and handover as a result of this incident and awaits further advice from ABV into remedial measures and schedule implications.