TORONTO, Apr 08, 2011 (Dow Jones Commodities News via Comtex) -- Equinox Minerals Ltd. (EQN.T, EQN.AU, EQXMF) Friday withdrew its life-expectancy estimate for its Lumwana copper mine in Zambia as it attempts to acquire rival copper producer Lundin Mining Corp. (LUN.T, LUNMF) while fending off a hostile takeover bid by China's Minmetals Resources Ltd. (1208.HK).

In February, Equinox, which is dual-listed in Australia and Canada, launched a hostile C$4.8 billion bid for Toronto-based Lundin, in part to bolster its operations in central Africa by bringing together its Lumwana project with Lundin's stake in a big copper mining project in the nearby Democratic Republic of the Congo.

That same month, and then in a regulatory filing in March, Equinox estimated that the mine life of the Lumwana project was 27 to 37 years, based on a "conceptual estimate of copper ore" at the project.

In Friday's release, Equinox said it withdrew that lifespan estimate because disclosure rules don't allow mining companies to use a conceptual estimate for such a life-of-mine figure.

"Equinox wishes to withdraw the life of mine statement and advises readers not to rely on it," the company said in a release.
Lundin has advised its shareholders to oppose Equinox's bid, arguing the offer is too low, includes to many conditions and would saddle the combined company with too much debt.

Equinox's latest announcement comes after it Thursday denounced Minmetals' hostile bid as opportunitistic and said it would oppose the planned C$6.3 billion offer. Minmetals launched its hostile offer Sunday.

In Toronto on Friday, Equinox closed up 2.3% at C$7.67, above Minmetals' per-share offer of C$7, as investors bet Equinox will ultimately drop its bid for Lundin and either negotiate a higher offer from Minmetals or attract another suitor at a higher price.

Equinox shareholders are scheduled to vote on the company's bid for Lundin later this month.