Equinox Minerals Ltd., the Australian copper producer has turned in some $71.2 million profits in the third quarter as production at its Lumwana mine in Zambia increased.

The new owner of Citadel Resource Group said in an issued statement that for the first three months ending Sept. 30, profits improved and reversed losses incurred worth $56.3 million made a year ago, the Perth-based company said today in a statement.

Equinox said the $841-million Lumwana mine produced 38,445 metric tons of copper at a cost of $1.21 a pound, reaching design capacity after starting operation in 2008, The mine is forecast to produce 140,000 metric tons of copper concentrate this year.

This development and the good prospects of 0.8 percent to A$6.39 at 10:27 a.m. in Sydney on the Australian stock exchange, taking this year's gains to 47 percent.

In a related Bloomberg report, it said global copper demand probably will outpace supply by 180,000 metric tons this year, with the deficit widening to 482,000 tons next year, Mr. Michael Jansen, an analyst at JPMorgan Securities Ltd. in London, said in the report.

Earlier disclosures to the stock market indicate that the company agreed to pay A$1.3 billion ($1.3 billion), based on Nov. 5 closing prices, in cash and shares for Melbourne-based Citadel Resources last month, putting it on target to produce 260,000 tons of copper a year within four years.