Quadra Mining Q1 Profit Doubles

16 May 2010 (Last Updated May 16th, 2010 18:30)

Quardra Mining said its first-quarter net profit has more than doubled on rising copper prices and strong production. Quadra profits were reported at $55.6m in the first quarter of the year, compared to $26.7m during the same period in 2009. The company’s earnings have been driven

Quardra Mining said its first-quarter net profit has more than doubled on rising copper prices and strong production.

Quadra profits were reported at $55.6m in the first quarter of the year, compared to $26.7m during the same period in 2009.

The company’s earnings have been driven by strong copper prices as well as increasing sales volumes from its Carlota and Franke Mines.

Quadra recorded revenues of $192.9m from the sale of 47.6 million pounds of copper and 23,928oz of gold.

Copper production also increased by almost 14% to 49.1 million pounds in the first quarter.