Quadra FNX Posts Q2 Rise in Profits

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

Quadra FNX Mining has recorded a second quarter profit of $21.8m for the three months ended 30 June compared with a loss of $7.3m a year earlier. The company’s revenue rose to $169.1m. Quadra FNX said the strong earnings are due to a higher than average copper price and the increa

Quadra FNX Mining has recorded a second quarter profit of $21.8m for the three months ended 30 June compared with a loss of $7.3m a year earlier.

The company’s revenue rose to $169.1m.

Quadra FNX said the strong earnings are due to a higher than average copper price and the increased earnings from the Carlota and Franke mines, as well as the earnings from the Sudbury operations.

Quadra FNX reduced its full-year production outlook to 115-125 million pounds of copper and 75,000oz of gold from a previous estimate of 135 million pounds of copper and 80,000oz of gold.