Quadra FNX reported a 75 per cent increase in earnings in its second quarter of 2011, in part because of increased production at its Sudbury operations.
Earnings increased to $64 million (33 cents per share) in comparison to $37 million in the second quarter of 2010.
In a news release, president and CEO Paul Blythe credited the boost to a $31.9-million increase in operating profit, gleaned from higher copper prices, and the inclusion of the Sudbury operations, partially offset by lower operating income at Robinson and Franke.
“Our financial results were driven by an increase in production from the underground and open pit mines and a favourable copper price environment,” Blythe said in a news release.
The company reached “significant milestones” at its Sierra Gorda development project in Chile, including receiving its environmental impact assessment, and aims to achieve production in 2014, he added.
“We have progressed the various elements required for a decision to proceed on Victoria including stakeholder discussion, engineering studies and permitting,” Blythe said. “With a robust cash balance of over $1 billion, and a continuing strong copper market, we are well positioned to advance our significant growth profile.”
Total revenues increased 76 per cent to $298 million, compared to $169 million in the same quarter of 2010. EBITDA increased 79 per cent to $109 million compared to $62 million in the same period of 2010.
Total metal production was 55 million pounds of copper and 27,000 ounces of total precious metals.
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