FNX Mining Company Inc.'s net earning for the second quarter were announced in a recent financial and operational report.
The second quarter brought in $12.5 million on revenues of $61.9 million, compared to net earning of $11.3 million on $112.2 million the year before.
The benefits of earlier prudent and decisive actions to implement strict controls on capital, operating and corporate expenditures have proved to be fruitful, said Terry MacGibbon CEO of FNX stated in a release.
In spite of their good standing the company continues to face challenges at its Sudbury operations with extended shutdowns at the primary processing facility operated by Vale Inco. FNX has halted all ore shipments to its custom processor at the end of May and is stockpiling over 120,000 tons of Cu-Ni precious metal ore from the Podolsky and McCreedy West Mines, he stated.
To circumvent more of a stockpile the company has made arrangements with Xstrata Nickel's Strathcona Mill to process up to 150,000 tons of ore. The terms of this agreement has been kept confidential. If the labour strike at Vale Inco extends for any length of time, FNX will continue to mine as planned and process at the Strathcona site.
“We will continue to monitor the company's situation in light of the economic challenges and changes in the global commodity markets and in the Sudbury mining camp during the balance of 2009,” MacGibbon said.
“I am confident that with its new processing agreements with Xstrata Nickel a strong balance sheet and streamlines operations, the company will not only continue to prosper with improvements in global markets, but to grow and take advantage of business opportunities that may emerge.”
