Quadra FNX chief executive officer Paul BlytheTim Fraser
Higher copper prices and last May's merger with FNX were behind a big increase in both fourth-quarter and full-year revenue and earnings, Quadra FNX Mining Ltd. said Monday.
The Vancouver-based miner, which reports in U.S. dollars, said it earned profit of $57.9-million (U.S.) or 30 cents per diluted share in the three months ended Dec. 31, compared with $46.5-million or 46 cents per share in the same 2009 period.
Revenue was $331.9-million, up from $176.1-million.
For the full year, earnings were $172.5-million or $1.10 a diluted share, up from $81-million, or 89 cents in all of 2009.
"In mid-2010 we successfully completed the merger with FNX," president and CEO Paul Blythe said in a statement.
"Since then our strong financial results have been driven by a much improved copper price environment as well as the increase in copper production from the combined Quadra and FNX asset base."
Mr. Blythe said the company also closed the sale of its Gold Wheaton shares in January 2011 for initial cash proceeds of $263-million which increased our cash balance to approximately $600-million."
"This has been a pivotal year for our Company and, with the integration of Quadra and FNX essentially complete, we will focus on optimizing the performance of our existing asset base and on delivering growth," he said.