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An open pit copper and gold mine located in eastern Nevada approximately 11 km west of the town of Ely. (Courtesy of Quadra Mining)
An open pit copper and gold mine located in eastern Nevada approximately 11 km west of the town of Ely. (Courtesy of Quadra Mining)

Quadra 2011 copper output falls Add to ...

Canada’s Quadra FNX Mining Ltd. , which has signed a deal to be bought by a Polish government-backed miner, said Monday its production was down slightly in the fourth quarter, as compared to the previous three months.

The Vancouver-based miner said it produced 59 million pounds of copper, 24,000 ounces of total precious metals and three million pounds of nickel in the last quarter of 2011.

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The production off from the third quarter of 2011 when the company produced 60 million pounds of copper, 26,000 ounces of total precious metals and three million pounds of nickel.

Quadra FNX said December performance at its Robinson mine in Nevada was hurt by planned and unplanned mill maintenance issues and a pit wall failure that delayed access to areas of high grade ore.

In Sudbury, Ont., the company said all three of its operations continued to produce at or above expectations.

In December, KGHM Polska Miedz SA, the world's ninth-largest producer of copper and third-largest producer of silver, offered $15 per share for Quadra FNX in a friendly takeover deal.

Quadra FNX has struggled to improve operations in recent months.

The company decided to wind down its Carlota and Podolsky operations to focus on more promising projects and also made changes to the mining plan for its Franke mine in Chile. Quadra FNX also sold a 45-per-cent stake in its Sierra Gorda copper project to Japanese company Sumitomo Corp. and its metals unit.

Quadra FNX produces copper, nickel and precious metals at mines in Nevada, Arizona and northern Chile as well as in the Sudbury, Ont., area.

In addition to the Sierra Gorda project, a copper-molybdenum project in Chile, the company is also developing the Victoria project, a polymetallic project in Sudbury.



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