An employee works with a reel of copper cable at a factory in China.ALY SONG
Metals miner Inmet Mining Corp. reported Tuesday a third-quarter profit of $61.6-million, down 18 per cent from a year-earlier $75.1-million as sales fell 3 per cent.
The Toronto-based company reported net earnings of $1.10 per share, versus earnings of $1.55 per share in the same period a year earlier.
Sales edged down to $241.1-million from $247.5-million as higher metal prices were offset by lower sales volumes, Inmet said in a statement.
Capital spending during the quarter fell to $23.8-million from $94.4-million.
Inmet is a Canadian-based global mining company that produces copper, zinc and gold in Canada, Europe and Asia.
The company has interests in four mines: Cayeli in Turkey, Pyhasalmi in Finland, Troilus in Quebec and Ok Tedi in Papua New Guinea, as well as two development properties, Las Cruces in Spain and Petaquilla in Panama.
Inmet also reduced its sales forecast for 2009 after lower-than-expected production from its Cayeli, Ok Tedi and Las Cruces mines - guidance from the prior quarter was dropped by 13,100 tonnes of copper, 1,900 tonnes of zinc, 6,400 ounces of gold and 23,000 tonnes of pyrite. The company said it now expects to produce 87,000 tonnes of copper, 76,000 tonnes of zinc, 224,000 ounces of gold and 388,000 tonnes of pyrite in 2009.
Shares in the company fell $2.81 or 4.5 per cent, to $60.09 in morning trading on the Toronto stock market.