Vancouver-based Quadra Mining Ltd. (TSX:QUA) has come out of the gate strong in 2010 despite weather and earthquake challenges.
The copper-focused company, which operates mines in Nevada, Arizona and Chile, posted net earnings of $55.6 million or $0.56 per share in the first quarter of 2010. That’s compared with $26.7 million or $0.40 per share for the same period in 2009.
“Our strong financial results for the first quarter of 2010 were a result of the improved copper price … as well as increasing sales volumes and
revenues,” said president and CEO Paul Blythe.
Quadra’s stock raised 1.79% to $14.20 on the news.
Blythe said heavy rainfall at the company’s Carlota mine in Arizona would continue to hamper production results into the second quarter.
He also said the massive Chilean earthquake in February damaged an electrowinning transformer at the company’s Franke mine and repairs are
expected to be complete in July.
The company announced two major deals in March that included a joint venture with China’s utility-operator The State Grid Corp. of China to develop mines in Chile and a merger with Canadian nickel producer FNX Mining Co. Inc. (TSX:FNX).
Quadra’s share price range during the last week: between $12.88 and $13.95; 52-week high: $18.57; 52-week low: $6.86.