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Copper Spot News- Check out best bets for crude, gold, copper
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Feb
9
Inmet posts Q4 profit on higher prices..
February 9, 2010 | Leave a Comment
TORONTO – TSX-listed Inmet Mining earned C$89,76-million in the fourth quarter, compared with a net loss of C$32,5-million posted a year earlier, after copper and zinc prices rose and the company reduced operating costs.
Sales for the quarter more than doubled year-on-year to C$290,57-million, compared with C$139,63-million in the same period of 2008, Inmet reported on Tuesday.
The company expects copper output in 2010 to rise by some 50% as it ramps up production at the new Las Cruces mine, in Spain, while gold sales volumes will be lower because production at the Troilus mine is scheduled to end around mid-year.
Zinc production will be higher than in 2009 because of plans to mine higher-grades at the Pyhasalmi mine, Inmet said.
Shares in the Toronto-based company rose 2,5% on Tuesday morning, to C$54,16 apiece by 9:52 ET.