Inmet profit rises on higher copper sales volume

Thu Nov 1, 2012 6:15pm EDT
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(Reuters) - Canada's Inmet Mining Corp IMN.TO reported a 19 percent rise in third-quarter profit, helped by higher copper sales volume from its Spanish Las Cruces mine.

Earnings rose to $116.5 million, or $1.68 per share, in the quarter ended Sept 30, up from $98 million, or $1.41 per share, a year earlier.

Copper production rose 37 percent to 29,700 metric tons.

Gross sales rose 29 percent to $327.2 million.

Inmet secured a $1 billion royalty deal with Franco-Nevada in August to help fund the development of the Cobre Panana mine in Panama.

The Canadian miner holds an 80 percent stake in the $6.2 billion Cobre Panama copper-gold project, with the remaining interest held by a Korean consortium.

Petaquilla Minerals Ltd PTQ.TO on Monday rejected Inmet Mining Corp's revised buyout offer of C$130 million.

(Reporting by Julie Gordon in Toronto and Ankur Banerjee in Bangalore; Editing by Anil D'Silva)