April 26, 2012 / 9:44 PM / in 6 years

UPDATE 1-Inmet profit rises on increased copper sales

* Q1 EPS C$1.39 v. C$0.97 a year earlier

* Revenue up 16 percent at C$294.9 million

* Metal prices down, copper sales volumes up

April 26 (Reuters) - Canadian base metal miner Inmet Mining Corp reported a 62 percent increase in quarterly profit on Thursday as high copper production outweighed a drop in zinc output.

Net income from continuing operations for the quarter ended March 31 was C$96.1 million ($97.7 million), or C$1.39 a share, up from a year-earlier profit of C$59.4 million, or 97 Canadian cents a share.

Revenue rose 16 percent to C$294.9 million on higher copper sales volumes.

Inmet competitor Lundin Mining Corp reported a 18 percent drop in quarterly profit on Wednesday as weaker metals prices and higher costs hurt results.

Inmet, which owns the Cobre Panama copper project in Central America, is in talks with parties interested in buying a stake in the project. Inmet plans to sell a 20 percent to 40 percent stake to help it finance the development costs.

The miner currently owns an 80 percent stake in the project. As part of a previous agreement, the company sold a 20 percent stake to KPMC - a joint venture between LS-Nikko Copper Inc and Korea Resources Corp - earlier this month.

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