February 23, 2012 / 8:38 PM / in 6 years

UPDATE 2-Osisko Mining posts higher 4th-qtr profit

* C$10 mln tax gain helps results

* Sees 2012 capex budget of C$219.2 mln

Feb 23 (Reuters) - Osisko Mining Corp posted a higher fourth-quarter profit, helped by a tax gain and strong performance at its Canadian Malartic mine.

Net income for the quarter was C$37.8 million, or 10 Canadian cents a share, compared with C$3.1 million, or 1 Canadian cent a share, a year ago.

The company, which booked a tax benefit of C$10 million, said the Canadian Malartic mine in western Quebec allowed it to capture “great margins in this favorable gold price environment”.

Malartic, the company’s only operating mine, reached commercial production in May last year.

Revenue for the Montreal-based company was C$128.1 million.

For the quarter, the company produced 79,718 ounces of gold, up 8 percent from the 73,814 ounces in the third quarter.

The Canadian miner sees a capital expenditure budget of C$219.2 million ($219.8 million) for this year.

Shares of the company closed at C$12.49 on Thursday on the Toronto Stock Exchange.

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