May 12, 2009 / 1:27 PM / in 9 years

UPDATE 1-Canada's Quadra Mining quarterly profit tumbles

* Q1 EPS 40 cents vs $1.39 a year ago

* Q1 revenue down 46.3 pct (In U.S. dollars, unless noted)

TORONTO, May 12 (Reuters) - Quadra Mining QUA.TO said on Tuesday its first-quarter profit fell 66 percent amid the global economic downturn, as the company realized lower average copper prices in the quarter.

The Canadian copper miner, which last month closed its acquisition of Centenario Copper, earned $26.7 million, or 40 cents a share, in the quarter that ended March 31.

That was down from $78.6 million, or $1.39 a share, in the year-before period.

Quarterly revenue fell more than 46 percent to $106.3 million.

Vancouver-based Quadra, which mines from its Robinson mine in Nevada and the Carlota mine in Arizona, said in January it expects to produce 140 million pounds of copper and 100,000 ounces of gold this year.

Falling prices and tight credit markets forced Quadra last year to stop work on its Sierra Gorda copper project in Chile and its Malmbjerg molybdenum project in Greenland. The company is looking for a strategic partner for Sierra Gorda.

However, after falling more than 50 percent last year, copper has climbed 48 percent so far in 2009, which has reignited demand for base metal assets and allowed Quadra to raise $86 million in a bought deal equity financing last month. (Reporting by Euan Rocha, editing by Maureen Bavdek)

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