May 13, 2010 / 1:38 PM / 8 years ago

UPDATE 1-Quadra Mining profit jumps on output, prices

* Revenue climbs 81.5 pct on copper prices, sales

* Stock rises 15 Canadian cents to C$14.10

(In U.S. dollars, unless noted)

TORONTO, May 13 (Reuters) - Quadra Mining QUA.TO said on Thursday its first-quarter net profit more than doubled, due to rising copper prices and stronger production.

The Canadian copper miner, which is in the process of acquiring FNX Mining FNX.TO, earned $55.6 million, or 56 cents a share, in the three months ended March 31. That compared with a profit of $26.7 million, or 40 cents a share, in the year-before quarter.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 43 cents.

Revenue jumped 81.5 percent to $192.9 million. Copper production rose 13.4 percent to 49.1 million pounds, while London-traded copper prices approximately doubled year-over-year.

The company’s shareholders will vote next week on Quadra’s proposed all-stock takeover of FNX, which values FNX at around C$1.3 billion, based on current prices.

Quadra, which operates three mines in the United States and Chile, also agreed during the quarter to form a joint venture with China’s State Grid International Development. The joint venture will comprise Quadra’s Franke mine and Sierra Gorda project, which are both in Chile.

Quadra’s shares were up 15 Canadian cents at C$14.10.

$1=$1.02 Canadian Reporting by Cameron French; Editing by Frank McGurty

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