May 13, 2010 / 10:57 AM / 8 years ago

UPDATE 1-FNX Mining posts profit on higher metal prices

* Q1 EPS C$0.02 Vs yr-earlier loss of C$0.31/shr

* Q1 Revenue up 3.3 pct to C$50.6 mln

TORONTO, May 13 (Reuters) - FNX Mining Co FNX.TO posted a first-quarter profit on Thursday, on the back of a strong rebound in copper and nickel prices.

The company, which is in the process of being acquired by Quadra Mining Ltd QUA.TO, earned C$1.9 million, or 2 Canadian cents a share, compared with a loss of C$26.2 million, or 31 Canadian cents a share, in the year-before period.

Revenue during the quarter rose 3.3 percent to C$50.6 million.

FNX owns the McCreedy West, Levack and Podolsky mines in Sudbury, Ontario. Its main development asset is the Levack footwall copper project, which is expected to begin production around mid-year.

The company’s shareholders will vote next week on Quadra’s proposed all-stock takeover, which values FNX at around C$1.3 billion, based on current prices. ($1= $1.02 Canadian) (Reporting by Euan Rocha; Editing by Derek Caney)

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