October 26, 2010 / 1:10 PM / in 7 years

UPDATE 1-Inmet earnings rise on improved metal prices

* Q3 profit up 40 pct, on higher metal prices

* Q3 EPS C$1.53 Vs C$1.09 a yr-ago

* Q3 revenue up 30 pct to C$313.3 mln

TORONTO, Oct 26 (Reuters) - Inmet Mining Corp IMN.TO said on Tuesday its third-quarter profit rose 40 percent, driven by higher metal prices and earnings from its newly commissioned Las Cruces copper mine in Spain.

The Canadian base metals miner reported quarterly earnings of C$86.1 million, or C$1.53 a share, up from a year-ago profit of C$61.6 million, or C$1.09 cents a share.

The Toronto-based company said its quarterly revenue rose 30 percent to C$313.3 million, boosted by higher copper and zinc prices.

Analysts on average had forecast quarterly earnings of C$1.61 a share on revenue of C$305.7 million, according to Thomson Reuters I/B/E/S.

Earlier this month, Inmet submitted the environmental and social impact assessment for its Cobre Panama copper project to Panamanian regulators. The $5 billion Cobre Panama project will be one of the largest copper mines in Central America. Inmet also owns and operates mines in Turkey, Finland, Canada and Spain. ($1= $1.02 Canadian) (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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