April 29, 2011 / 12:29 AM / 7 years ago

UPDATE 1-Inmet sees profit on metal prices, Ok Tedi sale

* EPS C$2.33 v year-ago C$1.51

* Sees lower-than-expected production in Q1

* Says full-year production on track

TORONTO, April 28 (Reuters) - Inmet Mining’s IMN.TO first quarter profit rose on higher metal prices and higher sales volumes, the Canadian copper producer said on Thursday.

Inmet earned C$59.4 million, or 97 Canadian cents a share, from continuing operations. That compared with C$49.4 million or 96 Canadian cents a share in the year-ago period.

The Toronto-based company sold its 18 percent stake in Ok Tedi Mining for $335 million in January.

Net income, including the sale, was C$2.33 a share, compared with C$1.51 a share in 2010.

Revenue was C$254.3 million, up 57 percent from C$161.2 million.

Copper production in the first quarter was 17,700 tonnes, compared with 14,500 tonnes in the year-ago quarter.

Inmet said quarterly production was lower-than-expected due to ramp-up issues at Las Cruces and a delay in the processing of higher grade ore at the Cayeli mine in Turkey.

The company said it expects to achieve full-year copper production of 94,400 tonnes, with output at the Las Cruces mine in Spain doubling compared to 2010. (Reporting by Julie Gordon; Editing by Phil Berlowitz)

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