February 28, 2011 / 4:35 PM / in 7 years

UPDATE 2-Quadra FNX posts strong Q4 results, shares jump

* Q4 adj EPS $0.55 vs $0.51

* Revenue up 88 pct at $331.9 million

* Shares up 4.88 percent at C$14.18 on TSX (Adds details; in U.S. dollars unless noted)

TORONTO, Feb 28 (Reuters) - Shares of Quadra FNX Mining QUX.TO rose as much as 8 percent on Monday, after the base metal miner reported a 25 percent rise in fourth-quarter profit, helped by record high copper prices.

Earnings were also boosted by an increase in production from the combined Quadra and FNX asset base. Quadra acquired FNX in an all-stock deal worth C$1.6 billion ($1.65 billion) last year.

The company’s net income was $57.9 million, or 30 cents a share, compared with $46.5 million, or 46 cents a share, a year earlier. On an adjusted basis, it earned 55 cents per share, compared with 51 cents in the same period of 2009.

Fourth-quarter revenue jumped 88 percent to $331.9 million.

Shares of Quadra FNX rose as much as 8 percent to C$14.60 on Monday morning on the Toronto Stock Exchange, but later retreated to C$14.18, for a gain of 4.88 percent.

Shares of Canadian copper miners were boosted on Monday by Equinox Mineral’s hostile $5 billion bid for Lundin Mining. [ID:nN27203451]

Lundin rose 18.6 percent to C$7.64, while First Quantum rose 5.14 percent to C$122.38 on the Toronto Stock Exchange.

Quadra FNX expects to produce 240 million pounds of copper in 2011, 7 million pounds of payable nickel and 115,000 ounces of precious group metals.

The Vancouver-based copper and platinum group miner produced 224 million pounds of copper in 2010 and 148,000 ounces of precious group metals.

Copper prices rose 30 percent over 2010. The metal, which is in high demand as Asian nations continue to urbanize at a rapid rate, has continued to rise in 2011.

Quadra FNX owns mines in Canada, the United States and Chile, and has development projects in North America, South America and Greenland.

$1=$0.97 Canadian Reporting by Julie Gordon in Toronto and Bhaswati Mukhopadhyay in Bangalore; editing by Rob Wilson

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