December 23, 2009 / 1:15 PM / in 8 years

UPDATE 1-FNX Mining sees 31 pct rise in 2010 ore production

* Sees 2010 production of 891,000 tons

* Says commercial production at the LFD to start mid-2010

* Sees 2010 capex at C$75.2 mln for operations

Dec 23 (Reuters) - Canadian nickel and copper miner FNX Mining FNX.TO said it expects a 31 percent increase in 2010 ore production and said majority of the production is expected from copper-precious metal dominant deposits.

FNX, which said it looks to achieve commercial production at the LFD in the Sudbury area by mid-year, said 2010 production would total 891,000 tons.

FNX said it expects capital expenditure for 2010 to total C$75.2 million for operations, C$13.3 million for exploration and C$15.7 million for greenfield exploration.

The anticipated operating cost to produce a pound of copper in 2010, net of by-product credits, would be about $0.60, the company said in a statement.

Although 2009 operations were impacted by the shutdown of FNX’s primary custom processor, FNX said it still expects to meet its original 2009 production outlook.

Shares of FNX Mining closed at C$11.42 Tuesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Unnikrishnan Nair)

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