May 11, 2010 / 2:03 PM / in 8 years

UPDATE 1-Katanga Mining posts Q1 profit; shares jump

* Q1 profit at $27.6 mln

* Q1 sales at $140.7 mln

* Shares up as much as 12 pct

May 11 (Reuters) - Katanga Mining Limited (KAT.TO) reported a first-quarter profit and said mining constraints in its Kamoto underground mine in Congo have now been resolved.

For the first quarter, the company posted net income of $27.6 million and sales of $140.7 million. It did not provide a comparison with results from the year-ago quarter in the statement.

Quarterly copper production was 12,458 tons and cobalt production was 889 tons.

The company continues to expect production capacity of 150,000 tons per annum of copper and 8,000 tons per annum of cobalt by the second quarter of 2011.

It expects to achieve a production capacity of 110,000 tons per annum of copper by July 2010.

Shares of Katanga, which is focused on operations in Democratic Republic of Congo, were up 10 Canadian cents C$1.12 Tuesday morning on the Toronto Stock Exchange. They touched a high of C$1.14 earlier in the session. (Reporting by R. Manikandan in Bangalore; Editing by Prem Udayabhanu)

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