May 14, 2010 / 1:11 PM / in 8 years

UPDATE 1-Anvil Mining posts Q1 profit on higher production

* Q1 EPS $0.04 vs loss $0.27/shr, last year

* Q1 rev $15.5 mln vs $1.6 mln, last year

* Has mandated group of banks to arrange for $140 mln debt

May 14 (Reuters) - Canada’s Anvil Mining Ltd AVM.TO posted a first-quarter profit, helped by higher copper production and better prices.

For the first quarter, the company posted a net income from continuing operations of $6.6 million, or 4 cents a share, compared with a net loss of $18.8 million, or 27 cents a share, a year ago.

Net sales for the quarter rose to $15.5 million from $1.6 million, last year.

Quarterly copper production rose to 4093 tonnes of copper in concentrate, from 199 tonnes of copper, last year.

The copper producer said it expects to commission its copper mine project Kinsevere Stage II in Congo by the first quarter of 2011.

The company also said it has mandated a group of commercial banks to arrange a debt facility of $140 million, to replace its $100 million loan facility.

Shares of Montreal-based Anvil closed at C$3.39 Thursday the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Ratul Ray Chaudhuri)

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