August 12, 2010 / 10:56 AM / 8 years ago

UPDATE 1-Quadra FNX posts Q2 profit on higher copper prices

* Q2 revenue up 69 pct to $169.1 mln

* Cuts FY10 production view at Robinson Mine

Aug 12 (Reuters) - Canadian miner Quadra FNX Mining Ltd QUX.TO posted a second-quarter profit, boosted by strong copper prices, but cut its full-year production view at its Robinson Mine in Nevada, which generated the majority of overall revenue in the quarter.

The company now expects to produce between 115-125 million pounds of copper, and 75,000 ounces of gold. Earlier, the company expected to produce 135 million pounds of copper and 80,000 ounces of gold.

Vancouver-based Quadra, which recently closed a C$1.6 billion ($1.53 billion) takeover of FNX Mining, earned $21.8 million, or 15 cents a share, in the second quarter. That compares with a loss of $7.3 million or 8 cents a share a year earlier.

Revenue rose to $169.1 million.

Quadra said it sold 46.5 million pounds of copper at an average price of $2.79 per pound in the second quarter, compared with sales of $31.7 million pounds at an average price of $2.35 per pound a year earlier.

Shares of the company closed at C$11.55 Wednesday on the Toronto Stock Exchange.

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$1=1.046 CANADIAN DOLLAR Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy

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