November 15, 2010 / 2:55 PM / in 7 years

UPDATE 1-Imperial Metals Q3 profit rises on higher copper prices

* Q3 EPS C$0.19 vs year ago C$0.14

* Revenue up 28 pct

Nov 15 (Reuters) - Canadian miner Imperial Metals Corp (III.TO) posted better third-quarter results, helped by higher copper prices.

For the July-September quarter, net income was C$7.1 million, or 19 Canadian cents a share, up from C$4.6 million or 14 Canadian cents a share a year ago.

On an adjusted basis, the company earned 35 Canadian cents a share.

On the London Metal Exchange, benchmark copper CMCU3, which hit a 27-month high of $8,915.75 per ton last week, were at $8,593.75 per ton at 1414 GMT on Monday.

The key mineral used in the power and construction industries has been gaining momentum over the past several months, pushing up stock prices of base metals miners, including Teck Resources TCKb.TO, Uranium One UUU.TO, First Quantum Minerals (FM.TO), and Inmet Mining IMN.TO.

Revenue rose 28 percent to C$68.7 million. Copper price increased during the quarter, resulting in a positive revenue adjustment of C$8.8 million.

Cash flow increased 63 percent to C$25.9 million.

The Vancouver-based company’s shares have gained 55 percent in value since operations at its Huckleberry mine in northern British Columbia resumed in August, after being halted a week earlier. [ID:nSGE67G0II]

They were down 13 Canadian cents at C$24.26 in early-morning trade on Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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