Quadra FNX Mining Limited has announced its third quarter 2011 financial and operational results.
Operating and financial summary:
| Q3 '11 | Q3 '10 | 9M '11 | 9M '10 | |
| Revenues | 326.2 | 259.2 | 892.8 | 625.8 |
| Adjusted earnings | 51.9 | 34.6 | 146.6 | 114.5 |
| Adjusted earnings per share | 0.27 | 0.18 | 0.77 | 0.80 |
| EBITDA | 126.6 | 72.6 | 421.4 | 215.4 |
| EBITDA per share | 0.66 | 0.38 | 2.21 | 1.51 |
| Earnings for the period | 142.8 | 19.5 | 374.3 | 111.0 |
| Basic earnings per share | 0.75 | 0.1 | 1.96 | 0.78 |
| Diluted earnings per share | 0.71 | 0.1 | 1.89 | 0.77 |
In USD millions (except per share date and production data)
Mr Paul Blythe president & CEO of Quadra FNX said that "Since the completion of the Quadra and FNX merger over eighteen months ago our asset portfolio has gone through numerous changes. The most significant areas of progress are the financing and advancement of Sierra Gorda into construction, the discovery of Zone 4 at Victoria and, most recently, the announcement of the Access Arrangement. At Robinson, with the completion of the new ramp and further increases in the mining rate, the improved Q3 2011 performance has continued into Q4 2011, with over 12 million pounds of payable copper produced in October."
He added that "As a Company we have naturally turned our energy and focus to the operations and projects that will deliver the most value to our shareholders by maximizing net asset value and free cash flow. We believe that the best way to achieve this is by optimizing the opportunities at our two flagship operations, Robinson and Morrison, which together contribute over 85% of our operating income, while continuing to deliver on our significant growth pipeline. We have reviewed our other assets and have concluded that, on a risk adjusted basis, we should wind down Carlota and Podolsky. We have also made significant changes to the mine plan for Franke, which will be focused on the China pit that is expected to have lower acid consumption rates. These changes in our portfolio will, in our view, better position Quadra FNX to focus on its core strengths and maximize value."
