Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Quadra Fnx Mining earned $173 million or $1.11 per share in 2010 compared to $89 million in 2009.
“The increased earnings in the current year are primarily a result of higher average copper prices, and the increased earnings contribution from Franke and the Sudbury operations following the merger with FNX,” said the company in a statement.
“In 2010 total revenues increased 100% to $958 million compared to $479 million in 2009 supported by an over 30% increase in the copper price, which ended the year at $4.42 per pound.”
The company produced 224 million pounds of copper and 148 thousand ounces of precious metals. The year before the company produced just 57 million pounds of copper and 39,000 ounces of precious metals.
“Operating income from the Robinson mine increased 36% to $193 million from $143 million in 2009. The Morrison deposit achieved commercial production on September 1, 2010 and produced 7.1 million pounds of payable copper in the fourth quarter and 19 million pounds of payable copper for the year, exceeding expectations.”
Quadra Fnx Mining was up nearly 5% on the TSE to $14.19 a share.
Michael Allan McCrae wrote this story. You can contact him at [email protected].
