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Tuesday, May 13, 2008 11:12:19 AM
Quadra posts 85% jump in earnings on the strength of rising copper prices
Quadra Mining Ltd. (TSX:QUA) has reported earnings of US$79.8 million for the quarter ending March 31. That's an increase of just over 85% for the Vancouver-based copper and gold miner compared with the same quarter in 2007, when it posted earnings of US$43.1 million.
Revenue from concentrate sales increased to US$198 million for 2008's first quarter, up from US$136.5 million for 2007's first quarter.
The company also realized a US$24 million positive price adjustment in the quarter related to fourth-quarter provisional sales.
The mining firm saw per-pound copper prices increase to US$3.82 on March 31 from US$3.04 on December 31.
Quarterly copper and gold production hit record levels at Quadra's Robinson copper mine near Ely, Nevada. The company also holds interests in projects in Arizona, Chile and Greenland.
Quadra's share price during the past week: between $24.26 and $26.31; 52-week high: $26.41; 52-week low: $11.03.
Farallon to sell silver to Silver Wheaton Corp. in $80 million deal
Vancouver-based Farallon Resources Ltd. (TSX:FAN) and its wholly owned subsidiaries have entered into an arrangement to sell up to 75% of the silver production from the Campo Morado project in Mexico to a subsidiary company of Vancouver's Silver Wheaton Corp. (TSX:SLW).
As part of the deal, Silver Wheaton will pay $80 million in cash to Farallon for the rights to the silver. It will also pay either $3.90 or the spot price at the time of the sale, whichever is lower, for each ounce of silver delivered.
Farallon said it plans to use the funds to help develop its Campo Morado property. The junior mining company plans to open the mine by July 2008.
Silver Wheaton is the world's largest pure silver mining company.
Farallon's share price range during the past week: around $0.74; 52-week high: $0.92; 52-week low: $0.54.
Silver Wheaton's share price range during the past week: between $13.34 and $13.99; 52-week high: $19.30; 52-week low: $10.45.
