Annual profits for Quadra Mining Ltd. (TSX:QUA) soared 845% for the year ending December 31, 2007.
The Vancouver company's annual net earnings rose to $136.4 million, up from $14.4 million in 2006. Quadra said the higher earnings resulted primarily from a 25% increase in year-to-year revenue to $493.8 million from $393.2 million.
Increased copper and gold production from Quadra's Robinson Mine in Nevada was cited as the main reason for the company's strong performance. Quadra produced 131.9 million pounds of copper and 108,000 ounces of gold in 2007, exceeding its production guidance of 125 million pounds of copper and 90,000 ounces of gold.
The company expects production to increase to 130 million pounds of copper and 100,000 ounces of gold this year. Low copper inventories and consistent demand from China are expected to keep copper prices high, but volatile, in 2008.
Quadra's share price range during the past week: between $21.06 and $22.19; 52-week high: $22.48; 42-week low: $7.37.