Quadra FNX Lowers 2010 Copper Production Outlook-Shanghai Metals Market

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Quadra FNX Lowers 2010 Copper Production Outlook

Industry News 09:01:07AM Jun 21, 2010 Source:SMM

TORONTO June 20 (Reuters) - Canadian miner Quadra FNX Mining Ltd (QUX.TO) has lowered its 2010 copper production outlook by about 12 percent, due to slowdowns in production from its Franke mine in Chile and its Carlota mine in Arizona.

Vancouver-based Quadra, which recently closed its C$1.6 billion takeover of FNX Mining, said it now expects 2010 copper production of 265 million pounds, down from a prior estimate of 300 million pounds.

Gold and precious metal production guidance remains unchanged at 155,000 ounces, the company said in a statement late on Saturday.

The company said it expects operations at the Franke mine to be back at optimum levels by the first half of 2011, while ore grades and volumes at Carlota are expected to improve in the second half of this year.

Last week, Quadra FNX announced that its proposed joint venture in Chile with China's State Grid International Development Ltd had fallen apart, after the two sides were unable to conclude a definitive agreement.
 

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Quadra FNX Lowers 2010 Copper Production Outlook

Industry News 09:01:07AM Jun 21, 2010 Source:SMM

TORONTO June 20 (Reuters) - Canadian miner Quadra FNX Mining Ltd (QUX.TO) has lowered its 2010 copper production outlook by about 12 percent, due to slowdowns in production from its Franke mine in Chile and its Carlota mine in Arizona.

Vancouver-based Quadra, which recently closed its C$1.6 billion takeover of FNX Mining, said it now expects 2010 copper production of 265 million pounds, down from a prior estimate of 300 million pounds.

Gold and precious metal production guidance remains unchanged at 155,000 ounces, the company said in a statement late on Saturday.

The company said it expects operations at the Franke mine to be back at optimum levels by the first half of 2011, while ore grades and volumes at Carlota are expected to improve in the second half of this year.

Last week, Quadra FNX announced that its proposed joint venture in Chile with China's State Grid International Development Ltd had fallen apart, after the two sides were unable to conclude a definitive agreement.