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UPDATE 1-Copper Firm Aurubis's Q1 Profit Falls 20%

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CORRECTED - Ivanhoe Nickel Makes Major DRC, S.Africa Copper Discoveries

HAMBURG, Feb 9 (Reuters) - Aurubis AG (NAFG.DE), Europe's largest copper producer, confirmed a fall in its first-quarter operating profit on Wednesday following an accident at a major plant and the impact of a sudden rise in copper prices, but said it remained optimistic for its full-year earnings.
The company had suffered from the impact on copper concentrate (ore) deliveries for which prices had not been fixed in advance and a rise in inventories because of normal low copper product sales at that time of the year, it said.
Net profit in the final three months of 2010, the company's fiscal first quarter, fell 20 percent on the year to 97 million euros despite a 31 percent rise in sales to 2.732 billion euros due to higher copper prices.
The company had on Jan. 31 warned of a fall in earnings due to an accident at its main Hamburg smelter in December and swings in copper prices.
&quot;We expect that these burdening special effects will be extensively equalised during the course of the financial year,&quot; Chief Executive Bernd Drouven said in a statement.
&quot;The operating result in the full year is expected to be above the previous year.&quot;
The accident at the Hamburg plant cost 10 million euros in the quarterly results and changes in book values of inventories because of rising copper prices cost it 50 million euros.
Copper prices have risen to record high levels this year.
Copper treatment and refining charges (TC/RCs), the fees paid by mines and others to refine concentrate into metal, had risen to $80 a tonne and 8 cents a pound, it said. In January 2010 TC/RCs, a key part of the copper industry's earnings, had been around $15 a tonne and 15 cents a pound.
&quot;The improvement in the copper concentrate market is likely to continue in the coming months,&quot; it said. The company also expected good copper scrap supplies.
Large volumes of concentrate were offered to smelters in the first quarter, which had resulted in rising TC/RCs, it said.
Aurubis processed 424,000 tonnes of copper concentrate in the quarter, down 23 percent on the year. Output of copper cathodes (new metal) fell 5 percent to 225,000 tonnes and sulphuric acid output fell 27 percent to 416,000 tonnes. 
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