Inmet Mining
As the prices of precious metals increased, the first quarter revenue of Inmet Mining has also increased according to a statement by the copper producer from Canada released on Thursday. The increase in the volume of sales also contributed to the increase in revenue for Inmet Mining.
The first quarter saw Inmet Mining bringing in around CAD$59.4 million or around CAD$0.97 per share in earnings from its current operations. In comparison the company earned around CAD$49.4million or around $CAD0.96 per share from Inmet Mining operations last year.
Aside from the increase in its earnings from its ongoing operations, Inmet Mining also indicated that around 18 percent of the stake of the company in Ok Tedi Mining was sold last January. The company, which is based in Toronto, indicated that the sale price for its stake was around $335 million.
All-in-all, the net income of Inmet Mining, which includes the sales of its Ok Tedi Mining stake, is at CAD$2.33 for every share. This is a significant increase from the net income of the company of CAD$1.51 in the same period of last year.
The total revenue of Inmet Mining also increased from the previous figure of CAD$161.2 million to around CAD$254.3 million. This is an increase of around 57 percent.
Inmet Mining also indicated that it was able to produce around 17,700 tons of copper for the first quarter. This is an increase from the 14,500 ton production of Inmet Mining during the same period last year.
Inmet Mining also indicated that delays in processing of high-grade ore in the mine at Cayell in Turley along with the issues at its Las Cruces mine caused its quarterly production to become lower than what the company had expected. However Inmet Mining is expecting to reach increase its copper production to around 94,400 tons as the mine in Las Cruces had a two-fold increase in production.
