Inmet Mining's profit jumps 19%, beats expectations
Canada's Inmet Mining Corp (TSX:IMN) posted a 19% rise in third-quarter profit as copper production and prices improved.
The Toronto-based miner, which reports its results in U.S. dollars, said it sold $327 million, well above the $252 million expected, representing a 29% increase.
Earnings jumped up to $116.5 million, or $1.68 per share, in the quarter ended Sept 30, up from $98 million, or $1.41 per share,in 2011.
Copper output increased 37% to 29,700 metric tons and, at its Las Cruces mine located southern Spain, Inmet produced 18,800 tonnes of copper cathode in the quarter compared to 11,400 tonnes during the same period of 2011.
The company, battling over land rights with Vancouver-based Petaquilla Minerals Ltd. (TSX:PTQ) in Panama, scored a court victory this week, when British Columbia securities regulators rejected a shareholder rights plan at Petaquilla that would help it to fend off Inmet's hostile takeover offer worth about $140 million.