Quadra FNX Mining Ltd. ("Quadra FNX") (TSX:QUX) is pleased to announce that its securityholders have approved the previously announced plan of arrangement (the "Arrangement") involving Quadra FNX, 0929260 B.C. Unlimited Liability Company ("AcquireCo"), an indirect wholly owned subsidiary of KGHM Polska Miedz S.A. ("KGHM") (WSE:KGH), and holders of Quadra FNX's common shares ("Common Shares"), common share purchase warrants issued on March 1, 2007 ("2007 Warrants") and common share purchase warrants issued on September 9, 2009 ("2009 Warrants") together the Securityholders (the "Securityholders). At the special meeting of the Securityholders held today, the Arrangement was approved by 78.6% of the Securityholders voting together as a single class. All amounts are in Canadian dollars.
Quadra FNX Mining Mining News
Canada’s Quadra FNX Mining Ltd. (QUX-T15.30----%), which has signed a deal to be bought by a Polish government-backed miner, said Monday its production was down slightly in the fourth quarter, as compared to the previous three months.
Vancouver-based Quadra FNX Mining increased second-quarter copper production by 20% compared with the first three months of the year, and still expects to meet its full-year forecast of within 10% of 240-million pounds.
Vancouver-based Quadra FNX announced a three-year collective agreement with United Steelworkers that includes a 3% wage increase, BIV reports: “This agreement breaks a pattern in the mining industry of attempts by employers to impose concessions on their workers,” said Wess Dowsett, Steelworkers area coordinator for Northeastern Ontario.
Quadra FNX Mining (TSX:QUX) and First Quantum Minerals (TSX:FM) led a weak rally on the Toronto Stock Exchange Monday, while Canadian oilsands stocks ticked lower on news of wildfires in northern Alberta. Canadian Press reports: The Toronto stock market closed little changed Monday as investors attempting a rally following a string of losses in recent days gave in to further worries that recent strength in commodity prices is on the wane. The resource-heavy S&P/TSX composite index came down from a 142-point surge to close up 14.19 points to 13,391.35, while the TSX Venture Exchange slipped 41.95 points to 1,996.27. The Canadian dollar was lower against the greenback, down 0.59 of a cent to 102.65 cents US.
Quadra FNX and Sumitomo form US$724 million joint venture to develop Sierra Gorda copper-molybdenum project in Chile
Quadra FNX Mining announced on Sunday a US$724 million joint venture with Sumitomo Corporation to develop the Sierra Gorda copper-molybdenum project in Chile. The total cost of the mine is estimated at 2.8 billion and production is scheduled to start in 2014. Sumitomo has a 45% stake in the joint venture; Quadra FNX has 55%. Sierra Gorda is a copper exploration project located in the Atacama Desert, Region II of Chile. According to Quadra FNX's recently completed feasibility study, the production from current sulphide reserves will average 483 M lbs of copper, 25 million lbs of molybdenum, and 64 kozs of gold per annum over a 20-year mine life.
The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota. Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.
Quadra FNX Mining Ltd (QUX.TO) outlined a resource at its Victoria copper-nickel project in Ontario that is equivalent to about 3.4 billion pounds of contained copper, the company said on Thursday.
Quadra Fnx Mining earned $173 million or $1.11 per share in 2010 compared to $89 million in 2009. "The increased earnings in the current year are primarily a result of higher average copper prices, and […]