Inmet profit boosted by higher copper price

Reuters reported that Inmet Mining Q4 profit rose on the back of higher copper prices and strong results from its Las Cruces copper mine in Spain.
The Canadian miner said that net income in the quarter ended December 31 rose to CAD 144.5 million or CAD 2.53 per share compared with a year ago profit of CAD 89.8 million or CAD 1.60 per share.
Inmet and rival Lundin Mining announced plans to merge last month creating a Canadian copper mining major called Symterra worth roughly CAD 9 billion. Shareholders of both companies are scheduled to vote on the proposed deal on March 14.
Inmet said that sales in the quarter rose 9% to CAD 318.1 million as increased copper production more than offset the impact of lower zinc and gold output. It expects copper and zinc production in 2011 to be roughly flat at 94,000 tonnes and 81,000 tonnes respectively.

(Source: http://www.steelguru.com/metals_news/Inmet_profit_boosted_by_higher_copper_price/193214.html)