Earnings for the Year Ended December 31, 2010

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) -


(All figures, except per share amounts, are in $US thousands unless otherwise stated or unless context requires otherwise)




Quadra FNX Mining Ltd. (the "Company" or "Quadra FNX") (TSX:QUX) is pleased to provide its fourth quarter and year end 2010 financial and operational results. The Company recorded 2010 earnings of $173 million or $1.11 per share (basic) compared to earnings of $81 million or $0.89 per share for the previous year. The increased earnings in the current year are primarily a result of higher average copper prices, and the increased earnings contribution from Franke and the Sudbury operations following the merger with FNX. Adjusted earnings totalled $225 million or $1.45 per share (basic) for the year.


In the fourth quarter of 2010 the Company recorded earnings of $58 million or $0.30 per share (basic). Unusual items included a $33 million leach pad inventory write down at the Carlota mine and a $22 million accounting loss on derivatives. Fourth quarter 2010 adjusted earnings totalled $105 million or $0.55 per share (basic).