Inmet Mining Q2 profit soars to $132.1 million from year-ago $31.6 million

Inmet Mining Q2 profit soars to $132.1 million from year-ago $31.6 million

Wednesday, August 2nd 2006

Inmet Mining Corp.’s (TSX:IMN) second-quarter profit soared to $132.1 million from $31.6 million a year ago, as sales were given a boost by higher metal prices.

That amounted to $2.74 per share for the three months ended June 30, compared with 75 cents per share for the same period last year, the company said Tuesday.

Sales more than doubled to $317.6 million from $157.7 million last year, boosted by higher copper and zinc prices.

The company said it’s on target to achieve its 2006 objective of 80,000 tonnes of copper and 82,000 tonnes of zinc.

Inmet’s mining operations produce copper, zinc and gold, and consist of four properties: Cayeli, Pyhasalmi, Troilus and Ok Tedi.

On the TSX, its shares closed up 60 cents at $43.60.

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