Mining News May 13, 2009

Price Increases Benefiting: Quadra, by Ted Lake

Despite a $52 million drop in lst Quarter earnings, Paul Blythe, President and Chief Executive Offer of Canada's Quadra Mining Ltd says the company is starting to benefit from the recent increase in copper prices. Quadra is the owner of the $240 million dollar open pit copper mine west of Miami. Blythe points out at the start of the quarter, copper was selling at only $1.33 a pound but on March 31st, the quarter's end, it had reached $1.83 a pound.. Yesterday (Tuesday), copper had hit $2.13 a pound. Quadra announced to its stockholders on Tuesday that it had net earnings of $26.6 million dollars for the quarter ended compared to $78.6 million dollars a year ago. The company reported revenues of $106 million dollars on 41 million pounds of copper and 30,258 ounces of gold, almost all of which is from its Robinson Mine near Ely, Nevada as ramping up continues at its new Carlota mine. Blythe said the copper market is beginning to find some support as economic stimulus plans are announced. "We are cautiously optimistic of growth with an increase in the end rise of demand, particularly in China.

Adkerson: Copper Man of the Year

In New York City on June 3rd, the Copper Club will honor Richard C. Adkerson, president, chief executive officer and member of the board of directors of Freeport- McMoRan Copper & Gold Inc with the Ankh Award, naming him Copper Man of the Year in recognition of his strong leadership at Freeport and in the global mining industry. The award will be presented at The Copper Club's Annual Dinner, at the Rainbow Room in New York City. The Copper Club Inc., the leading organization for networking, educational grants and events for those who support the copper industry, will hold their Annual Dinner, bringing together over 300 guests to salute Richard C. Adkerson. The prestigious "Copper Man of the Year" award has been bestowed every year since 1962 to a professional who has positively impacted the copper industry. The Copper Club will also announce the 2009 recipients of the Educational Grants Program, which assists exceptional students in preparing for careers in fields related to maintenance and expansion of the copper industry. Each grant is $10,000 and is awarded to students who demonstrate academic excellence and fi nancial need.