FNX Mining Company Inc.
TSX : FNX

FNX Mining Company Inc.

March 27, 2008 06:30 ET

FNX Earns a Record $110 Million in 2007

TORONTO, ONTARIO--(Marketwire - March 27, 2008) - FNX Mining Company Inc. (TSX:FNX) ("FNX" or the "Company") reports financial and operational results from its Sudbury operations for the fourth quarter and fiscal 2007. Production from its 100%-owned Sudbury mines generated record revenues of $267.8 million for the year and $51.3 million for the fourth quarter, compared to $170.0 million and $50.2 million in 2006. Consolidated revenues, which include results from the recently acquired 100%-owned Mining Services Business ("MSB") for most of the fourth quarter, were $322.0 million for the full year and $105.6 million for the fourth quarter. Net earnings for the fourth quarter and 2007 full year were $32.3 million ($0.38 per share) and $110.0 million ($1.31 per share and a record), compared to $19.7 million ($0.23 per share) and $68.7 million ($0.82 per share) in 2006. Cash flow from consolidated results for the fourth quarter and full year was $50.9 million ($0.60 per share) and $167.2 million ($1.99 per share), compared to operating cash flow of $32.2 million ($0.38 per share) and $81.8 million ($0.98 per share) in 2006. Consolidated EBITDA was $24.5 million for the fourth quarter and $162.1 million for the full year, compared to $33.4 million and $97.1 million in 2006.

John Lill, President and CEO of FNX stated that, "Our fourth quarter and record full year results were achieved in the context of a strong Canadian dollar and declining nickel and copper prices in the second half of 2007. Our operations at McCreedy West ran efficiently and the Levack mine started contributing during the year. We were particularly impressed during 2007 with the initial mineralization exposed at the Podolsky mine 2450 Level and by our initial look at the Levack Footwall deposit's sharp-walled massive sulphide veins. Looking forward to 2008, the imminent start up of our third mine at Podolsky, the accelerated development of the Levack Footwall deposit and a full year contribution from our Mining Services Business will fuel future growth for FNX."



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Financial and Operating Highlights Q4 2007 Q4 2006 2007 2006
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Consolidated
------------
Revenue 105,616 50,202 322,043 169,945
Net Earnings (Loss) (C$000) 32,280 19,667 109,947 68,680
Basic Earnings per Share (C$) 0.38 0.23 1.31 0.82
Fully Diluted Earnings per Share
(C$) 0.38 0.23 1.30 0.81
Cash and Cash Equivalents (C$000) 35,160 115,117 35,160 115,117
Cash Flow from Operations (C$000) 50,874 32,189 167,242 81,815
Cash Flow per Share (C$) 0.60 0.38 1.99 0.98
Diluted Cash Flow per Share (C$) 0.60 0.38 1.98 0.97
EBITDA (C$000) 24,522 33,367 162,123 97,078

Mining Operations
-----------------
Total Revenue (C$000) 51,324 50,202 267,751 169,945
Cash Operating Costs (C$000) 25,443 17,131 100,317 65,569
Cash Operating Margin (C$000) 25,881 33,071 167,434 104,376
Depreciation and Amortization
(C$000) 8,422 3,556 26,332 12,921
Operating Margin (C$000) 17,459 29,515 141,102 91,455

Revenue per Ton Sold (C$) 215 318 289 272
Cash Operating Costs per Ton Sold
(C$) 106 109 108 105
Cash Operating Margin per Ton Sold
(C$) 109 209 181 167
Cash Cost per lb of Ni (US$) (net
of by-product credits) 4.13 1.58 3.11 0.77

EBITDA (C$000) 24,522 33,367 162,123 97,078
Net Earnings (Loss) (C$000) 31,041 19,667 108,708 68,680
Cash Flow From Operating Activities
(C$000) 39,589 32,189 155,957 81,815

Total Ore Sold (tons) 239,066 157,741 926,881 624,525
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Financial and Operating Highlights Q4 2007 Q4 2006 2007 2006
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Nickel Ore Sold (tons) 182,160 76,736 631,217 309,776
Grade of Nickel Ore Sold (%Ni) 1.2 1.7 1.3 1.6
Payable Metal Sold - Nickel (000
lbs) 3,289 1,966 12,219 8,105
Copper Ore Sold (tons) 56,906 81,005 295,664 314,749
Grade of Copper Ore Sold (%Cu) 1.2 1.5 1.4 1.6
Payable Metal Sold - Copper (000
lbs) 1,994 2,272 9,611 9,581

Payable Metal Sold - Total Precious
Metals (oz) 5,063 8,007 24,380 30,232

Realized Nickel Prices (US$/lb) 12.16 16.32 15.69 12.16
Realized Copper Prices (US$/lb) 2.94 2.81 3.27 3.18
Realized Exchange Rate (C$/US$) 0.98 1.14 1.07 1.13

Mining Services
---------------
Total Revenue (C$000) 54,292 54,292
Cash Operating Costs (C$000) 49,764 49,764
Cash Operating Margin (C$000) 4,528 4,528
Net Earnings (C$000) 1,239 1,239
Cashflow from Operating
Activities(C$000) 11,285 54,292
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Certain of the above items are considered to be non-GAAP performance measures (see below).

Cash and cash equivalents at year end were $35.2 million and working capital was $70.2 million. Total assets reached $1.0 billion for the first time. The Company currently has no debt, but intends to put a line of credit in place in 2008 for working capital purposes.

Operations

A record 926,881 tons of ore were shipped in 2007, including 239,066 tons in the fourth quarter. An additional 32,960 tons were brought to surface in the fourth quarter but not shipped due to scheduling limitations. They will be shipped and recorded in the first quarter of 2008. This compares to 624,525 tons and 157,741 tons in the comparable periods of 2006. The McCreedy West mine shipped 127,867 tons of nickel ore and 56,906 tons of copper ore during the fourth quarter, and 416,688 tons of nickel ore and 295,664 tons of copper ore for the full year for a total of 712,352 tons shipped in 2007. The Levack mine began commercial production January 1, 2007 and shipped a total of 214,529 tons of nickel ore in the full year and 54,293 tons of nickel ore in the last quarter of 2007. In the fourth quarter of 2007, 182,160 tons of nickel ore were sold generating 3.29 million lbs of payable nickel and 56,906 tons of copper ore were shipped yielding 1.99 million lbs of payable copper and 5,063 ounces of precious metals. For the full year, 631,217 tons of nickel ore and 295,664 tons of copper ore were sold generating 12.21 million lbs of payable nickel, 9.61 million lbs of payable copper and 24,380 ounces of precious metals.

During the quarter and full year, the average revenue per ton of ore was $215 and $289, respectively, while the average cash cost per ton remained low at $106 and $108 providing a strong average cash margin of $109 and $181 per ton of ore, respectively. The cost to produce a pound of nickel net of by-product credits for the quarter was US$4.13 and for the year, US$3.11.

The Company plans to spend $237.4 million on capital projects and advanced exploration in 2008, including $59.8 million on advanced exploration at the Levack Footwall deposit ("LFD") and $20.7 million on general exploration. The balance of the capital budget provides $26.8 million for new development and equipment at McCreedy West, $58.4 million for development, equipment and surface and underground infrastructure at Levack, $64.0 million to support production start up at Podolsky and $6.9 million for MSB.
Development

In August 2007, the Podolsky 2450 Level crosscut intersected massive sulphides as it entered the 2000 deposit. The 2450 Level crosscut exposed 82 ft of massive sulphide and detailed definition drilling delineated a NI 43-101 resource of 102,000 tons grading 22.7% Cu, 1.4% Ni and 12.8 g/t total precious metals ("TPM") within a larger resource of 401,000 tons grading 7.1% Cu, 0.7% Ni and 5.3 g/t TPM. NI 43-101 reserves for the massive sulphides totaled 92,000 tons averaging 18.5% Cu, 1.2% Ni and 10.6 g/t TPM within a larger resource of 324,000 tons. Since that initial detailed drilling, subsequent holes have traced the massive sulphide body up-dip for at least 150 ft. Additional drill holes located outside of this mineralized envelope encountered more massive sulphide intersections, such as hole FNX4277 averaging 8.2% Cu, 0.6% Ni and 7.9 g/t TPM over 153.7 ft, including 26.3 ft of 22.5% Cu, 0.2% Ni and 22.6 g/t TPM. There are indications that the massive sulphide body extends further up-dip, but this will need to be confirmed by further drilling.

The first pre-production ore was hoisted from the Podolsky mine in 2007. By year end, 18,129 tons of preproduction ore averaging 8.5% Cu, 0.5% Ni with significant TPM values was shipped to the third party mill. Commercial production is expected to be declared at Podolsky mine early in 2008. During the third quarter of 2007, a decision was approved to drive a development ramp to the Podolsky North deposit.

In early 2008, the 4000 Level crosscut from Xstrata Nickel's Craig mine intersected the LFD and exposed several sharp-walled, massive sulphide veins. Definition drilling at approximately 50 ft centers from associated drill drifts intersected multiple massive sulphide veins, for example hole FNX7303 intersected 72.3 ft of 9.8% Cu, 1.2% Ni and 11.9 g/t TPM, including 16.7 ft grading 27.0% Cu, 2.8% Ni and 27.1 g/t TPM, and an additional 10.0 ft averaging 21.0% Cu, 3.6% Ni and 22.7g/t TPM.

Plans called for a bulk sample to be collected from the LFD and, to date, 15,207 tons of mineralized material has been hoisted to surface. The 2650 Level development ramp from the Levack mine had also advanced close to Rob's footwall deposit by year end and in early March 2008 exposed Rob's transitional mineralization. A hoist was installed in 2007 on the 2650 Level of the Levack mine to support the reconditioning of the No. 2 Shaft from the 2950 Level to the 3600 Level. Once this work is complete later in 2008, a development ramp will be driven from the 3600 Level deeper into the LFD. This, together with the 2650 Level and 4000 Level crosscuts, will provide access to the LFD at different elevations to support a future production decision. Drilling and advancement of development headings toward the LFD will be priorities in 2008.

Current production plans for 2008 call for a 56% increase in ore production to 1.45 million tons. McCreedy West mine is forecast to produce 732,000 tons of ore in 2008, while the Levack mine is scheduled for 426,000 tons and Podolsky mine for 293,000 tons. The 2008 payable metal production forecast is currently for 15.5 million lbs of nickel, 44.3 million lbs of copper and 58,900 ounces of precious metal. The payable metal terms for the ore produced at McCreedy West were agreed to in 2003. Currently, production from the Levack mine is being paid on the basis of provisional payable metal terms based on the existing McCreedy West terms. The Company has an agreement to ship pre-production ore from Podolsky and is in the process of establishing preliminary payable metal terms in order to commence receiving provisional payments for this ore. Podolsky's pre-production ore in 2007 and production forecasts for 2008 and 2009 are based on management's estimate of the payable metal terms. Management anticipates that final payable metal terms for both Levack and Podolsky will be determined in 2008 after metallurgical testing has been completed.

Mining Services Business

FNX acquired the MSB on October 15, 2007, for $53 million cash including a preliminary estimate of $19.9 million in working capital. Subsequent to October 15, 2007, a $6.13 million final working capital adjustment was determined. The acquisition expanded the FNX workforce from a total of 122 employees at the beginning of 2007 to 1,741 employees on December 31, 2007. Approximately 570 employees of MSB transferred to the Sudbury operation at December 31, 2007, while approximately 1,049 employees remained in the mine contracting business. From October 16, 2007, to the end of 2007, MSB generated $54.3 million in operating revenues and generated a cash flow from operating activities of $11.3 million. MSB provides a pool of contracting and operating expertise to support the Company's growth plans in Sudbury and this expertise can be used to obtain either an equity position or enter into a joint venture arrangement in a few select advanced mining projects using the successful FNX/Dynatec Sudbury Joint Venture model.

Investments

On December 31, 2007, FNX held 7,662,000 common shares and 3,154,000 common shares purchase warrants of International Nickel Ventures Corporation (TSX:INV), 6,861,000 common shares of Superior Diamonds Inc. (TSX VENTURE:SUP), 6,500,000 common shares of Fieldex Exploration Inc. (TSX:FLX), 13,300,000 common shares of Lake Shore Gold Corporation (TSX:LSG) and 1,066,000 common shares of Visible Gold Mines Inc. (TSX VENTURE:VGD) with an aggregate market value of $35.6 million at December 31, 2007 In the third quarter of 2007, the Company disposed of its 1.466 million shares of Sherritt International Corporation at $17.40 per share for net proceeds of $25.5 million. On February 12, 2008, FNX acquired 3,508,772 common shares of Strategic Resource Acquisition Corporation (TSX:SRZ) ("SRA") at $2.85 per share in a private transaction. This represents approximately 10.7% of the issued and outstanding shares of SRA at that time.

Exploration

During 2007, $22.9 million was spent on general exploration by FNX, excluding advanced exploration and production support activities. A total of 190,654 ft was drilled in 2007 in 111 surface holes and another 186,272 ft were completed in 209 underground holes for a total of 320 holes and 376,926 ft.

At the end of May 2007, after an extensive review of FNX and historical data, the Company announced that new NI 43-101 compliant resources had quadrupled to 42.72 million tons of measured and indicated and 35.08 million tons of inferred. Reserves also expanded to 3.50 million tons, exclusively in the McCreedy West and Levack mines. With the addition of new reserves at the Podolsky 2000 deposit massive sulphide orebody, current reserves (December 31, 2007) have increased to 3.62 million tons of proven and probable. FNX has replaced its mined reserves every year since 2003 and successfully replaced all reserves mined in 2007.

A 20,000 ft surface drill program on the Nickel Ramp deposit was initiated in the fourth quarter of 2007 to add to the historic database. This program was completed early in 2008 and the results are being evaluated using different cutoff grade scenarios. Work will continue during 2008 to expand and evaluate the large Nickel Ramp resource.

The approved $20.7 million 2008 exploration budget will focus on expanding the McCreedy West Inter Main deposits eastward toward the Levack mine, continue drilling the Main Depths discovery at the Levack mine and searching for new footwall deposits east of the Levack mine and on the boundary area between McCreedy West/Levack properties. More underground and surface drilling is planned at Podolsky for the Nickel Ramp deposit. Additional surface drilling is also planned for Aurora's Foy and Falconbridge properties in 2008.

Non-GAAP Performance Measures

This press release contains certain non-GAAP measures like cash operating margin, EBITDA, etc. Please see the Company's MD&A on SEDAR for discussion of non-GAAP performance measures.

Forward-Looking Statement

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express management's expectations or estimates of future performance constitute "forward-looking statements." Such forward-looking statements include, without limitation, (i) estimates of future capital expenditures; (ii) estimates regarding timing of future development and production; and (iii) estimates of future costs towards profitable commercial operations. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities, and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as may be required under applicable securities law. For a more detailed discussion of such risks and other factors, see the Company's latest filings with Canadian securities regulators.

CONFERENCE CALL

FNX will be hosting a Fourth Quarter and Full Year 2007 Conference Call on March 27, 2008 at 10:00am EST.



CONFERENCE CALL numbers are:

Live in North America:
Toll-Free Access: 1-866-463-5401 or 212-457-9857
International Access: 1800062090 (Australia) and 08082386001 (UK)
Access Code: 858746#

Replay Access information:
Toll-Free Access: 1-866-439-4729
Passcode: 355756#
Available until April 26, 2008 at Midnight


Slides for the conference call may be accessed on the Company's website www.fnxmining.com.

Note: The unaudited balance sheet, statement of operations and statement of cash flow are appended to this news release.



Consolidated Balance Sheets
As at December 31
(in thousands of Canadian dollars) (Unaudited) 2007 2006
---------------------------------------------------------------------------
---------------------------------------------------------------------------
$ $
Assets
Current
Cash and cash equivalents 35,160 115,117
Accounts receivable 103,257 52,082
In-process inventory 4,060 960
Prepaid and other assets 1,142 259
----------------------------------------------------------------------------

143,619 168,418

Investments 35,603 30,380

Property, plant and equipment 815,376 625,683

Intangible assets 6,605 -

Reclamation and other deposits 6,485 6,099
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1,007,688 830,580
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Liabilities
Current
Accounts payable and accrued liabilities 72,405 29,580
Deferred revenue 975 -
Current portion of deferred payment obligation - 7,244
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73,380 36,824
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Mine closure and site restoration 5,087 2,631
Future income and resource taxes 178,180 165,136
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183,267 167,767
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256,647 204,591
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Shareholders' equity
Share capital 567,700 560,266
Contributed surplus - stock-based compensation 9,816 7,710
Retained earnings (deficit) 167,960 58,013
Accumulated other comprehensive income 5,565 -
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751,041 625,989
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1,007,688 830,580
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Consolidated Statements of Operations
(in thousands of Canadian dollars
except earnings per share) Three months ended Year ended
December 31 December 31
(Unaudited) 2007 2006 2007 2006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $ $
Operating revenues 105,616 50,202 322,043 169,945
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Operating expenses
Expenses, excluding depreciation
and amortization 75,207 17,131 150,081 65,569
Depreciation and amortization 10,387 3,556 28,297 12,921
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85,594 20,687 178,378 78,490
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20,022 29,515 143,665 91,455
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Expenses
Administration 2,826 1,994 9,254 9,119
Capital taxes 403 300 1,719 1,673
Depreciation 144 78 489 182
Stock-based compensation 1,072 804 3,427 2,525
Other expenses (income) 2,380 (3,566) (3,447) (7,042)
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6,825 (390) 11,442 6,457
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Earnings before taxes 13,197 29,905 132,223 84,998
Income and resource taxes
(recovery) (19,083) 10,238 22,276 16,318
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Net earnings for the period 32,280 19,667 109,947 68,680
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Basic earnings per share 0.38 0.23 1.31 0.82
Diluted earnings per share 0.38 0.23 1.30 0.81
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Consolidated Statements of Retained
Earnings
(Deficit) Three months ended Year ended
(in thousands of Canadian dollars) December 31 December 31
(Unaudited) 2007 2006 2007 2006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $ $
Retained earnings (deficit) -
beginning of period 135,680 38,346 58,013 (10,667)
Net earnings for the period 32,280 19,667 109,947 68,680
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Retained earnings - end of period 167,960 58,013 167,960 58,013
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Consolidated Segmented Statement of
Operations
For the Year Ended December 31,
2007
(in thousands of Canadian dollars) Mining Mining
(Unaudited) Operations Services Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $
Operating revenues 267,751 54,292 322,043
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Operating expenses
Expenses, excluding depreciation
and amortization 100,317 49,764 150,081
Depreciation and amortization 26,332 1,965 28,297
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126,649 51,729 178,378
----------------------------------------------------------------------------
141,102 2,563 143,665
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Expenses
Administration 9,254 - 9,254
Capital taxes 1,719 - 1,719
Depreciation 489 - 489
Stock-based compensation 3,020 407 3,427
Other expenses (income) (3,375) (72) (3,447)
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Earnings before taxes 129,995 2,228 132,223
Income and resource taxes 21,287 989 22,276
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Net earnings for the year 108,708 1,239 109,947
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Consolidated Statements of
Comprehensive Income
For the Years Ended December 31
(in thousands of Canadian dollars)
(Unaudited) 2007 2006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $
Net earnings for the year 109,947 -

Other comprehensive income, net of tax
Unrealized gains on available for
sale investments (note 3) 1,391 -
Cumulative translation adjustment 371 -
----------------------------------------------------------------------------
Comprehensive income 111,709 -
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Consolidated Statements of Cash
Flow Three months ended Year ended
(in thousands of Canadian dollars) December 31 December 31
(Unaudited) 2007 2006 2007 2006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $ $

Operating activities
Net earnings for the period 32,280 19,667 109,947 68,680
Non-cash items
Depreciation and amortization 10,531 3,591 28,786 13,103
Stock-based compensation 1,072 804 3,427 2,525
Future income and resource taxes (13,961) 9,266 9,861 12,602
Interest on deferred payment
obligation 68 131 256 514
Gain on disposal of shares - - (15,480) -
Loss/(gain) on sale of property 2,179 - (175) -
Write down of mineral exploration
property - - 1,077 -
Increase in value of investments
held for trading 406 - 260 -
Other 348 43 42 99
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32,923 33,502 138,001 97,523
Net change in non-cash working
capital 17,954 (1,313) 29,241 (15,708)
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50,877 32,189 167,242 81,815
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Financing activities
Common shares issued 5,678 107 9,727 915
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Investing activities
Investments - - (2,821) (996)
Property, plant and equipment (60,348) (40,547) (210,037) (109,108)
Reclamation term deposits (2,786) (1,996) (2,786) (2,469)
Proceeds from disposal of
investments - - 25,512 -
Investment in mining services
business (58,782) - (58,782) -
Mining services business
acquisition costs (360) - (694) -
Deferred payment obligation (7,500) (7,500) (7,500) (7,500)
----------------------------------------------------------------------------
(129,776) (50,043) (257,108) (120,073)
----------------------------------------------------------------------------
Effect of exchange rate changes on
cash 182 - 182 -
----------------------------------------------------------------------------
Change in cash and cash equivalents
for the period (73,039) (17,747) (79,957) (37,343)
Cash and cash equivalents -
beginning of period 108,199 132,864 115,117 152,460
----------------------------------------------------------------------------
Cash and cash equivalents - end of
period 35,160 115,117 35,160 115,117
----------------------------------------------------------------------------
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Consolidated Segmented Statement of Cash Flow
For the Years Ended December 31, 2007
(in thousands of Canadian dollars) Mining Mining
(Unaudited) Operations Services Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ $ $

Operating activities
Net earnings for the year 108,708 1,239 109,947
Non-cash items
Depreciation and amortization 26,821 1,965 28,786
Stock-based compensation 3,020 407 3,427
Future income and resource taxes 9,861 - 9,861
Interest on deferred payment
obligation 256 - 256
Gain on disposal of shares (15,480) - (15,480)
Loss/(gain) on sale of property (175) - (175)
Write down of mineral exploration
property 1,077 - 1,077
Increase in value of investments
held for trading 260 - 260
Other 6 36 42
----------------------------------------------------------------------------
134,354 3,647 138,001
Net change in non-cash working
capital 21,603 7,638 29,241
----------------------------------------------------------------------------
155,957 11,285 167,242
----------------------------------------------------------------------------

Financing activities
Common shares issued 9,727 - 9,727
----------------------------------------------------------------------------

Investing activities
Investments (2,821) - (2,821)
Property, plant and equipment (209,135) (902) (210,037)
Reclamation term deposits (2,786) - (2,786)
Proceeds from disposal of
investments 25,512 - 25,512
Investment in mining services
business (59,130) 348 (58,782)
Mining services business
acquisition costs (694) - (694)
Deferred payment obligation (7,500) - (7,500)
----------------------------------------------------------------------------
(256,554) (554) (256,108)
----------------------------------------------------------------------------

Effect of exchange rate changes on cash - 182 182
----------------------------------------------------------------------------
Change in cash and cash equivalents
for the year (90,870) 10,913 (79,957)
Cash and cash equivalents -
beginning of year 115,117 - 115,117
----------------------------------------------------------------------------
Cash and cash equivalents - end of year 24,247 10,913 35,160
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Contact Information

  • FNX Mining Company Inc.
    John W. Lill
    President and Chief Executive Officer
    (416) 628-5929
    or
    FNX Mining Company Inc.
    Ronald P. Gagel
    Senior Vice President and Chief Financial Officer
    (416) 628-5929
    or
    FNX Mining Company Inc.
    David Constable
    Vice President Investors Relations and Corporate Secretary
    (416) 628-5929
    Email: info@fnxmining.com
    Website: www.fnxmining.com