TORONTO (miningweekly.com) – Canadian base-metals miners Quadra Mining and FNX Mining have completed their friendly merger, after receiving shareholder and court approval this week.

The combined company will be named Quadra FNX Mining and will trade under the symbol QUX from around May 26, at which time FNX Mining will be delisted from the TSX.

"The new Quadra FNX creates an excellent platform for growth and positions us to be a leading consolidator in the midcap copper space," said Paul Blythe, who was previously CEO of Quadra and will hold the same post in the new company.

"We now possess the market capitalisation, financial strength and cash generating capacity to allow us to pursue further growth through transactions and through internal growth via our pipeline of significant and high potential projects."

The new company has underground mines and projects in Sudbury, Ontario – courtesy of FNX – as well as openpit copper operations in Chile and the US.

Quadra FNX has a market capitalisation of C$2,2 billion, a treasury of approximately $600-million, and low debt.

The combined company is expected to produce about 300-million pounds of copper and 150 000 ounces of platinum-group metals in 2010 from its five producing mines.

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