August 13, 2009 / 11:03 AM / in 8 years

UPDATE 1-Canada's Anvil Mining swings to Q2 loss

* Q2 loss/shr C$0.13 vs EPS C$0.12 year ago

* Reports negative Q2 cash flow

* Q2 sales C$7.7 mln vs C$59.8 mln year ago

Aug 13 (Reuters) - Canadian copper and silver producer Anvil Mining Ltd AVM.TO swung to a second-quarter loss, as revenue dropped 87 percent on lower production due to suspension of operations at some of its mines.

For the quarter ended June 30, the company reported net loss of C$11.3 million ($10.40 million), or 13 Canadian cents a share, compared with net income of C$8.5 million, or 12 Canadian cents a share, a year ago.

Net sales fell to C$7.7 million, from C$59.8 million a year ago.

Anvil Mining reported negative cash flow from operating activities of C$6.4 million, or 7 Canadian cents a share, compared with a positive cash flow of C$24.6 million, or 35 Canadian cents a share, a year ago.

The company said its results were affected by a number of factors, including suspension of mining and processing operations at the Dikulushi and Mutoshi mines, lower realized copper prices and one-off charges of C$6.1 million.

The Kinsevere HMS plant, which recommenced operations in late March, is on target to produce 8,900 tonnes of copper through to the third quarter of the year, the company said.

Shares of Anvil Mining closed at C$2.74 Wednesday on the Toronto Stock Exchange. ($1=1.087 CANADIAN DOLLAR) (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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