April 26, 2011 / 12:37 PM / in 6 years

UPDATE 1-Capstone Mining's Q1 copper production falls 24 pct

* Produced 16.7 mln pounds of copper in concentrates

* Reaffirms FY production view of 80-85 mln pounds of copper

April 26 (Reuters) - Canada’s Capstone Mining Corp’s said first-quarter production at its Cozamin and Minto mines fell 24 percent, hit by lower mining rates and ore grades, but backed its full year production forecast.

Capstone expects to produce 80-85 million pounds of copper in concentrates in 2011, as mining begins in the Avoca area in Mexico’s Cozamin and as ore crushing rates at Minto, in the Yukon territory, are scaled up.

The company said it produced 16.7 million pounds of copper in concentrates in the quarter, down from the 22 million pounds it produced a year ago.

The company estimated gold production at 2,925 ounces for the first quarter.

Shares of the Vancouver, British Columbia-based company closed at C$3.92 on Monday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Joyjeet Das)

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