June 9, 2011 / 9:45 PM / in 7 years

UPDATE 1-Taseko Mines Q1 profit falls on lower output

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June 9 (Reuters) - Taseko Mines Ltd’s quarterly profit plummeted 92 percent hurt mainly by a drop in production at the Canadian company’s Gibraltar copper mine.

Net income fell to C$5.8 million, or 3 Canadian cents per share, from C$77.1 million, or 42 Canadian cents per share, a year ago.

Revenue fell 22 percent to C$58.8 million.

Production at its Gibraltar mine dropped 17 percent, hurt by harsh winter weather and a four-day maintenance shutdown.

First-quarter copper production from Gibraltar was 19.2 million pounds compared with 23.2 million pounds a year earlier.

The Vancouver-based miner said it plans to build a new molybdenum recovery facility at the mine to raise annual molybdenum production to over 2 million pounds, the capital cost for which is expected to be C$325 million.

It also said molybdenum production during the first quarter was 316,500 pounds.

Shares of the company closed at C$4.85 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)

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