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)