June 10, 2011 / 3:39 PM / 7 years ago

Taseko Mines shares fall on Q1 disappointment

* Shares fall 7 pct

* Co faced production problems at Gibraltar mine

June 10 (Reuters) - Shares of Taseko Mines Ltd fell more than 7 percent on Friday, a day after the Canadian miner reported lower-than-expected first-quarter results.

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

“Their higher costs came back as a result of production disturbances, and higher costs resulted in a miss in earnings as well as cash flow,” Wellington West Capital Market analyst Steve Parsons told Reuters over phone.

Brokerage Credit Suisse cut its price target on the stock to C$5.25 from C$5.50 on Friday.

Shares of the Vancouver-based miner were down 6 percent at C$4.55 on the Toronto Stock Exchange. They had touched a low of C$4.49, earlier in the session. (Reporting by Mayuresh Tungare in Bangalore; Editing by Joyjeet Das)

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