July 29, 2011 / 12:57 PM / 6 years ago

UPDATE 2-Scorpio Mining Q2 profit misses Street view

* Q2 EPS C$0.02 vs est EPS C$0.03

* Q2 rev nearly triples to C$17.6 million (Adds market estimates, spot silver prices; updates share movement)

July 29 (Reuters) - Canada’s Scorpio Mining Corp reported a quarterly profit helped by higher production from its flagship mine in Mexico, but missed market estimates by a cent, sending its shares down 3 percent.

Vancouver-based Scorpio reported a net income of C$3.3 million, or 2 Canadian cents a share, compared with a loss of C$1.2 million, or 1 Canadian cent a share, a year ago.

Analysts on average were expecting the company to earn 3 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Scorpio, which primarily focuses on the development of its fully owned silver-zinc-copper-lead Nuestra Senora project, said recovered silver was up 95 percent at 365,692 ounces, while recovered copper rose 17 percent to 438,529 pounds at the mine.

Scorpio Mining’s wholly owned Mexican mining unit, Minera Cosala SA de CV, has 100 percent ownership of the project’s mineral rights.

Spot silver prices , which have fell 8 percent in April-June, rose marginally to $40.19 an ounce on Friday, but was off a more than two-month high of $41.42 they hit this week.

Shares of Scorpio Mining were trading down at C$1.75 on Friday morning on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Sriraj Kalluvila)

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