October 4, 2011 / 11:54 AM / in 7 years

UPDATE 2-Mercator Minerals Q3 copper output misses own view

* Q3 copper output 10.5 mln pounds vs forecast of 12 mln pounds

* Aims to sustain production levels of 50,000 tpd in Q4

* Shares down 12 pct (Adds details, updates shares)

Oct 4 (Reuters) - Canada’s Mercator Minerals said quarterly copper production from its Mineral Park mine in Arizona came in below its expectations, sending the company’s shares down 12 percent to a two-year low.

Shares of the mining company were trading down 10 percent at C$1.21 on Tuesday morning on the Toronto Stock Exchange. Earlier in the session, they had touched a low of C$1.19.

Vancouver-based Mercator said July-September copper production totaled 10.5 million pounds, below its forecast of 12 million pounds.

Mercator, which completed a second phase of expansion at the mine, said it aims to sustain production levels of at least 50,000 tonnes a day for the fourth quarter.

The company said the mine produced 2 million pounds of molybdenum and 178,000 ounces of silver in the third quarter.

Mill throughput rose 32 percent in the quarter, to 36,151 tonnes per day, the company said in a statement.

Reporting by Amruta Sabnis in Bangalore, Editing by Ian Geoghegan and Sriraj Kalluvila

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