Jan 16 (Reuters) - Canada’s Mercator Minerals Ltd reported 2011 production from the Mineral Park mine in Arizona above its expectations and said it sees higher production this year from the mine as it ramps up operations there.
The Vancouver-based mining company expects to produce 90 to 100 million copper equivalent pounds in 2012.
The company’s shares were up 5 percent at C$1.89 in morning trading on the Toronto Stock Exchange.
In 2011, the company produced 80.3 million pounds copper equivalent and 7 million pounds of molybdenum in concentrates. This compares with its forecast of 45 million pounds of copper and 6 million pounds of molybdenum.
The fourth-quarter copper production was 11.3 million pounds in concentrates, compared with 6.2 million pounds a year ago.
Copper production in the quarter was lower than expected as mill throughput was impacted by the processing of harder ore from the Turquoise pit at Mineral Park, the company said in a statement. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)