July 20, 2009 / 2:58 PM / 8 years ago

UPDATE 1-First Quantum shares jump on higher output

* Says Q2 copper production up 14 pct

* Shares rise 8.2 percent at C$67.68

TORONTO, July 20 (Reuters) - Shares of First Quantum Minerals (FM.TO) jumped 8.2 percent on Monday, after the company said its second-quarter copper production rose 14 percent from year-ago levels.

The shares were also buoyed by an increase in the price of copper, along with Credit Suisse’s increase of its target price and earnings estimates on the mining company, which has operations in Mauritania, Zambia, and the Democratic Republic of Congo.

First Quantum said second-quarter copper production rose to 92,600 tonnes, up from 81,000 tonnes a year ago. It also said stockpiles of copper concentrate at June 30 were about 36,500 tonnes, down from 37,700 tonnes as of March 31.

Credit Suisse increased it target price on First Quantum to C$60 from an earlier target price of C$47.

First Quantum shares were up C$5.08 at C$67.68 on Monday morning on the Toronto Stock Exchange. (Reporting by Euan Rocha; editing by Rob Wilson)

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