* Q3 loss $75.9 mln vs profit $10.7 mln
* Q2 earnings revised upward to $23.4 mln from $2.9 mln
* Company blames copper hedging program accounting
* Shares up 77 pct in past three months (Adds analyst comments; in U.S. dollars unless noted)
TORONTO, Nov 29 (Reuters) - Mercator Minerals Ltd ML.TO revised its third-quarter results for the second time this month, posting a loss of $75.9 million on Monday instead of a profit of $10.7 million.
The Vancouver-based copper, molybdenum and silver miner also revised upward its second-quarter earnings to $23.4 million from $2.9 million.
The revisions have to do with the accounting effects of a copper hedging program instituted as part of a debt refinancing, the company said on Monday.
Mercator said production levels, revenue and costs were not affected by the revisions.
Earlier this month, the company lowered its third-quarter profit after an accounting error overstated revenue from two shiploads of copper concentrate.
"The investors might be right to have lost a little confidence in the CFO (Raymond Lee)," said Haywood Securities analyst Peter Campbell. "But, operationally, we still know what the pounds coming out of the plant are, so I don't think investors should be terribly worried at this point."
Campbell added that he expected to see an increase in production of molybdenum and copper in the fourth quarter.
Shares of Mercator have risen 77 percent in the past three months, in part following news that production problems at the Mineral Park mine in Arizona have been resolved.
Mercator was down 2.67 percent at C$3.28 on Monday on the Toronto Stock Exchange. (Reporting by Julie Gordon; editing by Rob Wilson)