August 12, 2010 / 3:37 PM / in 7 years

Aura Minerals shares fall on weak results, production outlook

Aug 12 (Reuters) - Shares of Aura Minerals Inc ORA.TO fell 10 percent on Thursday, a day after the Canadian gold miner reported a wider second-quarter loss and cut its full-year gold production outlook.

The results were hurt in part by rain at the company’s San Andres mine in Honduras and a rise in mining contract costs. [ID:nSGE67A0IZ]

Analyst Tom Meyer of Raymond James lowered his 2010 production outlook for the company’s San Andres, Sao Francisco and Sao Vicente mines to 156,468 ounces from 181,534 ounces.

“It appears that the ramp-up will take a few months longer than we had expected,” Meyer said in a note to clients.

Analyst Steven Butler of Canaccord Genuity cut his price target on the stock to C$5.40 from C$6.00, but maintained his “speculative buy” rating.

Shares of the company were down 19 Canadian cents at C$3.57 Thursday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal)

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