November 15, 2010 / 2:00 PM / 7 years ago

UPDATE 1-Canada's Mercator Minerals posts Q3 profit

* Q3 EPS $0.05 vs year ago loss $0.01/shr

* Revenue jumps more than 2 fold

* Production of copper, molybdenum and silver rises

Nov 15 (Reuters) - Canadian miner Mercator Minerals Ltd ML.TO swung to a third-quarter profit helped by higher production of copper, molybdenum and silver.

Vancouver-based Mercator earned $10.7 million, or 5 cents a share. That compares with a net loss of $690,000, or 1 cent a share, last year.

On an adjusted basis, the company earned $14.8 million for the quarter.

Revenue from copper, molybdenum and silver sales jumped more than two fold to $56.8 million.

Production during July-September quarter totaled 9 million pounds of copper, up 18 percent from last year, 1.2 million pounds of molybdenum, up more than two fold from last year, and 135,136 ounces of silver, up nearly four fold from last year.

Shares of the company, which have gained 54 percent in value since it provided a production update on its Mineral Park Mine in Arizona in August, closed at C$3.25 on Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Gopakumar Warrier)

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