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Capstone Mining first quarter loss narrows

For the quarter ended March 31, Capstone posted a loss of $16.2 million, or 10 cents per share, compared with a loss of $65.8 million, or 88 cents per share, a year-ago.

Author: Reuters
Posted: Friday , 15 May 2009

Copper producer Capstone Mining Corp (CS.TO: Quote) reported a narrower first-quarter loss, helped by its acquisition of Sherwood Copper Corp.

For the quarter ended March 31, Capstone posted a loss of $16.2 million, or 10 cents per share, compared with a loss of $65.8 million, or 88 cents per share, a year-ago.

Excluding items, the company reported adjusted earnings of 19 cents a share.

Net revenue surged 91 percent to $54.5 million.

Analysts, on average, expected the company to earn 8 cents per share, before items, on revenue of $57.4 million, according to Reuters Estimates.

Capstone completed its acquisition of Sherwood in the fourth quarter of 2008.

The company produced 25.1 million pounds of payable copper in the quarter at an estimated total cash cost of $1.05 per pound.

For 2009, the company expects to produce 95 million to 105 million pounds of copper, ata total cash cost of $1.00 per pound.

Capstone shares, which have gained about 64 percent in the last three months, closed at C$2.14 Thursday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)