UPDATE 2-Capstone Mining Q3 adj profit meets estimates

Thu Nov 12, 2009 5:35pm GMT
 
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* Q3 adj EPS $0.09 in line with est

* Q3 cash flow up more than 300 pct, metal prices help

* Sees 2009 production at lower end of prior view

* Shares down 5 pct (Adds details, analysts' comments, updates stock movement)

By Amit Kumar and Koustav Samanta

BANGALORE, Nov 12 (Reuters) - Capstone Mining Corp (CS.TO) posted a quarterly adjusted profit in line with market estimates, but forecast full-year copper production at the lower end of its earlier outlook due to production delays at its mines, sending its shares down 5 percent.

The company forecast 2009 production of about 95 million pounds of copper, which is at the lower end of its prior view of 95 million to 105 million pounds.

Scotia Capital analyst Alex Terentiew said the seasonal shipping constraints at Capstone's flagship Minto Mine in Yukon might affect the cash flow of the company in the fourth quarter.

The company cut its 2009 production outlook for Minto mine to about 55 million pounds from its prior forecast of 60 million to 65 million pounds.   Continued...

 

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