Taseko Mines Q1 profit falls on lower output

Taseko Minstone crusher manufacturer in chinaes Ltd's quarterly profit plummeted 92 percent hurt mainly by a drop in production at the Canadian company's Gibraltar copper mine. Net income fell to C$5.8 million, or 3 Canadian cents per share, from C$77.1 million, or 42 Canadian cents per share, a year ago.

Revenue fell 22 percent to C$58.8 million. Production at its Gibraltar mine dropped 17 percent, hurt by harsh winter weather and a four-day maintenance shutdown. First-quarter copper production from Gibraltar was 19.2 million pounds compared with 23.2 million pounds a year earlier. The Vancouver-based miner said it plans to build a new molybdenum recovery facility at the mine to raise annual molybdenum production to over 2 million pounds, the capital cost for which is expected to be C$325 million. It also said molybdenum production during the first quarter was 316,500 pounds...