Reuters reported that Mercator Minerals Limited revised its Q3 results for the second time this month posting a loss of USD 75.9 million instead of a profit of USD 10.7 million.

The Vancouver based copper, molybdenum and silver miner also revised upward its Q2 earnings to USD 23.4 million from USD 2.9 million. The revisions have to do with the accounting effects of a copper hedging program instituted as part of a debt refinancing.

Mercator said that production levels, revenue and costs were not affected by the revisions. Earlier this month, the company lowered its Q3 profit after an accounting error overstated revenue from two shiploads of copper concentrate.

Mr Peter Campbell analyst of Haywood Securities said that "The investors might be right to have lost a little confidence in the CFO Mr Raymond Lee. But, operationally we still know what the pounds coming out of the plant are, so I don't think investors should be terribly worried at this point."

Mr Campbell said that he expected to see an increase in production of molybdenum and copper in the Q4.

(Sourced from Reuters)