UPDATE 1-First Quantum posts Q3 loss on Frontier ops shutdown

* Q3 adj EPS $1.62 vs est $2.10

* Q3 rev up 10 pct to $602.6 mln

* Sees 2011 gold production of 210,000 ounces

* Sees 2011 copper production of 305,000 tonnes

Nov 9 (Reuters) - Canada's First Quantum Minerals (FM.TO) posted a third-quarter loss, hurt mainly by the shut-down of its Frontier copper operation in the Congo and increased mining costs.

The company expects to produce 322,000 tonnes of copper and 195,000 ounces of gold in 2010, while 2011 production is forecast to be 305,000 tonnes of copper and 210,000 ounces of gold.

Net loss in the July-September quarter was $136.7 million, or $1.70 a share, compared with a year-ago profit of $123.8 million, or $1.59 a share.

The miner said earnings excluding one-time items were $129.7 million, or $ 1.62 a share.

Net sales rose 10 percent to $602.6 million.

Analysts on an average were expecting the company to earn $2.10 per share on revenue of $569.5 million, according to Thomson Reuters I/B/E/S.

First Quantum said it incurred a $249.8 million impairment charge, net of tax, related to the closing of its Frontier copper operation in the third quarter.

Last month, First Quantum said it planned to buy Antares Minerals ANM.V, owner of a major undeveloped copper deposit in Peru, moving into Latin America at a time when license issues have halted its operations in the Democratic Republic of Congo. [ID:nLDE69H0B1]

Since then the company's shares have gained 15 percent. They closed at C$95.25 on Tuesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)