Australia's 29Metals extends losses on weak production outlook

29Metals

25/05/2023 03:31

** Shares of 29Metals  29M.AX  extends losses dropping as
much as 14% to A$0.710 maintaining its record low 
    ** Analysts on Wednesday cut price targets on the copper
focused producer after its 2023 production outlook for Capricorn
copper mine failed to impress them 
    ** 29M on Tuesday said it expected to produce between 514
kilo tonnes and 584 kilo tonnes of ore mined at its Capricorn
copper mine, which was under recovery
    ** About 5.3 shares have changed hands, compared with the
30-day average of 2.9 mln shares 
    ** Stock has tumbled 56.8% so far this year, as of last
close 

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))