Australia's 29Metals eyes worst day ever on suspension of Queensland operations

29Metals

26/03/2024 24:01

** Shares of 29Metals  29M.AX  fall as much as 36.1% to
A$0.245, set for their worst day ever if losses hold
    ** Stock hits lowest level since March 6
    ** Co suspends operations at Capricorn Copper in Queensland,
Australia due to accumulation of water in regulated structures
on site following the extended period of rainfall from late
January to mid-March
    ** With current water levels, restart of the Esperanza South
underground mine has been delayed - 29M
    ** Co says ramp down in mining and milling activity over the
next six weeks will result in significant reduction in headcount
and activity at site 
    ** Stock is the top loser on the ASX All Ordinaries Index
 .AORD 
    ** About 8.3 mln shares change hands, compared with the
30-day average volume of 6.9 mln
    ** Stock has fallen 16.3% YTD, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))