Australia's 29Metals falls most in 7 months on weak copper production from WA project

29Metals

23/10/2024 02:20

** Shares of 29Metals  29M.AX  fall as much as 22.1% to
A$0.440, their biggest intraday pct fall since late March
    ** Stock hits lowest level since Sept 27
    ** Copper miner produces 4.4 kilo tonnes of copper from its
Golden Grove project in Western Australia, missing Jefferies
estimate by 12% and consensus estimate by 11%
    ** Says lower copper production from project was due to
lower copper ore milled and a planned extended mill shutdown
    ** About 4.1 mln shares change hand compared to 30-day
average trading volume of 1.8 mln shares 
    ** Stock down 12.4% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com))