Australia's 29Metals falls on production suspension at WA mine

29Metals

09/03/2023 24:41

** Shares of copper miner 29Metals Ltd  29M.AX  fall as much
as 16.7% to A$1.285, their lowest level since July 19, 2022
    ** Co says that all production and non-essential activity
has been suspended at Capricorn Copper mine in Western Australia
    ** Miner says production suspended following heavy rainfall
on the evening of March 7 which is expected to result in an
extended loss of access to the site by road
    ** Co says suspension may continue for a period of three to
four weeks and will impact production results for the current
quarter 
    ** Stock set for worst day since Dec. 22, if losses continue
    ** Stock is down ~19% this year as of last close
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))