Australia's 29Metals hits 6-week low as extreme weather hits Capricorn operations

29Metals

25/07/2023 03:32

** Shares of 29Metals Ltd  29M.AX  slump as much as 7.9% to
A$0.7, their lowest since June 15
    ** Shares on track for worst intraday loss since June 21, if
trend holds
    ** 29Metals says Capricorn copper operations remained
suspended during quarter due to impact from extreme weather
event in early March
    ** Posts quarterly copper and zinc production for Golden
Grove of 4.2 kilotonnes VS March-qtr 3.2 kt
    ** Golden Grove Q2 production beats Ord Minnett estimates,
but brokerage says higher costs for the mine remain the focus
    ** Jefferies says Capricorn operations are "tracking to
expectations", hikes PT on 29M by 5% to A$0.80   
    ** Lumos shares up 60.4% YTD, as of last close 
   

 (Reporting by Poonam Behura)
 ((Poonam.Behura@thomsonreuters.com;))