Australia's 29Metals set for worst day ever after lowering output estimates

29Metals

22/12/2022 04:49

** Shares of 29Metals Ltd  29M.AX  fall as much as 22.8% to
A$1.800; set for their worst day ever, if losses hold
    ** Shares fall to their lowest level since Oct 28
    ** Copper explorer on Wednesday downgraded its production
guidance  urn:newsml:reuters.com:*:nFWN33A2T5
        ** Co sees 2023 gold and silver production to be 10-15%
lower y-o-y, copper production to be approximately flat y-o-y
  
    ** Sees FY22 total capital and site costs to be in the top
half of the guidance range, while selling costs are expected to
be at the bottom of the range
    ** Citi trims its FY22 EBITDA estimates for co by 3% 
    ** Brokerage cuts price target for co to A$2.40 from A$2.50,
maintains "neutral" rating 
    ** Volumes are 8.3x the 30-day average of 984,391 shares
    ** Stock has fallen 24.1% this year, as of last close 
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))