Jefferies trims PT for Australia's 29Metals after suspension of Queensland operations

29Metals

26/03/2024 18:55

** Analysts at Jefferies trim price target for
copper-focused miner 29Metals  29M.AX  to A$0.40 from A$0.50;
reiterates "hold" rating
    ** Co suspended operations at Capricorn Copper in
Queensland, Australia on Tuesday
    ** Brokerage forecasts restart costs of A$151 mln ($98.63
mln) to A$191 mln for the suspended operations
    ** One of nine analysts rate the stock "buy", seven "hold"
and one "sell"; their median PT is A$0.45 – LSEG data
    ** Stock has fallen ~38% YTD, as of last close


($1 = 1.5309 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))