Australia's Base Resources tumbles on lower 2023 guidance
20/06/2022 04:53
** Shares of mineral sands company Base Resources BSE.AX
decline as much as 11.1% to A$0.24, biggest intraday pct fall
since March 11
** Forecasts FY23 production below its FY22 guidance to
account for uncertainties over the start of mining at a new
orebody in Kwale North Dune, Kenya, from March 2023 urn:newsml:reuters.com:*:nASXbW7yG1
** FY23 rutile production expected to be between 62,000 and
73,000 tonnes vs 73,000 and 83,000 tonnes forecast for FY22
** Sees ilmenite production of 260,000-310,000 tonnes for
FY23 vs 310,000-340,000 tonnes for FY22
** Says operating costs per tonne produced expected to be
higher due to lower production volumes
** Stock hits its lowest value since June 14
** Stock has fallen 19.4% this year, as of last close
(Reporting by Anan Ashraf)
((Anan.Ashraf@thomsonreuters.com))