Australia's Core Lithium emerges top loser on strategic review of ops

Core Lithium

22/12/2023 24:11

** Shares of Core Lithium  CXO.AX  slump as much as 21.2% to
to A$0.260, set to see their worst day since Aug 17 - if losses
hold 
    ** Stock emerges top loser on benchmark 
    ** The diversified miner says early works at its BP33
underground mine near its Finniss operation in Northern
Territory, has been suspended due to difficulties associated 
    ** Says pricing of spodumene concentrate have declined 80%
on a year-to-date basis, including more than 40% since Oct-end,
resulting in company to investigate a range of options to lower
costs and increase productivity
    ** Says amount of potential cost savings is unknown, even as
cost reductions and productivity improvements targeted by co are
expected reduce expenditures and operating costs 
    ** Shares hit lowest since Dec 14 
    ** Stock has fallen ~67.8% this year as of last close

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))