Australia's Core Lithium extends losses on flagging impairment charge

Core Lithium

08/01/2024 04:01

** Shares of Core Lithium  CXO.AX  slump as much as 19.6% to
A$0.185, their lowest since March 11, 2021
    ** Stock extends losses for a fourth consecutive session;
down about 30% in last two sessions 
    ** The lithium miner said on Friday it will likely record an
impairment charge related to its Finiss operations in Northern
Territory for the half year ended December 2023
    ** Co will temporarily suspend mining ops in the Grants Open
Pit, which will reduce cash cost of Finiss ops and generate
revenue from ore stockpiles
    ** CXO set for worst day since Dec 22, if current trend
holds 
    ** More than 50.5 mln shares change hands, twice the 30-day
average volume
     
    

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