Australia's Core Lithium rebounds after falling 30% in two sessions

Core Lithium

09/01/2024 03:50

** Shares of Australia's Core Lithium  CXO.AX  jump as much
as 7.9% to A$0.205, tracking a broader market recovery
    ** Stock rebounds on Tuesday, having lost almost 30% in
value in last two sessions; set for its strongest gain since Jan
2 
    ** The lithium miner had 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 
    ** Citi cuts target price on CXO to A$0.13 from A$0.22;
maintains "sell" rating 
    ** We assume no further mining in FY24 which trims
concentrate sales by 3/11% in FY24/25 - Citi 
    ** YTD, stock down 24% so far this year

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