Australia's Core Lithium tumbles on likely impairment charge

Core Lithium

05/01/2024 24:09

** Shares of Core Lithium  CXO.AX  slump as much as 10.6%,
hitting their lowest since Dec 6 and making them the top loser
on the benchmark stock index  
    ** Lithium miner says it is likely to record an impairment
charge related to its Finiss operations in Northern Territory
for the half year ended December 2023 
    ** Co says it will temporarily suspend mining ops in the
Grants Open Pit, which will reduce cash cost of Finiss ops and
generate revenue from ore stockpiles, and provide opportunities
to restart mining once market conditions improve 
    ** Adds the BP33 early works construction project will
continue to be placed under maintenance until decision is made
to recommence ops 
    ** Shares set for worst day since Dec 22 - if current trend
holds; poised to mark third straight weekly loss 
    ** Stock fell about 75.6% in 2023 

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