Australia's Core Lithium tumbles to 4-month low on weak production view

Core Lithium

24/07/2023 02:05

** Shares of lithium miner Core Lithium  CXO.AX  fall as
much as 14.4% to A$0.745 - their lowest since March 23
    ** CXO last down 12.1%, set for its worst day since Nov. 15,
if losses hold
    ** Co says FY24 forecast for spodumene sales is 90,000 to
100,000 tonnes and for spodumene production is 80,000 to 90,000
tonnes
    ** Says this forecast is lower than feasibility study
estimates, mainly due to lower recoveries, mine plan adjustments
and mining rates
    ** Adds overall production in FY25 expected to be below FY24
due to currently anticipated 3-month gap in ore supply from
Finniss project mine, among others
    ** CXO top loser on benchmark stock index  .AXJO 
    ** As of last close, stock down 15.1% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))