Australia's Elmore hits record low on weather interruptions at project

Elmore

16/03/2023 24:46

** Shares of Elmore Ltd  ELE.AX  fall as much as 14.3% to
hit an all-time low of A$0.012
    ** Mineral processing co says between late Dec 2022 and
early March 23 co's operations at Peko Iron Ore project in
Northern Territory was significantly impacted by weather events
    ** Stock posts biggest intraday fall since April 28, 2022
    ** Says weather event have resulted in delays in plant
ramp-up, significant lost production time and restricted site
access at the project
    ** Says weather events have led to the shipment dates of
Peko's high-grade magnetite being moved multiple times
    ** About 3.1 mln shares change hand compared to 30-day
average trading volume of 1.3 mln shares 
    ** Shares of co are down 17.7% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))