Australia's Gold Road tumbles after lowering production guidance for mine

Gold Road Resources

22/06/2023 01:36

** Shares of Australia's Gold Road Resources  GOR.AX  fall
as much as 7.7% to A$1.610 - set to mark worst day since Sept
26, 2022, if current losses hold 
    ** Stock of gold-focused mine operator hits lowest level
since March 30, top loser on the ASX200 Index  .AXJO  
    ** Co sees 2023 annual gold production at Gruyere mine
between 320,000 and 350,000 ounces, down from previous
expectation of 340,000 to 370,000 ounces 
    ** Says lower gold production rate and revisions to total
mining movement will impact all-in sustaining cost per ounce
guidance for the year as well 
    ** Adds rains alongside below-expectation reliability and
utilisation of production drills and availability of blasting
resources for the quarter have impacted production 
    ** Stock had risen 3.3% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))