Australia's Suvo Strategic Minerals set for worst week in 9 months on forecast cut

Green360 Technologies

14/06/2024 04:58

** Shares of Suvo Strategic Minerals  SUV.AX  fall as much
as 7.6% to A$0.049, their lowest since April 23
    ** Stock down 10.5% so far this week, set for biggest weekly
drop since September 2023
    ** Hydrous kaolin producer extends losses after forecasting
EBITDA loss of A$1.5 mln ($994,200) from its Pittong operation
in Victoria on Thursday, compared with EBITDA of A$4.8 mln
forecast earlier
    ** Co cut FY24 revenue forecast for Pittong to A$12.2 mln
from A$22 mln and kaolin production guidance to 20,600 tonnes
from 35,000 tonnes
    ** Stock up 89.3% YTD, based on last close

($1 = 1.5088 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))