Cobalt miner Jervois drops most in 9 years on suspending construction at Idaho project

Jervois Global

29/03/2023 02:01

** Shares of ASX-listed Jervois Global  JRV.AX  tank as much
as 33% to A$0.077, their biggest intraday pct decline since June
6, 2013 
    ** The cobalt miner says it has suspended final construction
at its Idaho Cobalt Operations (ICO) due to continuing low
cobalt prices
    ** Expects to complete construction of and commission ICO
when cobalt prices recover
    ** Current U.S. inflationary construction and cost
environment, particularly at ICO's remote location, proven
challenging for JRV to manage effectively - co
    ** JRV has spent $130 mln on construction at ICO
    ** Stock hits its lowest level since July 20, 2017
    ** More than 33.5 mln shares change hands, vs the 30-day
average volume of ~7.9 mln shares
    ** Stock down 58.2% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))