Cobalt miner Jervois extends losses to hit 6-year low as brokers downgrade stock

Jervois Global

30/03/2023 01:24

(Rewrites through, adds share moves)
    ** Shares of cobalt miner Jervois Global  JRV.AX  decline as
much as 20.9% to A$0.053, hitting their lowest since June 29,
2017 and extending losses for a third straight session
        ** JRV said on Wednesday it has suspended final
construction at its Idaho Cobalt Operations (ICO) due to
continuing low cobalt prices    
        ** Macquarie downgrades JRV stock to "neutral" from
"outperform"
        ** Canaccord Genuity downgrades JRV to "speculative buy"
from "buy" and cuts PT to A$0.35 from A$0.65, reflecting risk of
cobalt price recovery
    ** Downside risks have increased for JRV, and the company
has a leveraged balance sheet in a low cobalt price environment
- Macquarie
    ** Canaccord Genuity says JRV's cash position likely raises
questions on delaying restart of Sao Miguel Paulista refinery in
Brazil
    ** Stock tops losses on the ASX300 index  .AORD 
        ** More than 47.7 mln shares change hands, compared with
the 30-day average volume of 10.8 mln shares 
    ** Stock down 75.6% this year, as of last close

    

 (Reporting by Harish Sridharan and Rishav Chatterjee in
Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))