Australia's Gascoyne Resources drops as adverse weather impacts gold mine

Spartan Resources

31/08/2022 02:05

** Shares of Australia's Gascoyne Resources Ltd  GCY.AX  dip
as much as 8.1% to A$0.34, track worst session since July 12
    ** Gold miner says combination of adverse weather impacts
and periodic staff shortage have resulted in the Dalgaranga Gold
Mine, in Western Australia, plan falling behind schedule
 urn:newsml:reuters.com:*:nASX9sx9qj
    ** Says production for the Sept qtr is expected to be
1,000-2,000oz less than the 16,298 oz produced in the June qtr
    ** Also announces a non-cash impairment expense of between
A$40 million - A$50 million ($27.45 mln - $34.31 mln) (pre-tax)
for Dalgaranga project
    ** Shares hit lowest level since Aug 24  
    ** Stock has risen 29.8% this year as of last close
 


($1 = 1.4573 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))