Bellevue Gold shares to remain suspended on possible guidance cuts
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The news: Bellevue Gold shares will remain voluntarily suspended from quotation, having entered a trading halt last week, after the gold miner said it is still not in a position to provide more detail on a potential reduction to its full-year production guidance.
The context: The miner had expected to make a further announcement on its production guidance before the start of trading today.
However, the company told investors this morning that it is unable to provide any update "without potentially creating a false or disorderly market in its securities."
"Any form of interim disclosure would be based on incomplete and uncertain information without reasonable grounds," Bellevue said in a statement.
"Accordingly, any interim disclosure could result in trading in the company's securities occurring while the market is not reasonably informed."
The gold miner flagged that gold production in the March quarter was lower than expected, with three stopes having "uncharacteristically underperformed" compared to the reserve. Rapid mining rates due to ramp up also led to some dilution of grade, it said.
Bellevue already reduced its full-year production guidance in January, following lower output and sales in the December quarter.
The source: ASX
