Capricorn Metals shares fall on production hit
Make us a preferred source
Make us a preferred source on Google
More news: Capricorn Metals shares dipped in early trading after the gold producer said that heavy rainfall in Western Australia impeded its production volumes for the March quarter.
Shares were down 2% to $5.11 at 11:50am AEDT.
Capricorn Metals flags lower output after more rain
The news: Gold producer Capricorn Metals has flagged lower production after heavy rainfall cut mining shifts in the March quarter at its Karlawindi gold project in Western Australia.
The numbers: The company expects March quarter production to be lower at 26,000 ounces after losing eight full days of mining due to heavy rainfall in January and then again in early March.
Capricorn, which reported first-half output of 60,099 ounces last month, now expects full-year production to be at the lower end of 115,000-125,000 ounces guidance.
The context: The company said the weather events had affected mining contractor MACA’s ability to deliver on the mining schedule for the quarter, and delayed access to higher grade ores in the open pit mine.
Capricorn also expects full-year all-in sustaining cost to be at the upper end of the $1,270 to $1,370 per ounce guidance, higher than the $1,324/ounce it achieved during the first half.
The source: ASX announcement
