Emerald Resources shares lower as Okvau output misses guidance
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The news: Emerald Resources shares fell in early trade after the gold miner said quarterly production from its Okvau mine in Cambodia will miss guidance.
The numbers: Emerald shares were down 4% to $4 at 11am AEDT, having advanced around 35% over the last 12 months.
Okvau production for the March quarter is expected to be around 20,000 ounces of gold, short of its guidance range of 25,000 and 30,000 ounces.
The context: Emerald said the lower output was due to earthworks and waste movements limiting access for earth moving equipment, and restricting access to ore later in the quarter.
The miner said that the next three quarters of production will be at the upper end of guidance, related to those cut back activities.
What they said: "Although the earthworks and waste movements related to the cut back activities hampered production during the current quarter, the cut back is designed to allow for the extended life of the open-cut operations and to facilitate early access to an underground portal," the company said.
The source: ASX
