Gold Road Resources shares sink on lower Gruyere output
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The news: Gold Road Resources was the worst performing ASX 200 stock in early trading, after the gold miner warned of lower production from its Gruyere mine during the March quarter.
The numbers: Gold Road shares were down 4.5% to $2.52 at 10:50am AEDT.
The miner said that output from its 50% owned Gruyere mine in Western Australia is expected to be between 70,000 and 73,000 ounces of gold, down from 91,631 ounces in the December quarter.
The context: Gold Road Resources said that lower production at the Gruyere mine was due to the failure of two conveyor belts and unforeseen maintenance on its primary crusher.
The miner reiterated its full-year production and cost guidance.
The source: ASX
