Pantoro Gold shares tumble on Cyclone Mitchell production slump
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Pantoro Gold tumbled in afternoon trade after the company reported a lower third-quarter gold production of 17,757 ounces compared to 22,071 ounces in the previous quarter.
The numbers: Shares had fallen 9.45% to $3.45 at 2:06pm AEST.
The all-in sustaining cost (AISC) for the quarter rose to $3,204 per ounce from $2,573 the prior quarter. The company has generated earnings before interest and tax of $88.4 million.
Pantoro reported $250.3 million in cash and gold as of 31 March and remains debt free.
The context: Pantoro attributed the lower March quarter production to flooding at its Norseman operations in Western Australia following Cyclone Mitchell, which had caused multiple charter flight disruptions. Personnel shortages at the OK Underground Mine have also impacted output.
The company said it remains on track to meet its full-year production guidance of 86,000 to 92,000 ounces.
