Regis Resources shares slip after output hit
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More news: Shares in Regis Resources slipped nearly 2% to $1.86 in early trading on the ASX after the gold producer warned its March quarter production will be lower after heavy rainfall affected operations at its Duketon and Tropicana mines in Western Australia.
Regis expects production at Tropicana to be at the lower end of its full-year estimate but has maintained its guidance for the group.
Regis Resources flags lower output after heavy rain
The news: Gold producer Regis Resources has flagged lower production after heavy rainfall in March affected operations at its Duketon and Tropicana mines in Western Australia.
The numbers: The company expects March quarter production to be lower in the range of 90,000 to 95,000 ounces after heavy rains affected access to Duketon and resulted in suspension of operations in Tropicana. It had reported production of 220,632 ounces of gold in the first two quarters of the fiscal year.
The context: Regis now expects production at Tropicana, in which it has a 30% stake, to be at the lower end of its full-year guidance. However, continued strong performance at Duketon, 100% owned by Regis, means the company is likely to maintain its full-year production guidance. Regis said it is assessing the ongoing impact of the weather-related disruption.
The source: ASX announcement
