Companies · MiningReport
Tarnwick Resources cuts full-year output guidance after flooding at Ashcombe pit
The copper producer now expects 41,000 to 44,000 tonnes, down from 52,000, and says the lower levels of the pit will stay closed until at least November.
Correction, 15:10. An earlier version gave the pit's reopening as October. The company said November.
Tarnwick Resources cut its full-year copper output guidance on Thursday after water ingress at its Ashcombe pit, first disclosed on Monday, was not contained over the week.
In a statement released at 07:00, the company said levels 6 to 9 would stay closed until at least November and that it now expects 41,000 to 44,000 tonnes. Levels 1 to 5 continue to operate. Shares fell as much as 13% in early trading before recovering slightly.
The company will update the market at its interim results on 29 October. Analysts at two brokers said the revision was larger than they had modeled.

















