Ann: Quarterly Activities Report, page-10

Dow Jones market Comment, following Macquarie price target downgrade:

0131 GMT - The ramp-up of Metals X's new Nifty copper mine isn't keeping up with expectations despite improving output. While F1Q production rose 22% sequentially, output was 19% below Macquarie's forecast amid lower tons and weaker grades. It adds that the company's year-end production-rate target now appears "more likely in mid-to-late 2019." The investment bank's stock target falls 6% cut to A$0.80, and shares are down 9.9% at A$0.455, hitting levels last seen at the start of 2015. They've sunk 56% this year, including 23% just this month. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires

October 14, 2018 21:31 ET (01:31 GMT)


This sort of thing gives brokers a good reason to sell and put their clients into other stocks with more immediate/compelling upside potential, incidentally generating brokerage income for them.