Found this article on yahoo finance tonight, hopefully we will see a bounce tomorrow as the rain has had no effect on production.
Reuters Finance News, Australia
Kagara says to beat copper, zinc output forecast
Wednesday January 9, 2008, 4:43 pm
SYDNEY, Jan 9 (Reuters) - Australia's Kagara Zinc Ltd (ASX: KZL.ax) said it expects to beat its own copper and zinc production target this year, after its shares fell sharply on Wednesday on concerns over the effect of heavy rains on mining.
Heavy seasonal rains at the company's mines in northeastern Queensland state had so far had no effect on production, the company said in a statement.
Substantial stockpiles of ore had been piled up at treatment plants prior to the start of the annual November-to-April wet season, it added.
Kagara closed 5.7 percent down at A$5.64.
Copper output for the December quarter was a record 6,955 tonnes and full-year production of copper and zinc was expected to exceed forecast levels of 30,000 tonnes and 40,000 tonnes, respectively, it said.
Korea Zinc Co. Ltd. 010130.KS buys all of Kagara's zinc. The copper goes to India's Sterlite Industries (India) Ltd. STRL.BO ($1=A$1.14) (Reporting by James Regan)
