GYM having a bad day - this news is not helping. ----------------------------------------------
Production difficulties at Gympie's Hunter mine 20-September-2002 Gympie Gold (GYM) yesterday announced that the company’s Southland Colliery is undergoing some production difficulties, with mining continuing but at a reduced coal extraction rate.
The company said that as a result of the difficulties, the September quarter production will be about two-thirds of the 280,000 tonne budget, with production and stock sufficient to meet customer demand.
The miner blamed the difficulties on localised ground conditions adversely impacting the operation but said that production should return to budget levels in the next quarter.
Gympie said that the estimated financial impact of the problems had been accounted for within the company’s budgeted contingency provisions, with various measures being examined to catch-up with budgeted production of about 1.5 million tonnes for the full 2002-03 year.
Gympie Gold is an Australian exploration, production and marketing company which mines and markets gold and gemstone from southeast Queensland and high-quality coking coal from the Hunter Valley in NSW.
GYM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
