29Metals’ shares take a hit on higher copper | Australian Markets

A share price sizzling streak for the proprietor of WA’s solely main copper mine has misplaced steam after its quarterly replace upset.

29Metals produced 5600 tonnes of copper from its Golden Grove mine during the June quarter, up from 4100t on the Mid West operation during the three months prior.

But all-in sustaining prices to provide a pound of copper have been $5.15, effectively above analysts consensus of $3.72.

The zinc by-product at Golden Grove additionally failed to satisfy expectations. Zinc output of 12,300t was 4,200t beneath consensus.

Shares in 29Metals misplaced more than 12 per cent in early Thursday trade earlier than recovering barely to trade down 10 per cent at 31¢ by 10.15am.

Its stock remains to be up more than 150 per cent for the reason that begin of May.

The share price run started shortly after 29Metals struck a $54 million payout settlement with its insurers associated to extreme rainfall crippling its Capricorn copper operation in Queensland two years in the past.

The company had already locked in a $61m fee from insurers.

29Metals has additionally been a beneficiary of Donald Trump’s vow final week to impose a 50 per cent tariff on copper from subsequent month.