29Metals' Q2 Copper Output Below Estimates, Zinc Output Beats Estimates, Says Jefferies

MT Newswires Live

07/16

29Metals' (ASX:29M) second-quarter copper production of 4,800 tonnes was 29% below Jefferies estimates and 15% below market expectations, said Jefferies in a Thursday note.

Zinc production of 3,130 tonnes exceeded Jefferies forecasts by 94% and market expectations by 32%, the note added.

Jefferies added that capital deployment is expected to remain restrained until permitting for the Cap copper project progresses and access to the Xantho Extended deposit resumes later in the year.

Jefferies maintained a hold rating on 29Metals and cut its price target to AU$0.26 from AU$0.29.

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