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- 29Metals (29M) pauses production and non-essential activity at its Capricorn copper operations following “extreme” rainfall in the area
- Northwest Queensland has recorded significantly above-average rainfall recently, including around 370 millimetres over the seven days to March 8, 2023
- Extreme rainfall on the evening of March 7, in excess of 200mm, has caused an extended loss of access to the site by road, impacting deliveries to the Capricorn site
- The company says environmental responsibilities are its utmost priority in the current circumstances
- 29Metals shares are down 4.7 per cent, trading at $1.47 at 12:54 pm AEDT
29Metals (29M) has paused production at its Capricorn copper mine following a period of above-average rainfall across northwest Queensland.
The company also put a stop to all non-essential activities at the mine.
On the evening of March 7 2023, northwest Queensland recorded more than 200 millimetres of rainfall.
As a result of the rainfall, the company said it expected an extended loss of access to the site by road, affecting deliveries of production consumables to the site.
Northwest Queensland has recorded significantly above-average rainfall this year, including 370mm of total rainfall across the seven days to March 8, 2023.
29Metals said the halted production and non-essential activities would affect the production results for the current quarter, but the company insisted the safety of its workers and management of water were its utmost priority given the circumstances.
Rainfall is expected to continue for the rest of the week, with 29Metals expecting the suspension to last for up to three-to-four weeks.
With that in mind, the company said it remained difficult to predict the length of the suspension with complete confidence given the continual rainfall.
29Metals shares were down 4.7 per cent, trading at $1.47 at 12:54 pm AEDT.
