By Katherine Hamilton
Westgold Resources shares fell Thursday after the company said mid-year gold production is less than half of its full-year guidance.
The stock slid 13% to 2.53 Australian dollars, hitting its lowest point since October.
The Perth, Australia-based mining company shared preliminary production results showing total production for the first half of 2025 was 158,255 ounces. That is less than half of the 400,000 to 420,000 ounces Westgold said it plans to produce by the end of 2025. Westgold said production is expected to further increase in the second half of the year, consistent with guidance.
In the second quarter of 2025, Westgold produced 80,886 ounces of gold, up from 77,369 in the first quarter.
Following its merger with Karora Resources in August, Westgold is ramping up its Bluebird and Beta-Hunt underground mines, focusing on expanding production consistency and upgrading infrastructure that is critical to mine outputs. The development of the Great Fingall mine is on track, with first ore production expected in the fourth quarter, Westgold said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 09, 2025 12:25 ET (17:25 GMT)
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