SBM -9.02%: the gold producer was hit hard today with operational issues plaguing two of their mines. The company downgraded expected production for the year by around 8% to 330-360koz, and increasing cost guidance by nearly 10% to $1,547-$1,695/oz. The issues at their Leonora site in WA relate to a change over of mining contractors at the site with McMahon struggling to employ the required workers – a very typical sort of story across the contracting space in recent times. The operations at Simberi in PNG are also having workforce issues with the COVID impacts there causing havoc.
MM has no interest in SBM, though remains positive gold
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