Australian metals miner South32 warned investors this week that output at many of its operations is likely to be lower than forecasted due to wetter-than-expected weather during the financial third quarter, leading to a ten-percent loss in the firm’s stock value in the hours following the announcement.

Although volumes are likely to be down at Mozal Aluminium by 8 percent to 340 thousand metric tons, South32 said it is likely to benefit from an increase in both volume and price in the following quarter.

South32 said production at Appin metallurgical coal mine was off by 21 percent in the quarter, leading the firm to predict a 7 percent drop in expected production for the year. It also cut expectations at Cannington zinc operations by 6 percent to 195,900 metric tons and reduced its nickel production guidance by 7 percent to 40,500 metric tons.

The announcement led to a sell-off of South32 shares, dropping the value by 10 percent to A$4.00.

Aside from those cuts, South32 told investors that it expects to hit production targets at its remaining operations.

In a notice to the Australian Stock Exchange, CEO Graham Kerr remained optimistic on the company’s overall production for the current fiscal year.

“We remain well positioned to capitalise on improved market conditions, with higher production volumes expected to finish the 2023 financial year.”

Based in Perth, Western Australia, South32 began in 2015 as a spin-off of BHP Billiton. The firm operates mines in Australia, South America, and South Africa, and markets bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal, and manganese.