Primero stock tanks to new 52-week low as operational challenges persist

Canadian precious metals producer Primero Mining has reported weak third-quarter results, prompting it to lower its full-year production guidance and causing its TSX-listed stock to drop 28% on Wednesday to a new 52-week low. Toronto-headquartered Primero reported a net loss of $11.7-million in the quarter ended September, compared with a net loss of $5.4-million in the comparable period a year earlier, as lower earnings from mine operations and a $3.2-million tax expense resulting from the devaluation of the Mexican peso, compared with the US dollar, weighed.