Shares of gold-copper miner Aeris Resources (ASX:AIS) plummeted by as much as 20.4% to A$0.24 today, marking their lowest value since June 29, 2020.

The mining company announced on Wednesday that it chose to put its Jaguar mine on hold and into care and maintenance beginning this September.

The firm adjusted its group copper equivalent production forecast to 40kt - 50kt, a downgrade from the previous 51.5kt estimate, and expects minimal contribution from Jaguar.

The company’s shares ended the day down by about 29% at A$0.27.

Furthermore, trading saw about 14.2 million shares change hands, in contrast to the 30-day average volume of 2.3 million shares.

Of the five analysts covering the stock, four rate it a ‘buy’ or better, while one rates it a ‘hold’, their median target price is A$0.90 – according to Refinitiv data.

As of the last close, the stock is down 52.21% for the year.

Aeris Resources is a global mining company specializing in the extraction of gold and copper.