Shares of Tombador Iron (ASX:TI1), an Australia-based company, have plunged as much as 27.8% to A$0.013, marking the lowest level since July 2003.

Tombador Iron announced that it would continue to face production constraints in the December 2023 quarter.

The company is awaiting geotechnical advice following the completion and analysis of geotechnical drilling and assessments, leading to current production constraints.

This situation, combined with current sales and production levels, has resulted in increased cost per tonne at the company’s iron ore mine in North East Brazil.

The stock posted its biggest intraday percentage fall since May 2019 with 3.3 million shares exchanging hands as of 0307 GMT, compared to the 30-day average volume of 782,877 shares.

The stock has declined by 30.8% year to date, as of last close.

Tombador Iron (ASX:TI1) is an Australia-based company operating an iron ore mine in North East Brazil.