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Share Name Share Symbol Market Type
South32 Limited ASX:S32 Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 3.97 4.30 3.68 0.00 00:08:13

South32 Reduces Capital Expenditure Guidance

04/12/2017 11:28pm

Dow Jones News


South32 (ASX:S32)
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   By Robb M. Stewart 
 

MELBOURNE, Australia--South32 Ltd. (S32.AU) is sticking with annual production targets but scaling back spending plans for the year.

The mining company said Tuesday it now expected sustaining capital expenditure of US$470 million for the year through June, from an earlier target of US$500 million. About two-thirds of the reduction related to the deferral of underground development work at its Appin colliery in eastern Australia, which was suspended earlier this year.

The change comes a day after Rio Tinto PLC (RIO) reduced capital expenditure guidance for 2017 to less than US$4.5 billion from a prior target of US$5 billion as it sought additional productivity improvements at its mining operations in an effort to boost cash flow.

South32 was spun out of BHP Billiton Ltd. (BHP.AU) in 2015. Listed in Sydney, London and Johannesburg, the company's operations range from energy coal used to fuel power stations, alumina and manganese to silver, nickel and zinc.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

December 04, 2017 18:13 ET (23:13 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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