South32 Reports Mixed 2Q Performance, Manganese Output Falls

   By David Winning 
 

SYDNEY--South 32 Ltd. (S32.AU) reported a mixed production performance for the major commodities that it digs up at operations around the world in the December quarter.

South32 said it reacted to lower manganese prices by cutting its use of higher-cost trucking and completing an extended maintenance shutdown at underground operations in South Africa. The Perth-based company also reduced activity at its thermal-coal operations in South Africa due to weak market conditions.

South32 reported a 1% fall in manganese ore production in the quarter, bringing its half-year output of the commodity to 2.81 million tons, or 3% below levels at the corresponding stage of the 2019 fiscal year. Quarterly thermal coal output dropped 12%, meaning its half-year production was 2% below year-ago levels at 12.6 million tons.

However, half-year alumina output rose by 4% to 2.64 million tons following a record performance in Brazil, and silver production lifted 2% to 6.16 million troy ounces.

Write to David Winning at [e-mail]

(END) Dow Jones Newswires

January 15, 2020 17:45 ET (22:45 GMT)

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