Stock Market News
South32 ups guidance on manganese output
(WebFG News) - Western Australia based mining and metals company South32 upped its manganese production guidance on Thursday amid increased demand and prices for the mineral.
South32's production guidance in Australia rose 6% from the three months ending March 31, while its South African operation was revised up 5% on the back of strong market demand and Australia Manganese's record operating performance.
Strong commodity prices and a partial unwind of working capital delivered a $477m increase of South32's net cash position to $1.9B after allocating a further $85M to its on-market share buy-back in the quarter.
South32 delivered a year-to-date production record at Mozal Aluminium while the smelter continued to test its maximum technical capability and also increased payable nickel production at its Cerro Matoso business by 21% as the performance of La Esmeralda continued to exceed expectations.
However, coking coal production and full-year output guidance at its Illawarra mine were revised down as a result of an extended shutdown due to its ground rehabilitation work programme.
Output guidance was expected to fall to 4.1m tonnes from its previous 4.5m figure.
Graham Kerr, S32's chief executive, said, "We delivered production records at Mozal Aluminium and Australia Manganese and have increased full-year guidance for both of our manganese operations in light of strong market demand."
"At the Appin colliery we further prioritised coal clearance and ground rehabilitation activities during the quarter, setting the foundation for a return to historical rates of production at Illawarra Metallurgical Coal of more than 8m tonnes per annum," he added.
As of 1555 BST, shares had moved ahead 1.63% to 212.40p.
South32's production guidance in Australia rose 6% from the three months ending March 31, while its South African operation was revised up 5% on the back of strong market demand and Australia Manganese's record operating performance.
Strong commodity prices and a partial unwind of working capital delivered a $477m increase of South32's net cash position to $1.9B after allocating a further $85M to its on-market share buy-back in the quarter.
South32 delivered a year-to-date production record at Mozal Aluminium while the smelter continued to test its maximum technical capability and also increased payable nickel production at its Cerro Matoso business by 21% as the performance of La Esmeralda continued to exceed expectations.
However, coking coal production and full-year output guidance at its Illawarra mine were revised down as a result of an extended shutdown due to its ground rehabilitation work programme.
Output guidance was expected to fall to 4.1m tonnes from its previous 4.5m figure.
Graham Kerr, S32's chief executive, said, "We delivered production records at Mozal Aluminium and Australia Manganese and have increased full-year guidance for both of our manganese operations in light of strong market demand."
"At the Appin colliery we further prioritised coal clearance and ground rehabilitation activities during the quarter, setting the foundation for a return to historical rates of production at Illawarra Metallurgical Coal of more than 8m tonnes per annum," he added.
As of 1555 BST, shares had moved ahead 1.63% to 212.40p.
Related share prices |
---|
South32 Limited (DI) (S32) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price