Australia's South32 beats annual coking coal output guidance
Australian miner South32 Ltd beat its coking coal output guidance for fiscal 2018 on Thursday, boosted by better than expected production at its Illawarra project even as fourth-quarter output dipped 24…
From the Energy Metal News archive. This article dates from Jul 19, 2018 and is preserved as first published.
Australian miner South32 Ltd beat its coking coal output guidance for fiscal 2018 on Thursday, boosted by better than expected production at its Illawarra project even as fourth-quarter output dipped 24 percent.
Coking coal production fell to 1.1 million tonnes in the June quarter from 1.4 million tonnes a year earlier, but was ahead of a UBS estimate of 818,000 tonnes.
4 million tonnes a year earlier, but was ahead of a UBS estimate of 818,000 tonnes.
South32, made up of non-core assets spun off by mining giant BHP in 2015, posted full-year coking coal output of 3.2 million tonnes. The miner had forecast full-year coking coal production of 3 million tonnes.
South32 added that it expects to record one-off charges of about $60 million in its full-year 2018 results on account of a reorganization. The miner is scheduled to report its annual results on August 23.
The world No. 1 manganese producer posted a 2.1 rise in quarterly manganese ore production, while annual manganese output rose 10 percent amid stronger demand and pricing.
In April, South32 bid $1.3 billion to take full control of Arizona Mining, offering a hefty premium for the Toronto-listed firm which is developing zinc, lead, manganese and silver assets.
