South32 Limited - Update on FY18 Production Activities

  • Jul 19, 2018 AEST
  • Team Kalkine
South32 Limited - Update on FY18 Production Activities

South32 Limited (ASX: S32) released an update on its operation for the year ended 30 June 2018 and reported an increase of 10 per cent in annual production in total manganese ore at the back of strong demand and pricing during the same period. Further, the payable nickel production at Cerro Matoso grew by 20% and finished the year on a strong note at the remainder of its operations. As of now, the group focuses on reshaping its portfolio and managing its South Africa Energy Coal operation as a stand-alone business. In turn, the group is expecting that this important milestone action will support to simplify the Group and bring down overhead costs and reduce industry-wide cost inflation. According to the release, the group entered into conditional agreements to acquire the remaining 83% stake of Arizona Mining Inc. and a 50% stake in the Eagle Downs metallurgical coal project with the objective of increasing its organic growth. And, both transactions are expected to be completed by end of December 2018 half year. Further, the group bought back 98 million shares for a cash consideration of US$ 254 million during FY18 and has completed 62% of approved US$1 Bn total capital management program till 30 June 2018. With this announcement, the share price climbed up 2.37 per cent and was trading at $3.665 as on 19 July 2018; 03:50 PM AEST.

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