Business
South32 flags $130 million hit as it weighs smelters’ future – Sydney Morning Herald
Australian miner South32 has flagged nearly $130 million of write-downs amid doubts about the economic viability of its manganese alloy smelters.
The write-downs announced on Monday come after South32 in March suspended a share buyback, committed to reducing spending by $US160 million, and scaled back exploratory drilling activity following falls in the prices of most of its biggest commodities.
Chief executive Graham Kerr said South32 was managing its financial position in the face of the “uncertainty remaining in global markets” amid the continuing COVID-19 pandemic.
“Looking forward, we remain focused on reducing controllable costs, …
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