Australian mining division South32 Ltd on Thursday lowers its coking coal production targets for fiscal 2018, aided by higher-than-expected production at the Illawarra project.
Coking coal production fell to 1.1 million tonnes in June from 1.4 million tonnes a year earlier, but was ahead of the UBS estimate by 818 thousand tonnes.
South32, made up of non-core assets spun off by giant BHP in 2015, posted a full year coking coal output of 3.2 million tonnes. The miner forecasted 3 million tonnes of coking coal production for the whole year.
South32 added that it expects to record a one-off cost of about $ 60 million in 2018 through the reorganization. A report on the miner's annual results is scheduled for 23 August.
The world's # 1 manganese producer posted a 2.1% quarterly growth in manganese ore production, while annual manganese output rose 10 percent on the back of stronger demand and pricing.
In April, South32 offered $ 1.3 billion to take full control of Arizona Mining, offering a healthy premium to the Toronto-based company that is developing zinc, lead, manganese and silver assets.
Australia's South32 Beats Annual Coking Coal Production Forecast
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Azovpromstal® 20 July 2018 г. 12:04 |
