$ 1.9b slug for miner

Townsville Bulletin - - NEWS -

BHP Bil­li­ton spin- off South32 will take a write­down of $ US1.9 bil­lion on its man­ganese and coal busi­nesses af­ter sus­pend­ing ca­pac­ity at its South African smelter. The com­pany said the de­ci­sion was taken in re­sponse to chal­leng­ing mar­ket con­di­tions dur­ing the June quar­ter. Man­ganese is es­sen­tial to steel and alu­minium pro­duc­tion, but weaker Chi­nese de­mand has kept prices low. The non- cash, pre- tax im­pair­ments in­clude $ US445 mil­lion at Aus­tralia Man­ganese, $ US882 mil­lion at South Africa Man­ganese and $ US539 mil­lion at the Wolvekrans Mid­del­burg com­plex ( WMC) within South Africa Energy Coal.

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