Production figures hit South32 shares
SOUTH32, the diversified miner, saw its share price shedding more than 3 percent after the group announced that it missed its full-year production guidance on some of its commodities.
The share price slipped to R28.54 a share in the morning, shedding 3.68 percent to Wednesday’s closing price of R29.59.
However, it regained some of the losses in the afternoon before closing at R29.
South32 released a quarterly report to June and stated that “adverse weather and an associated delay in the development of new mining areas at the Wolvekrans-Middelburg Complex led to a 9 percent decrease in South Africa Energy Coal production in financial year 2017”.
The group’s June quarterly production report showed that aluminium production for the year 2017 increased by 2 percent and manganese ore production rose by 5 percent as compared to 2016.
The company’s other commodities such as nickel production fell 1 percent, silver decreased by 27percent, lead was down 24percent, and zinc dropped 11 percent.