Pro­duc­tion fig­ures hit South32 shares

The Star Early Edition - - COMPANIES - Sandile Mchunu

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.

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