S32 South32 Limited

"South32 Cuts Cannington, Brazil Aluminium Output Guidance; Sees Annual Costs in Line or Better," at 2156 GMT, incorrectly said annual costs, rather than first-half costs, are expected to be in line or better than guidance. The correct version follows:

By Rhiannon Hoyle

South32 Ltd. on Monday downgraded annual production guidance for its Cannington and Brazil Aluminium operations, but said first-half operating unit costs are expected to be in line with or below company forecasts at most of its sites.

The Australia-based miner cut output guidance for Cannington by 11%, citing lower mill throughput and saying that labor availability is impacting mining rates. South32 also said guidance for the Brazil Aluminium business had been lowered by 25% due to a slower-than-expected ramp up to nameplate capacity.

"Despite industry wide inflationary pressures, we expect operating unit costs for the first half to be in-line with or below guidance for the 2023 financial year at the majority of our operations," said Chief Executive Graham Kerr. "We remain focused on delivering safe and stable operational performance, and efficiencies to mitigate cost pressures and capture higher margins as markets improve," he said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

January 22, 2023 17:25 ET (22:25 GMT)

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