South32 4Q Production Rises; Brazil Aluminium Guidance Cut
July 23 2023 - 7:35PM
Dow Jones News
By Rhiannon Hoyle
South32 on Monday said its production of commodities including
copper, aluminum and steelmaking coal increased quarter-on-quarter,
but cut its production estimate for a Brazilian aluminum business
for the year ahead due to a slower-than-expected restart of
operations there.
The company said it produced 12% more copper and 3% more
aluminum in the three months through June than the quarter
immediately prior. Metallurgical coal production was up by 21% and
output of manganese ore rose by 15%.
"e had a strong finish to the year, with group copper equivalent
production growing 9% in the quarter," said Chief Executive Graham
Kerr.
The increase in production followed some disruptions, including
from heavy rainfall in the quarter before.
However, South32 said it has reduced fiscal year 2024 guidance
for its share of the Brazil Aluminium business to 100,000 metric
tons, from 148,000 tons. Lower overhead crane availability has
impacted pot restart activities and metal production, the company
said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 23, 2023 19:20 ET (23:20 GMT)
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