PGMs down nearly 10% and manganese production down 24%.
MANGANESE Mining News
The miner continues to look for new assets, including Anglo American’s 40% stake in their manganese joint venture — Samancor.
Despite the loss and a 94% drop in earnings, analysts believe the company's modest debt of $116 million makes it well-positioned to act on opportunities.
The spin-out from BHP Billiton says it is willing to take on the manganese ore venture if the price is right.
The measure is part of a wider revision of the 2009 mining law that led to Indonesia's export edicts and other regulations.
Company is said to have sent out requests to investment banks as it seeks to hire an adviser to assist in the bidding process for Anglo American's niobium and phosphate business in Brazil.
The country's largest mining union said it had received notice from South32 about the planned cuts and wants the government to intervene.
South32's manganese mines in South Africa are unlikely to restart operations until January, when a major review is expected to be completed.
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The company said is not keen on Rio Tinto's thermal coal assets, currently up for sale.
It may reduce the value of its 60% stake in the Samancor Manganese joint venture, as it keeps furnaces shut due to low prices for the commodity.
Inspections that took place between 2013 and 2014, revealed 16 infractions, nine of which were considered very serious.
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The stock closed in Sydney below the $30 mark, which is the lowest it has traded in the last five years.
The world's largest miner has stepped up its cost-cutting plans as it battles a sharp slide in iron ore, coal and oil prices.
The country effectively halted all but processed metal shipments in January in an effort to force miners to build smelters.
The world’s largest miner is only two weeks away from shedding more light on an upcoming spin-off of unwanted assets.
The U.S. largest miner by market value and revenue is also dealing with a strike threat at its Indonesia's Grasberg copper and gold mine, which recently resumed operations.
The mining giant has made a sharp U-turn on its initial decision to snub a London listing for its $17 billion spinoff.
Operations, however, won’t resume until at least Oct. 7.
Protesters are demanding management to review safety conditions following a fatal accident on Sept. 27.
30,000 tonnes of copper concentrate were sent out Monday.
New company would still have its primary listing in Australia, with secondary listings in South Africa and the UK.
Operations at the miner's Batu Hijau copper and gold mine to resume soon.