The mine applied incorrect discounts to its royalty payments over several multi-year periods.
South32 Mining News
Hydro plans to halt production and lay off 4,700 people at Alunorte, which has been operating at half capacity since March due to an environmental dispute.
But the court upheld part of the previous ruling requiring the miner to re-apply for its environmental licensing and start a community consultation process.
Vale on top.
South32’s South Africa Energy Coal unit, the country’s third-biggest exporter of the fuel, was split into a standalone business earlier this year.
Rising costs, falling metals prices may eat into margins.
Australian miner South32 Ltd beat its coking coal output guidance for fiscal 2018.
The Perth-based miner plans to raise its Australian manganese production by 6 percent to 3.3 million wet metric tonnes.
A total of 12.5 million tonnes of manganese will be transported every year once Transnet signs contracts with nine local manganese producers.
President and chief operating officer Mike Frasersaid company has received a number of offers for the assets, which it up for sale in November last year as part of a shift away from coal.
Process could lead to a listing of the business on the Johannesburg stock exchange, it said.
Battery boom promises new and growing market for high-grade nickel products, but half the world's supply of the metal is unsuitable for battery production.
Market rumours point at South32 as the most likely buyer, since the miner decided last month to ditch its $200 million acquisition of Peabody Energy’s coal mine in New South Wales.
The Perth-based miner has agreed to purchase 45 million shares of the Canadian junior at a price of $2.45 per share, or about 15% of Arizona Mining’s outstanding shares.
The miner said it was unwilling to take the steps required to satisfy Australian steel makers to get the approval of the transaction, which would have its major deal since spinning off from BHP in 2015.
South32 and GE today announced the signing of a three-year strategic partnership to assist in the development of South32’s technology roadmap and activation of the Company’s digital transformation.
The company, however, has decided to stay away from thermal coal assets due mainly to uncertainties over demand linked to climate concerns.
The deal includes a 17% interest in the Port Kembla Coal Terminal, south of Sydney.
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.
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.
The company said is not keen on Rio Tinto's thermal coal assets, currently up for sale.