Production figures hit South32 shares

Durban – 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.

Read also:  Anglo production quotas increase by 8% 

The company’s other commodities such as nickel production fell 1 percent, silver decreased by 27 percent, lead was down 24 percent, and zinc dropped 11 percent.


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