Cyclone Megan hits South32
South32's (ASX:S32) Groote Eylandt manganese mining and export operations in the Gulf of Carpentaria look set to remain offline for another year following Cyclone Megan, which devastated the area in mid-March.
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Our purpose is to make a difference by developing natural resources, improving people’s lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources.
Around the world, we’re helping people improve their lives through the development of natural resources.
We produce bauxite, alumina, aluminium, energy coal, metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. We also own a highgrade zinc, lead and silver development option in North America and have partnered with several junior explorers with a bias to base metals.
Whether it’s for use in infrastructure, energy generation, consumables or vehicles, we believe the extraction and processing of minerals and metals can be done in a responsible way.
That’s why we continually challenge ourselves to be the best in what matters – the safety and wellbeing of our people and communities, our operational performance, and minimising our environmental impact.
Our purpose is to make a difference
Our purpose is to make a difference by developing natural resources, improving people’s lives now and for generations to come. We’re trusted by our owners and partners to realise the potential of their resources.
We do this by creating local jobs, empowering and investing in communities, and contributing to governments through paying taxes and royalties – while achieving sector-leading returns for our shareholders.
Fund Manager Chris Pedersen discusses Sandfire Resources, Cleanaway Waste Management, South32 and the outlook for copper.
WATCH VIDEOSouth32's (ASX:S32) Groote Eylandt manganese mining and export operations in the Gulf of Carpentaria look set to remain offline for another year following Cyclone Megan, which devastated the area in mid-March.
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Damage caused by this week’s cyclone in the Gulf of Carpentaria has seen South32 (ASX:S32) withdraw its 20 June 2024 production guidance for its Australian manganese business on Groote Eylandt.
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Fund Manager Chris Pedersen discusses Sandfire Resources, Cleanaway Waste Management, South32 and the outlook for copper.
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The steelmaker is the major customer for the high-quality coking coal from the mine, and under its current contract, it has a first right of refusal should the mine be put up for sale.
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South32 (ASX:S32) has agreed to sell its Illawarra Metallurgical Coal mine and processing plant, located south of Sydney, to Indonesian and Australian buyers for up to $US1.65 billion.
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The broker lowers its target price to $6.00 from $6.30. Buy rating retained.
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Outperform rating and $6 target unchanged.
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Macquarie maintains its Outperform rating and $7 target price.
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As Sierra Gorda in Chile nears completion, Morgans incorporates the recently acquired copper operations into forecasts, triggering a rating upgrade to Add from Hold. The target price rises to $4.10 from $3.77.
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