Tag: S32

South32 is restarting its on-market share buyback after the impact of COVID-19 on demand for some of its products eased. The shares jumped more than 4% to $2.20 yesterday following a strong quarterly update and news of the resumption of the buyback.

BHP spin off South32 has trimmed its final dividend after lifting net profit 8% to $US1.33 billion ($A1.81 billion) in the year to June.

South32 did well in the year to June, even if there was some weakness in 4th quarter performance in some of its key commodities, according to its June quarter and year production and sales report yesterday.

Investor attitudes to mining companies spending money in big new investments of expensive (apparently) takeovers seems to have changed dramatically.

Still in coal and South32 is confident its $US133 million ($A176 million) pick up of a 50% stake in Queensland’s Eagle Downs coking coal project will not be dogged by the costly port and electricity contracts that have already cost the existing owners tens of millions and look set to continue plaguing the project.

An upbeat March quarter and nine month production report from South32 yesterday, even if its coal business in NSW continues to have problems.

South32 will take an axe to its structure (and of course chop costs) after revealing it will boost returns to shareholders by more than previously promised this year, news that curiously saw the shares fall in what was a positive day for the wider market.

As expected miner South32 has confirmed the damage done to its December (and 2017-18) coal production by gas problems its Appin mine, south of Sydney.

Shares in South32 ended up more than 3.6% yesterday at $3.38, despite more problems for its Illawarra Metallurgical Coal operations south of Sydney where uncertain mining conditions will hold back output in he year to June, 2018.

South 32 has followed Anglo American by taking the first step to reducing its involvement in the weak and underperforming South African economy by revealing a proposal to separately manage its coal operations in the country.

Diversified miner South32 has again issued a warning about cost pressures, saying it expects raw material input prices to rise across the industry.

South32 shares eased more than 3.2% yesterday after the global miner became the first to voice concerns about cost pressures from rising raw material costs and a weaker US dollar.

BHP Billiton’s unwanted love child, South32 is back in the black, joining the growing list of resources groups to report solid earnings for the year to June 30.

South 32 disappointed yesterday by missing its full-year production guidance for several commodities after bad weather and poor mining conditions at some operations hit performance.

South32 shares fell 3.4% yesterday after it became clear the company’s NSW South Coast coal hard coking coal mining operations would be hit by problems at its Appin mine.

The coal measures of the NSW South Coast region are gaseous (full of methane) and difficult to work at times, as well as being deep underground which makes for high costs – and high risks.

South32 (S32) has reported third-quarter coking coal (for steelmaking) production in Australia fell more than analysts estimated as mine work was undertaken as the company continues to accumulate hundreds of millions of dollars in cash.

South32 (S32) revealed yesterday that it had decided to bail on its proposed acquisition of a coal mine near Wollongong, south of Sydney from Peabody Energy, rather than make meet concessions to domestic steelmakers suggested by the ACCC to allay competition concerns.

Too much cash, too few investment opportunities because there are too many mines and too much capacity in all sectors of the resources sector.

21 months after being spun out of BHP Billiton (BHP) we saw the full potential of South32 (S32) yesterday in its December half year result. The company revealed a sharp jump in half-year underlying earnings, thanks to ongoing cost cutting and stronger coal and manganese prices.

The first big asset shuffle of the current resources bounce emerged yesterday when South32 (S32), the BHP Billiton (BHP) spin-off, revealed it is paying $US200 million to the bankrupt Peabody Energy for the Metropolitan coking coal mine south of Sydney.

A not unexpected loss for the year to June for the BHP Billiton spin-off South 32, but that hasn’t stopped the company from giving shareholders their first ever dividend.

Australia’s third biggest miner, South32, the BHP Billiton spin-off, continued to hunker down in the March quarter, eliminating all of its debt and moving to a positive cash position of $US18 million ($23 million) by the end of March.

Miner South32 (S32), the BHP Billiton (BHP) spin-off, yesterday took the long-handled axe to its asset values and chopped them by $US1.7 billion (or close to $A2.4 billion) in a major clean up of its accounts ahead of the interim financial results on February 25.