South32 Reduces Capital Expenditure Guidance
December 04 2017 - 5:28PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--South32 Ltd. (S32.AU) is sticking with
annual production targets but scaling back spending plans for the
year.
The mining company said Tuesday it now expected sustaining
capital expenditure of US$470 million for the year through June,
from an earlier target of US$500 million. About two-thirds of the
reduction related to the deferral of underground development work
at its Appin colliery in eastern Australia, which was suspended
earlier this year.
The change comes a day after Rio Tinto PLC (RIO) reduced capital
expenditure guidance for 2017 to less than US$4.5 billion from a
prior target of US$5 billion as it sought additional productivity
improvements at its mining operations in an effort to boost cash
flow.
South32 was spun out of BHP Billiton Ltd. (BHP.AU) in 2015.
Listed in Sydney, London and Johannesburg, the company's operations
range from energy coal used to fuel power stations, alumina and
manganese to silver, nickel and zinc.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
December 04, 2017 18:13 ET (23:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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