South32 Downgrades Metallurgical Coal Guidance; Says 1Q Manganese Output Strong
October 23 2022 - 5:25PM
Dow Jones News
By Rhiannon Hoyle
South32 Ltd. said it will likely produce less metallurgical coal
from an Australian mining operation than previously forecast this
fiscal year, but that its manganese output is tracking ahead of
production guidance after a strong first quarter.
The Australia-based miner on Monday cut its output projection
for its Illawarra Metallurgical Coal by 5% to 7.0 million metric
tons, citing an extended longwall move and the impact of a worker
strike at its Appin mine during the quarter.
The company, which reported weaker first-quarter output of most
of its commodities year-on-year, said it produced 1.27 million tons
of metallurgical coal in the three months through September, down
19% on a year ago.
South32 said it "had a strong start to the year in manganese,"
and that production of that commodity is tracking ahead of
guidance. The miner said its Australian output of the commodity
increased as improved yields supported higher primary concentrator
output.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 23, 2022 18:10 ET (22:10 GMT)
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