South32 Swings to Net Loss on U.S. Project Write-Down
By Rhiannon Hoyle
South32 on Thursday reported an annual net loss, reflecting the $1.3-billion write-down against the Taylor deposit at its Hermosa project in southern Arizona.
The Australia-based miner said it made a net loss of $173 million in the year through June, compared to a profit of $2.67 billion in the year-prior period.
South32 last month said it would need to record an impairment against the asset, which has been negatively impacted by a number of factors since the Hermosa project was acquired in 2018, including delays related to the pandemic and inflation.
Underlying earnings were down by 65%, to $916 million, as commodity prices fell and higher inflation and uncontrollable costs more than offset increased output.
The company said it would pay a final dividend of 3.2 U.S. cents a share. Total dividends of 8.1 cents for fiscal 2023 were down by 65% on the year prior.
The miner also added $50 million to its capital-management program, leaving $133 million to be used by March 2024, it said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
August 23, 2023 19:11 ET (23:11 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom