South32 Shares Fall After Cyclone Damages Australian Manganese Operation
By David Winning
SYDNEY--South32 shares fell on Wednesday after the miner withdrew guidance for its Australian manganese operation following damage caused by a tropical cyclone.
Shares fell as much as 3.5% to A$3.01 and recently traded at A$3.02, underperforming the broader S&P/ASX 200 index which is up some 0.2%.
South32 said operations at Gemco--Groote Eylandt Mining Company--in Australia's Northern Territory have been suspended while it assesses the damage caused by Tropical Cyclone Megan and the timing of any restart.
Initial assessments at Gemco showed flooding of the mining pits and damage to a road haul bridge that connects the northern pits of the Western Leases mining area and the processing plant, South32 said. It also confirmed significant structural damage to the wharf and port infrastructure.
"Alternative shipping arrangements are also being evaluated," South32 said.
In February, South32 reaffirmed guidance for the production of 3.4 million metric tons of manganese ore from Australia in the 12 months through June, 2024.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
March 19, 2024 20:34 ET (00:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths