The world's biggest producer of manganese said its underlying earnings for the year ended June 30 came in at $2.6 billion, compared with $489 million a year ago. South32 miningnews
Australian miner South32 said on Thursday it would pay a special dividend after annual profit jumped more than five-fold, thanks to higher realised prices for its key metals.
Western sanctions on Russia over the invasion of Ukraine have squeezed an already-tight supply of commodities such as coking coal, pushing up prices of the materials South32 mines.That helped the company overcome the hit from a labour shortage and torrential rain in the key producing of New South Wales that had also impacted the operations of BHP Group and Rio Tinto.
“We are well positioned to navigate the current economic uncertainty … while our ongoing focus on cost management and an expected 14% increase in production will mitigate industry-wide cost inflation,” said Chief Executive Officer Graham Kerr. The world’s biggest producer of manganese said its underlying earnings for the year to June 30 rose to $2.60 billion, from $489 million a year ago. The figure was higher than the $2.55 billion expected by analysts, according to Refinitiv data.
South32, which was spun off from BHP in 2015, declared a special dividend of 3 cents per share and a final dividend of 14 cents, up from 3.5 cents a year earlier.
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