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)
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