South32 issues its Quarterly Report September 2018

South32 CEO Graham Kerr said: “Annual production guidance is maintained for all of our operations with Australia manganese achieving another quarterly record and total manganese ore production increasing by 8%. Illawarra metallurgical coal also enjoyed a strong start to the year as an improvement in longwall productivity underpinned an annualised production rate of 7.6 million t in the quarter.

“We finished the period with a net cash balance of US$679 million and additional funds in our manganese joint venture as our key commodity markets benefitted from robust demand and pricing. This strong financial position enabled us to acquire Arizona Mining and Eagle Downs, and to continue our US$1 billion capital management programme.

“We continued to make excellent progress in reshaping our portfolio. In addition to the two acquisitions, we continued to advance our 18 greenfield exploration projects and commenced the process to broaden and transform the ownership of South Africa Energy Coal.”

Read the article online at: https://www.globalminingreview.com/finance-business/18102018/south32-issues-its-quarterly-report-september-2018/