S32CD South 32 Limited

By Rhiannon Hoyle

South32 Ltd. on Monday downgraded annual production for several of its operations, citing severe wet weather and other setbacks in its fiscal third quarter.

The Australia-based miner reduced guidance at its Cannington zinc, lead and silver mine in Australia by 6% after heavy rainfall led to a temporary suspension in mining activity.

At Cerro Matoso, its Colombia ferronickel mine, South32 cut fiscal-year guidance by 7%, reflecting a temporary reduction in access to higher-grade ore, it said.

South32 also cut annual production guidance for its Brazil Alumina, Mozal Aluminium and Illawarra Metallurgical Coal operations, for varying reasons.

The miner increased its estimate for Australia manganese production by 3%, citing improved yields that supported higher primary concentrator output.

Overall, group copper-equivalent production was up 7% fiscal-year to date, South32 said.

"FY23 operating unit cost guidance has been held largely unchanged and group capital expenditure guidance is unchanged, as we remain focused on delivering efficiencies to mitigate cost pressures," said the company.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

April 23, 2023 19:04 ET (23:04 GMT)

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