South32 poised to exit S African coal assets as profit plunges

Original article by Nick Evans
The Australian – Page: 20 : 23-Aug-19

Diversified miner South32 has posted a 2018-19 statutory net profit of $US389m, which is 71 per cent lower than previously. The result was marred by a $US504m impairment charge associated with its South African thermal coal assets. Underlying earnings fell by 25 per cent to $US992m. Meanwhile, South32 is set to sell its South African coal mines to Seriti Resources, and CEO Graham Kerr has ruled out buying any more thermal coal assets, including BHP’s Mt Arthur mine.

CORPORATES
SOUTH32 LIMITED – ASX S32, SERITI RESORCES, BHP GROUP LIMITED – ASX BHP

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s