MINING CORPORATIONS – AUSTRALIACOAL MINES AND MININGNICKEL MINES AND MININGMANGANESE MINES AND MININGALUMINUM OXIDE INDUSTRYBUSINESS LOSSES – AUSTRALIAREDUNDANCIES – AUSTRALIASTRATEGIC PLANNING – AUST

South32 axes jobs after loss of $2.4bn

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Original article by Paul Garvey
The Australian – Page: 19 & 20 : 26-Feb-16

BHP Billiton spin-off South32 has posted a 2015-16 interim loss of US1.7bn ($2.4bn). When impairment charges are excluded, the group’s underlying profit of $US26m was 94 per cent lower than previously. South32’s coking coal mines in the Illawarra region of New South Wales and the Cerro ­Matoso nickel mine in Colombia posted big losses during the half-year, and CEO Graham Kerr has signalled that they could be closed unless there is an upturn in commodity prices. South32 will retrench more than 750 employees in Australia.

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SOUTH32 LIMITED – ASX S32BHP BILLITON LIMITED – ASX BHPPATERSONS SECURITIES LIMITED