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    S32   AU000000S320

SOUTH32 LIMITED

(S32)
  Report
Delayed Australian Stock Exchange  -  09:21 2022-12-06 pm EST
4.350 AUD   +1.16%
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Australia's South32 nixes $700 mln investment to extend NSW met coal mine

08/22/2022 | 06:53pm EST

Aug 23 (Reuters) - Global miner South32 Ltd said on Tuesday it would not proceed with a $700 million upfront investment to extend its Dendrobium metallurgical coal mine in New South Wales, citing scant potential returns.

The decision comes more than a year after an Australian planning body blocked the company's planned extension of the mine, located in the Illawarra region, due to concerns over its potential irreversible impact on Sydney's water resources. (https://reut.rs/3dP471k)

"While our work on the project demonstrated the potential to meaningfully extend the life of the Dendrobium mine, expected returns ... are not sufficient to support an investment relative to alternatives considered for the complex," South32 said in a statement.

The company said it would continue to optimise the Dendrobium mine and the broader Illawarra metallurgical coal complex, including the transition of its Appin mine to a single longwall from fiscal 2025.

Longwall configuration is a form of underground mining where a long wall of coal is mined in a single slice.

Investments at Appin include planned work worth $260 million to install additional ventilation capacity to enable mining in its Area 7 section until at least 2039, South32 added. (Reporting by Shashwat Awasthi; Editing by Aditya Soni)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
NSW INC. 0.33% 2101 Delayed Quote.-8.62%
SOUTH32 LIMITED 1.16% 4.35 Delayed Quote.8.23%
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Analyst Recommendations on SOUTH32 LIMITED
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Financials (USD)
Sales 2023 9 019 M - -
Net income 2023 1 748 M - -
Net cash 2023 700 M - -
P/E ratio 2023 7,69x
Yield 2023 4,77%
Capitalization 13 177 M 13 177 M -
EV / Sales 2023 1,38x
EV / Sales 2024 1,36x
Nbr of Employees 9 096
Free-Float 98,3%
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Technical analysis trends SOUTH32 LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 2,89 $
Average target price 3,08 $
Spread / Average Target 6,63%
EPS Revisions
Managers and Directors
Graham Kerr Chief Executive Officer, Executive Director & MD
Katie Tovich Chief Financial Officer
Karen J. Wood Chairman
Vanessa Torres Chief Technical Officer
Jason Economidis Co-Chief Operating Officer
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