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    S32   AU000000S320

SOUTH32 LIMITED

(S32)
  Report
Delayed Australian Stock Exchange  -  01:11 2022-10-07 am EDT
3.840 AUD   -1.54%
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South32 flags labour crunch after marginal rise to metallurgical coal output

07/24/2022 | 07:21pm EDT

* Q4 metallurgical coal output up 3%, misses analyst estimates

* S32 joins global miners hurt by labour disruptions

* Dendrobium and Appin mines complete longwall configuration

July 25 (Reuters) - Diversified miner South32 Ltd said on Monday adverse weather conditions and pandemic-led labour disruptions impacted its total coal production, even as the Australian company posted a 3% rise in its fourth-quarter metallurgical coal output.

Shares of the company were up 2.3% in early trade.

The Perth-based miner said its total coal output dropped 8% in the three months ended June 30 to 1.6 million tonnes (Mt), as it joins global miners BHP Group and Rio Tinto to flag labour shortages.

Australian authorities have been struggling to get ahead of the highly contagious Omicron variant, with hospital admissions hovering near record levels, which have led to a shortage of skilled labour in the country.

South32 said production of metallurgical coal, used to make steel, rose to 1.38 Mt in the reported quarter, but it missed a UBS estimate of 1.57 Mt. The company completed three longwall moves across Appin and Dendrobium mines during the year.

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

With the sale of its four non-core base metals royalties to Anglo Pacific Group Plc, South32 said it continues to seek potential divestment opportunities for its stake in the Eagle Downs metallurgical coal project.

The world's biggest manganese ore producer also recorded a 4% rise in its fourth-quarter output to 1.5 million wet metric tonnes (Mwmt), compared with 1.4 Mwmt last year. The annual output stood at 5.4 Mwmt, down nearly 3% from a year-ago period.

(Reporting by Upasana Singh and Sameer Manekar in Bengaluru; Editing by Daniel Wallis, Diane Craft and Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
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GOLD -0.15% 1709.19 Delayed Quote.-6.06%
S&P GSCI GOLD INDEX -0.47% 996.7983 Real-time Quote.-5.20%
SILVER 0.44% 20.669 Delayed Quote.-11.23%
SOUTH32 LIMITED -1.54% 3.84 Delayed Quote.-2.74%
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More news
Analyst Recommendations on SOUTH32 LIMITED
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Financials (USD)
Sales 2023 9 378 M - -
Net income 2023 2 053 M - -
Net cash 2023 995 M - -
P/E ratio 2023 5,73x
Yield 2023 7,15%
Capitalization 11 520 M 11 520 M -
EV / Sales 2023 1,12x
EV / Sales 2024 1,09x
Nbr of Employees 9 096
Free-Float 98,8%
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Technical analysis trends SOUTH32 LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Last Close Price 2,51 $
Average target price 3,37 $
Spread / Average Target 34,4%
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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