South32 Cuts Cannington, Brazil Aluminium Output Guidance; Sees Annual Costs in Line or Better
23 January 2023 - 9:26AM
Dow Jones News
By Rhiannon Hoyle
South32 Ltd. on Monday downgraded annual production guidance for
its Cannington and Brazil Aluminium operations, but said operating
unit costs are expected to be in line with or below company
forecasts at most of its sites.
The Australia-based miner cut output guidance for Cannington by
11%, citing lower mill throughput and saying that labor
availability is impacting mining rates. South32 also said guidance
for the Brazil Aluminium business had been lowered by 25% due to a
slower-than-expected ramp up to nameplate capacity.
"Despite industry wide inflationary pressures, we expect
operating unit costs for the first half to be in-line with or below
guidance for the 2023 financial year at the majority of our
operations," said Chief Executive Graham Kerr. "We remain focused
on delivering safe and stable operational performance, and
efficiencies to mitigate cost pressures and capture higher margins
as markets improve," he said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 22, 2023 17:11 ET (22:11 GMT)
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