South32 reports declines in most of the commodities it produces
South32, a diversified mining company, reported a fall in the majority of the commodities it produced in the September quarter, deepening the decline experienced so far this year, but it did grow its net cash position by $239m. South32, a Johannesburg, London and Sydney listed company, containing assets spun out of BHP Billiton, reported a lacklustre set of production data, but noted that higher commodity prices and its cost-cutting efforts had grown its net cash position to $551m by the end of the September quarter. "The combination of a strong balance sheet and operating leverage ensures we are well positioned to deliver superior performance as we optimise our operations, unlock their potential and identify opportunities beyond our current portfolio," said CEO Graham Kerr There were, however, few highlights in the production numbers, with just three of the 10 reporting lines showing increases. Aluminium and energy coal output increased by 2% in the quarter compared with the same p...
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