South32’s net cash position grows on stronger commodity markets
Diversified miner South32 said on Tuesday that its net cash position had grown $33m to $1.7bn for the quarter to end-September, after stronger commodity markets offset an increase in working capital. The miner said that industry cost curves, however, continued to steepen as a result of dollar weakness, rising raw material input costs and environmental policy responses in China. South African coal production decreased during the quarter, which is the first of its financial year, but production of aluminium, nickel and manganese picked up, with the company maintaining its guidance for 2018. "Annual production guidance is maintained for our operations following generally strong performance across our supply chain," said South32 CEO Graham Kerr.
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