South32 reports profit plunge due to US-China trade war
Geopolitical tension in 2019 as a result of the US-China trade war weighed on some commodities, including manganese
13 February 2020 - 09:49
Diversified miner South32 said on Thursday profit in its half-year to end-December plunged 84%, as it battled lower managanese and aluminium prices in the wake of the US-China trade war.
Revenue declined 16% to $3.2bn (R47.7bn) while profit after tax fell 84% to $99m, with the company describing the global economy as “volatile”. The company encountered lower average realised prices for its commodities, including alumina, manganese, mellaturgical coal and energy coal, although this was slightly offset by higher prices for nickel...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.