South32 cuts spending on assets as it seeks to save R2.8bn
The group is planning to save R2.8bn over the next 15 months, mostly by cutting spending related to sustaining production
27 March 2020 - 09:22
South32, a supplier of coal to Eskom, intends to save $160m (R2.8bn) over the next 15 months by reducing exploration and spending on its assets due to the uncertainty caused by Covid-19.
Spending on capital related to sustaining production is expected to fall 10% in the group’s year to end-June, and 18% in its 2021 financial year, with the miner also delaying planned share buybacks...
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