South32 warns of R1.8bn in writedowns amid Covid-19 uncertainty
Group temporarily mothballs manganese alloy smelter and faces restructuring and retrenchment costs
20 July 2020 - 09:43
Diversified miner South32, which was spun out of BHP in 2015, has warned of about $109m (R1.8bn) in writedowns for its manganese interests as Covid-19 batters the global economy and weighs on the outlook for commodities.
The group, which has a market capitalisation of almost R124bn, said it expects to report the write-downs in its year to end-December, having decided to put its SA manganese alloy smelter, Metalloys, into temporary care and maintenance...
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