Arab Today, arab today miner south32 flags 17b writedown south africa job cuts
Last Updated : GMT 22:03:31
Arab Today, arab today
Arab Today, arab today

Miner South32 flags $1.7b writedown, South Africa job cuts

Arab Today, arab today

Arab Today, arab today Miner South32 flags $1.7b writedown, South Africa job cuts

Mining giant BHP
Sydney - AFP

Mining giant BHP Billiton's South32 spin-off Thursday announced $1.7 billion in asset writedowns and said it would axe hundreds of jobs at a South African facility and slash costs and production as commodity prices dive.

Miners across the world have seen their bottom lines sag as prices for key metals tumble, with even the bigger players slashing costs to maintain profit levels.

"We are... not immune to external influences and the significant change in the outlook for commodity prices," South32 chief executive Graham Kerr said in a statement.

Perth-headquartered South32, which operates assets including aluminium, coal, nickel, manganese, silver, lead and zinc after it was hived off from BHP into an independent firm last year, is due to report earnings on February 25.

It said the dire outlook for commodity prices after recent plunges meant it expected to book $1.7 billion in pre-tax, non-cash charges.

It will also cut 620 positions and reduce production in its South Africa manganese division, while annual capital spending will be slashed by 80 percent to $7 million for the 2017 financial year.

In addition, Australian job cuts were expected to be announced later this month.

"We are not in unfamiliar territory," Fat Prophets resources analyst David Lennox told AFP.

"It's going to be a terrible reporting season for resources companies across the globe... certainly net profits are going to be well and truly knocked around, revenue will be well and truly knocked around," he said.

Shares in South32 jumped 12.11 percent in midday trade to Aus$1.06 however, with mining companies boosted by the sharp fall in the greenback over concerns about the US economic outlook.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today miner south32 flags 17b writedown south africa job cuts Arab Today, arab today miner south32 flags 17b writedown south africa job cuts

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday