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LONDON (Alliance News) - South32 Ltd on Tuesday said it has received increases to the resource estimates for its Cannington, GEMCO and Illawarra Metallurgical Coal projects.
The company, spun-out from mining giant BHP Billiton PLC earlier this year, said it has confirmed a 21% increase in the mineral resources at Cannington silver, lead and zinc project in northwest Queensland.
At GEMCO, based in Australia's Northern Territory and 60%-owned by South32, the company said the mineral resource has been upgraded due to additional drilling undertaken in areas previously classified as indicated resources.
At Illawarra Metallurgical Coal, which South32 wholly owns and which is based in New South Wales in Australia, the coal resources estimate has been upgraded due to additional drilling undertaken in the past two years and the upgrading of reserves due to the company obtaining extraction approval for longwall panels.
Shares in South32 were up 2.3% on the news to 68.53 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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