Last checked at 
(Alliance News) - South32 Ltd on Monday reported a mixed production performance for the third quarter, with copper output down sharply, but kept its annual production guidance unchanged, with the exception of estimate for Australian manganese.
The Perth-based miner said copper production declined 15% to 45,500 tonnes in the nine months that ended March 31 from 53,400 tonnes a year earlier. Output fell by 10% to 13,900 tonnes in the third quarter from 15,500 tonnes in the same quarter a year before and by 11% from 15,600 tonnes in the second quarter.
Aluminium production for the nine-month period edged up 0.7% to 853,000 tonnes from 847,000 tonnes, as Hillside Aluminium achieved record production and Brazil Aluminium continued to ramp up toward nameplate capacity. Output inched down 0.4% to 278,000 tonnes on-year from 279,000 tonnes and was down 3.1% from 287,000 tonnes in the previous quarter.
Year-to-date, alumina production slipped 1.0% to 3.81 million tonnes from 3.85 million tonnes, as South32 completed planned calciner maintenance at Worsley Alumina, while Brazil Alumina remained on track to achieve production guidance. For the third quarter alone, production was up 0.1% to 1.24 million tonnes annually from 1.23 million tonnes. But quarter-on-quarter output was down 3.4% from 1.28 million tonnes.
For nine months, zinc production was 0.7% higher at 43,300 tonnes from 43,000 tonnes. Output rose 13% to 14,300 tonnes in the third quarter from 12,600 tonnes a year before, but was down 9.5% from 15,800 tonnes in the second quarter.
Lead production for nine months grew 14% to 83,600 tonnes from 73,400 tonnes. For the third quarter, output rose 18% to 24,800 tonnes annually from 21,000 million tonnes, but it fell 18% quarterly from 30,300 tonnes.
Silver production increased 21% to 10,049 ounces year-to-date from 8,291 ounces a year before. Production rose 23% to 3,050 ounces year-on-year in the third quarter from 2,479 ounces, but dropped 16% from 3,624 ounces quarterly.
Nine-month nickel production fell 4.9% to 29,100 tonnes from 30,600 tonnes. Third-quarter output rose by 5.9% to 10,800 tonnes on-year from 10,200 tonnes and by 8.0% from 10,000 tonnes on-quarter.
Coal production declined 24% to 3.0 million tonnes for the nine-months from 3.9 million tonnes a year before. Output for the third quarter was up 0.3% to 1.244 million tonnes from 1.240 million tonnes a year before and surged 67% from 744,000 tonnes in the second quarter.
Manganese production declined 5.5% to 3.96 million wet tonnes for nine months from 4.19 million wet tonnes a year before. For the third quarter, output fell 6.8% to 1.17 million wet tonnes annually from 1.26 million wet tonnes, and was down 7.6% from 1.27 million wet tonnes on-quarter.
South32 withdrew its annual production guidance for its manganese business Groote Eylandt Mining Co Pty Ltd, which remained temporarily suspended due to Tropical Cyclone Megan.
But the miner otherwise kept its annual production guidance for 2024 financial year unchanged.
South32 Chief Executive Officer Graham Kerr said the latest quarterly performance represented "improved operating results".
"With the exception of Australia Manganese, our FY24 production and operating unit cost guidance is unchanged, placing us in a strong position to capitalise on strengthening market conditions for many of our key commodities," he said.
South32 shares up 3.7% to 174.60 pence early Monday in London. They were up 1.5% to ZAR40.90 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
