South32 Ltd (S32J.J)
23 Aug 2019
Australian miner South32 Ltd reported a bigger-than-expected 25% drop in annual profit as the trade war between China and the United States hurt aluminum prices, sending its shares lower by as much as 5.8% on Thursday.
* Shares drop to their lowest in over 2 years (Recasts to add details from statement, analyst comments, background on trade war and coal, and share performance)
HONG KONG (Reuters Breakingviews) - A Glencore coal split could scratch multiple itches. The $42 billion commodities giant is the world's largest thermal coal exporter, at a time when miners are under growing pressure from investors to clean up. Separating the dirty fuel from the rest would help that, and more. It might even make sense for boss Ivan Glasenberg to lead the carve-out.
Australia's South32 Ltd on Thursday reported a 69% jump in full-year coking coal production, beating analyst estimates, as the diversified miner ramped up production at its Illawarra project.
* Receives bids for South Africa Energy Coal assets in June qtr (Adds details of manganese smelter review, S. Africa coal bids)
July 18 Diversified miner South32 Ltd reported a 17.4% rise in coking coal output in the fourth quarter on Thursday, helped by strong production at its Illawarra project. Production of the steel-making ingredient, known as metallurgical or coking coal, came in at 1.3 million tonnes in the June quarter, compared with 1.1 million tonnes a year earlier. (https://reut.rs/2xPuM64)
LONDON/JOHANNESBURG, June 20 Seriti Resources and a consortium backed by global energy trader Mercuria are among up to six groups to have submitted final bids for the South African coal assets of South32, four sources familiar with the matter told Reuters.
OSLO Norway's $1 trillion sovereign wealth fund may have to sell a $1 billion stake in commodities firm Glencore and other investments to meet tighter ethical investing rules adopted by its parliament.
OSLO Norway's $1 trillion (785.24 billion pounds) sovereign wealth fund may have to sell a $1 billion stake in commodities firm Glencore and other investments to meet tighter ethical investing rules adopted by its parliament.
* Graphic of largest SWFs: http://tmsnrt.rs/2tskfub (Updates with passing into law, updates comments in last paragraph)