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Investing.com-- Australia’s South32 (OTC:SOUHY) Ltd (ASX:S32) on Monday reported a strong recovery in its manganese operations as quarterly production exceeded guidance after being hit by storm delays.
The Perth-based miner reported manganese ore production of 1.1 million wet metric tons (wmt) for the June quarter, up sharply from 534,000 wmt a year earlier, as operations resumed following Tropical Cyclone Megan’s impact.
Still, Australia manganese operations are expected to report an underlying EBITDA loss of $100 million to $120 million in fiscal 2025 as the unit recovers from disruptions caused by the cyclone.
The company also posted a 20% jump in copper output and 6% growth in aluminium for the full year. It highlighted progress at its Hermosa project in Arizona, where it invested $517 million this year, while continuing to streamline its portfolio with the divestment of Cerro Matoso.
Sydney-listed shares of the company rose nearly 2% to A$2.95 in early trading hours.