South32 Ltd. (SOUHY.PK, SHTLF.PK), an Australian mining and metals corporation, disclosed that its net loss after tax attributable to shareholders for the fiscal year ending June 30, 2024, expanded to US$203 million, compared to the US$173 million loss reported the previous year. This increased loss was primarily driven by impairment expenses associated with Worsley Alumina and Cerro Matoso, partially mitigated by an impairment reversal for Illawarra Metallurgical Coal. The basic loss per share stood at 4.5 US cents, up from 3.8 US cents in the prior year.The company’s underlying earnings fell significantly to US$380 million, down from US$916 million the year prior.Revenue from continuing operations decreased to US$5.479 billion, compared to US$5.646 billion in the previous year. The underlying revenue saw an 8% decrease, amounting to US$8.296 billion in fiscal year 2024, primarily due to reduced average commodity prices and lower production volumes. This was notably influenced by planned longwall moves at Illawarra Metallurgical Coal and the impact of Tropical Cyclone Megan on Australia Manganese operations.The Board has approved a final dividend of 3.1 US cents per share for the year ending June 30, 2024. Shareholders on record as of September 20, 2024, will be eligible for the dividend, which is scheduled for distribution on October 17, 2024.Looking forward to fiscal year 2025, South32 Ltd. anticipates a 17% increase in low-carbon aluminium production, driven by the ongoing ramp-up of Brazil Aluminium and the recovery plan of Mozal Aluminium. Additionally, the company projects a 15% rise in copper production as Sierra Gorda achieves higher planned grades.The material has been provided by InstaForex Company – www.instaforex.com
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