The lucrative operation is owned jointly with Anglo American. New filings show the two diversified miners are injecting more money to resume exports next year.
Already a subscriber?The repair bill at one of the world’s most lucrative manganese businesses has climbed beyond $171 million after South32 and Anglo American quietly pumped more money into their damaged Groote Eylandt operation off the Northern Territory coast.
Those close to the process said the money would not be entirely spent on repairs; some of it was required to cover costs while Groote was not earning income. South32 and Anglo control at least 10 per cent of the global manganese market and Groote’s outage triggered a rally in manganese prices from an average of $US3.47 a tonne in December to $US4.42 a tonne in the three months to June.
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