The ASX-listed multinational miner has posted a decline in output across most of the commodities it produces.
South32 shares lost 10 per cent of their value after the miner downgraded full-year production guidance for five mine sites after suffering a double-digit collapse in silver, lead and zinc production in the March quarter.
Glyn Lawcock, an analyst at broker Barrenjoey, said the March quarter was below expectations, “with every commodity missing consensus”. South32 cut full-year guidance at Mozal Aluminum in Mozambique by 8 per cent, the Cannington silver and lead mine in Queensland by 6 per cent, and the Cerro Matoso nickel mine in Columbia and the Appin metallurgical coal mine in NSW by 7 per cent.At Mozal Aluminium, South32 reduced output and downgraded guidance to 340 kilotons after flooding waylaid a “safe recovery plan” following worker fatalities in November.