South32 Limited
(ASX:S32) has announced changes to its estimates of mineral/coal resources and ore/coal reserves for three of its key operations.
The company has reported a 21 per cent increase in total Mineral Resources for Cannington, upgrades to coal resources for Illawara Metallurgical Coal and an upgrading of mineral resources for Gemco.
After the BHP-spin off failed to impress with its profit result, the company is aiming to reduce costs by $US350 million over the next three years.
South32 reported a pro forma profit of US$28 million for FY2015.