South32 Limited
(ASX:S32) has announced the outcome of the South Africa Manganese strategic review and its intention to substantially reduce cash costs at a number of operations.
As a result of the fall in commodity prices, the company also expects to book pre-tax non-cash charges of US$1.7 billion when it reports its December 2015 half-year financial results.
South32 says the strategic review will allow the company to re-base manganese ore production at a significantly lower level, while reducing Rand denominated mine gate costs.
The company’s half year results will be released on the 23rd of February.
South 32 reported a net loss of $1.2 billion at 30 June 2015.
