Metal and mining company, South32 (ASX:S32) has announced its net cash rose by US$48 million to US$726 million in the March 2019 quarter, despite a further US$37 million being allotted to its share buy-back and increasing working capital.
Quarter on quarter production fell across most areas of the business, while payable lead production rose 10 per cent in the second quarter of 2019.
The BHP (ASX:BHP) spin off company dropped Alumina production guidance for FY19 in Worsley (Western Australian) by 4 per cent and dropped Brazil guidance by 5 per cent.
Meantime, the Perth based company saw record year-to-date ore production at Australia Manganese and increased its production guidance at both at its local and South African manganese operations for FY19, by 4 per cent each, on the back of favourable market conditions
Shares South32 (ASX:S32) closed 0.28 per cent lower at $3.51 yesterday.