Shares to open higher; Rio spends $US700m on recycling JV; Austal flags potential earnings downgrade; Pact extends Woolies contract; Insignia sells IOOF to Australian Unity. Follow updates here.
South32 will record a $US1.3 billion non-cash impairment for its Arizona-based zinc-lead-silver sulphite deposit in its FY23 results.
The mining company cited delays from COVID-19, significant dewatering requirements and inflationary market conditions for the loss from the Taylor deposit, which is part of the Hermosa Project in the Patagonia Mountains. South32 also announced an upgrade to its mineral resource estimate for the Taylor deposit to 153 megatonne, averaging 3.53 per cent zinc, 3.83 per cent lead and 77 grams per tonne of silver.
The upgrade, it said, included a 41 per cent increase in the Measured Mineral Resource, “providing a compelling base to underpin future production. The deposit remains open in several directions, offering the potential for further growth”. Separately, the mining company said copper equivalent production increased by 9 per cent in the June quarter, underpinned by a return to stable operations following adverse weather and other temporary impacts in the prior quarter.
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