South32 Ltd Increase in Mineral Resource and Ore Reserves
Increase in Mineral Resource and Ore Reserves: South32 Ltd has witnessed a 42% increase in total estimated open cut Mineral Resource to 29 Mt with a 20% reduction in total estimated underground Mineral Resource at its Cannington silver-lead-zinc mine. Further, there has been a 24% rise in Measured Mineral Resources because of a reclassification, and this considered confidence in both geological and grade estimation continuity. S32 also reported a 9% increase in total estimated underground Ore Reserves with a 31% increase in Proved Ore Reserves, at the back of additional drilling and an updated resource model and mine plans. The group had earlier postednet profit of US$1.2 billion and revenue of US$6.95 billion, up 20%, for the year ending June 30, 2017, at the back of high operating leverage and stronger commodity prices. A key highlight of the group’s result was free cash flow more than tripling to US$1.9 billion. Accordingly, S32 could announce a fully franked final dividend of US$334 million, representing half of the miner’s underlying earnings in the second half. S32 had demonstrated a robust performance across its aluminium supply chain, including record production at Mozal Aluminium. Further, there was a cumulative saving of about US$700 million over two years driven by a US$360 million reduction in controllable costs.
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