South32 delays FeMn restart, braces for writedown, plans to ship more Mn ore

South32 may write down its stake in Samancor Manganese, will delay the restart of three furnaces at its manganese alloy operation in South Africa and will seek logistics capacity to export additional manganese ore.

“South32 also confirms that a review of the fair value of its interest in the Samancor Manganese joint venture is currently underway,” the company said on Tuesday June 9, as it announced the delayed restart. South 32 – spun out of BHP Billiton this year – cited a 20% decline in high carbon ferro-manganese prices since the start of 2015 as the reason for the delay,...

Published

Janie Davies

June 09, 2015

17:00 GMT

London