South32 rises on completion of production update

London – South32 rose 2.05 percent on the JSE yesterday to trade at R18.88 a share, following the release of its production update, which showed that the strategic review it undertook on its South African manganese operations had been completed and mining had resumed.

South32, which was spun off from BHP Billiton’s non-core assets last year, said it was on track to deliver $300 million (R4.3 billion) cost savings this year after the uphill battle with a drastic drop in commodity prices that necessitated the restructuring to ensure flexibility and efficiency.