• 34ºc, Sunny

South32 is continuing to implement an operational recovery plan for its Australian manganese operations

Gold Ten Futures, August 29th, according to foreign media reports, Australian diversified mining company South32 reported a 59% drop in its annual profit on Thursday, beating market expectations and announced that it will buy back shares worth $200 million. Previously, the company outlined a growth return plan for its Australian manganese operations. As the world's largest manganese producer, South32 said in a statement that it is continuing to implement an operational recovery plan for its Australian manganese operations, which were affected by a temporary shutdown at a major mine earlier this year. The company expects its Australian operations to produce about 1 million tonnes of manganese by fiscal 2025. With the completion of the operational recovery, production is expected to increase to 3.20 million tonnes by fiscal 2026.