Australian diversified miner South32 Ltd on Monday reported production of key commodities that largely met expectations but noted that shipping snarls had led to an inventory buildup, impacting working capital.
The logo of Australian miner South32 can be seen at the venue of a media conference in Perth, Western Australia, November 18, 2015. REUTERS/David Gray/File Photoon Monday reported production of key commodities that largely met expectations but noted that shipping snarls had led to an inventory buildup, impacting working capital.
Delayed shipments of inventories - mostly aluminium - tied up an extra $100 million of working capital in the December half year. In October, South32 finalised a new enterprise agreement at the mine with a term of four years to 2026 to deal with continued workers strike over pay hikes. It also cut guidance at its Cannington silver-zinc mine by 11% partly due to lower availability of labour.
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