South32 shares tumble after withdrawing Mozal production guidance
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The news: Mining giant South32 has withdrawn the production guidance for its Mozal Aluminium business amid an operational impact due to civil unrest in Mozambique, sending its shares lower.
The numbers: The global miner had previously forecast 360,000 tonnes of aluminium output for FY25 from the Mozambique smelter.
South32 shares are down nearly 4% to $3.53 in early trading on the ASX.
The context: The company said the escalating civil unrest and road blockages in the southeast African nation has affected the transport of raw materials to Mozal Aluminium.
It said the workforce is safe and there have been no security incidents, and it has implemented contingency plans to mitigate operational impacts.
Mozambique has been rocked by protests over disputed elections in October, prompting neighbour South Africa to indefinitely close its main border crossing with the country.
The source: ASX announcement
