South32 shares rise despite manganese mine suspension
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More news: South32 shares were 4% higher to $3.12 by 3:21pm AEDT despite the suspension of its manganese mine operations due to cyclone damage.
The Perth-based miner said initial inspection indicated that Tropical Cyclone Megan had caused structural damage to the wharf at its manganese mine on Groote Eylandt off the northeast coast of the Northern Territory.
South32 suspends manganese mine work due to cyclone damage
The news: South32 has suspended operations at its manganese mine on the island Groote Eylandt, off the northeast coast of Northern Territory, due to damage caused by Tropical Cyclone Megan.
The numbers: Megan is a category two cyclone in the Gulf of Carpentaria, with recorded wind gusts of up to 155 kilometres per hour.
The context: South32 said that severe weather conditions continue to impact Groote Eylandt – the largest island in the Gulf of Carpentaria and the fourth largest island in Australia – and is closely monitoring the situation.
The Perth-based miner said initial inspection indicate the cyclone has caused structural damage to the wharf. The full impact of the damage and subsequent disruption to production and sales volumes will be assessed when access to the port and other infrastructure is restored.
The source: ASX announcement
