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South32 Ltd(ASX: S32) share price is on the rise in early morning trade after the company made three announcements this morning.
The metals and mining company first released a mineral resource update from its Hermosa Project. Then it announced it will face a US$728 million pre-tax impairment charge for its Illawarra Metallurgical Coal operations. Finally, South32 released a report detailing its activities over the recent quarter.
Right now, the South32 share price is $2.88 – 2.49% higher than its closing price yesterday.
Let’s start by taking a look at South32’s quarterly report.
The news driving the South32 share price
South32 still sweating on approvals for thermal coal exit
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South32’s difficult exit from its thermal coal business in South Africa drags on, with final approvals for a sale to Seriti Resources still outstanding.
Graham Kerr-led South32 said on April 1, when it announced revised sale terms, that it thought approvals were just “weeks away”, but the company’s quarterly results released on Tuesday show no further progress.
South32 chief executive Graham Kerr: “We expect the global economic recovery combined with fiscal stimulus to continue, driving a rebound in metal demand and sustaining higher prices for many of our key commodities.”