South32 to Slash 1,750 Jobs as First-Half Profit Slumps 94%
- Producer booked $1.7 billion writedown on lower prices
- Total workforce to fall 17% compared to level in fiscal 2015
South32 CEO on Earnings, Restructuring, Commodities
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South32 Ltd., the world’s biggest manganese producer, will cut its global workforce by at least 1,750 and reported a 94 percent drop in first-half earnings after the collapse in commodity prices.
Underlying earnings were $26 million in the six months ended Dec. 31, from a pro forma $460 million a year earlier, the Perth-based miner said Thursday in a statement. The producer had a net loss of $1.75 billion.