South32 Mulls Manganese Writedown as Samancor Furnaces Stay Shut
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South32 Ltd., the mining company spun off from BHP Billiton Ltd., said it may reduce the value of its 60 percent stake in a South African manganese venture as it keeps furnaces shut due to low prices for the steelmaking ingredient.
It will delay restarting three of the four ferromanganese furnaces in its Samancor venture with Anglo American Plc after prices declined 20 percent since July, South32 said in a statement on Tuesday. The smelters were first shut due to maintenance, said Lulu Letlape, a spokeswoman for South32, which operates the venture.