South32 shares fell 12.9% on Monday due to $818m impairment charges, including $554m on Worsley alumina and $264m on Cerro Matoso.

South32 shares fell sharply on Monday as the Australian miner reported $818m of impairment charges, with shares tumbling as much as 12.9% in Sydney. The company announced a pre-tax writedown of $554m on the value of its Worsley alumina asset, while the value of its Cerro Matoso nickel project in Colombia was reduced by $264m. The Worsley alumina refining project southwest of Perth faces "significant operating challenges" due to conditions imposed by the Western Australia government, which could impact the future of the refinery.

July 22, 2024
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