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.

8 months ago
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