South32 announces record profits in 2016

Mining and base metals company, South32 has announced its first dividend to investors following a record $620 million profit.

The company has seen a resurgence in the price of coking coal turning the company’s accounts back into the black following last year’s significant $1 billion loss.

South32’s CEO is now firmly focused on acquiring new assets including Peabody Energy’s Metropolitan Colliery to boost its operations on the South Coast.

“The proposed US$200 million acquisition of the Metropolitan Colliery is expected to create additional value and realise unique synergies with Illawarra Metallurgical Coal.” Chief Executive Graham Kerr said.

The mine is located between Sydney and Wollongong in Helensburgh and currently employs 250 employees.