Diversified miner South32 has reported a 71% fall in profits before tax as the Covid-19 pandemic decimated commodity prices, with the miner flagging a change in focus towards base metals over the next five years.
South32 on Thursday announced a loss after tax of $65-million for the 12 months ended June, compared with a profit of $389-million in the 2019 financial year.
“Given the extraordinary circumstances and volatility caused by the pandemic we have been quick to act to protect our strong financial position. During the year we re-designed and re-prioritised our capital expenditure programmes, maintained strong control over our operating costs and suspended our on-market share buy-back,” CEO Graham Kerr said on Thursday.