(MENAFN) South32, the Australian aluminum-to-manganese producer, announced an estimated pre-tax impairment of USD1.9 billion on the value of the firm's manganese and thermal coal operations, Bloomberg reported.
South32, BHP, and Anglo American are currently flagging charges as commodity prices collapse. The Bloomberg Commodity Index of 22 raw materials, variegated from silver to gas, has drastically gone down amid unstable demand in China, the chief consumer of energy to metals.
The USD1.9 billion of impairments largely counterbalances an earlier assessment increase on the Australian and South African manganese businesses of USD2.1 billion, South32 said in a corporate statement.
"There's no doubt that we are seeing pressure on commodities. The write-downs are largely what we might have expected," an analyst from Sydney commented in a statement.
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