Company news: South 32
South32 announced the culmination of a review into its South African Manganese operations. The operations will be downsized, including a 620 employee reduction, and lower production volumes. It has, though, retained the ability to scale up production for an eventual recovery in prices. More broadly, the company continues its focus on cost reduction, with further employee reduction expected over the remainder of FY-16. The market viewed this announcement favourably. Not unexpectedly, South32 also announced a non-cash write-down in asset values of US$1.7b (driven by lower commodity prices).