August 22, 2018 / 10:26 PM / a month ago

Australia's South32 annual profit up 16 pct, backed by manganese demand

Aug 23 (Reuters) - The world’s largest manganese miner South32 Ltd on Thursday posted a 16 percent rise in its annual underlying earnings, as healthy demand for manganese helped offset tepid coal output due to technical hurdles at a mine.

Underlying earnings jumped to $1.33 billion from $1.15 billion the previous year, better than analysts’ expectations of around $1.32 billion.

South32, which was chipped off mining giant BHP Billiton in 2015, resolved to pay a final dividend of 6.2 cents a share. It had paid 6.4 cents per share in 2017.

Reporting by Devika Syamnath in Bengaluru Editing by Chris Reese

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