South32 is planning to cut costs by $350m a year over the next three years and reduce sustaining capital expenditure by 9% to $650m in financial year 2016.
South32 is planning to cut costs by $350m a year over the next three years and reduce sustaining capital expenditure by 9% to $650m in financial year 2016.
The company made the announcement when it revealed its financial results for 2015 financial year which increased by 56% to $1.0bn.
Previously the company said that it would write-down the value of its manganese assets and revealed a further $416 m of asset impairments.
South32 chief executive officer Graham Kerr said: "By optimising the performance of our existing assets, converting high value brownfield resources into reserves, and identifying new opportunities we will maximise return on invested capital and deliver sector-leading total shareholder returns."
Kerr added: "The implementation of our regional operating model and broader cost saving initiatives are already delivering strong results.
"Over the next three years, we are seeking to reduce controllable costs by at least US$350M per annum."