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Why the South32 share price is falling today

Motley Fool Staff
Share price plummet

The South32 Ltd (ASX: S32) share price has taken a hit today after making an announcement to the ASX. S32 shares have fallen 2.27% at the time of writing to $2.80.

The catalyst for this move appears to be a reaction to the aforementioned announcement South32 made to the ASX. This provided notice that the company has “exercised its option to acquire a 50% interest in a joint venture company that will own the Upper Kobuk Mineral Projects located in northwest Alaska.” The joint venture will be alongside Trilogy Metals Inc. – a Canadian/American mining company.

The projects are located in the Ambler Mining District and includes “the high grade, polymetallic Arctic deposit, the Bornite copper deposit and a highly prospective regional exploration portfolio.”

Trilogy will be contributing its existing Project assets to the venture, whilst South32 will be contributing US $145 million in cash.

South32 Chief Executive Officer, Graham Kerr had this to say about the announcement:

Investing in exploration to create shareholder value is integral to our Group’s strategy. Forming the UKMP Joint Venture will be another important milestone as we reshape and improve our portfolio, by adding high-quality copper and base metals development options.

The decision to exercise the option follows a successful exploration partnership with Trilogy Metals and is an exciting step forward.

The post Why the South32 share price is falling today appeared first on Motley Fool Australia.

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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019