South32 (S32) cut full-year guidance for its giant Cannington mine in Queensland after crucial infrastructure was damaged by an underground fire. Repairs will take a month to complete, forcing the BHP Billiton (BLT) spin-off to reduce its silver output estimate by around 13 per cent to 16.5m ounces (oz), compared with previous guidance of 19.1m oz. Similarly, lead and zinc production of 135,000 tonnes and 70,000 tonnes, respectively, have fallen from previous estimates of 163,000 tonnes and 80,000 tonnes.
It wasn't all bad news. The miner and General Electric have announced a three-year strategic partnership to assist in the development of South32's technology road map through utilisation of the conglomerate's Predix platform, which integrates industrial equipment with digital analysis technology. The miner also signed an option agreement with Toronto-listed Trilogy Metals in which it will invest initial funds of $30m (£24m) towards the development of a copper prospect in the Ambler mining district in Alaska.
