Following a substantial annual profit slump, shares of South32 fell up to 3.2% to A$3.63, marking their most significant intraday percentage decrease since May 25.

The diversified miner posted underlying earnings for the year at $916 million, quite a drop-off from the fiscal 2022 figure of $2.60 billion.

The company reported an annual statutory loss of $173 million, attributing it to a notable $1.3 billion one-off charge related to its Taylor sulphide deposit at the Hermosa project.

South32 has revised its cost forecast upward for most of its mines for fiscal 2024.

The company intends to extract 5 million metric tons of coal from its Illawarra mine in financial year 2024, a slight reduction from an earlier estimate of 5.3 million metric tons.

For the current year, South32’s stock has declined 6.3% as of the last closing.

South32 is a multinational mining company that operates mines in Australia, South Africa, and South America.