South32 (ASX:S32) shares drop 16%, focus on manganese rail contract
South32 shares opened at A$4.14 Wednesday, down 0.24% and 16.4% below their 52-week high, erasing nearly A$3.6 billion in equity. The company’s South African manganese mines produced 500,000 wet metric tonnes last quarter, slightly up year-on-year but below analyst consensus. No new filings since June 16; analysts cite logistics costs and rival Exxaro’s updates as key signals. Market cap stands at A$18.57 billion.