South32 Takes $372 Million Impairment on Africa Aluminum Smelter

Australian miner South32 Ltd. will take a $372 million impairment on its aluminum project in Mozambique that it said could shut next year, after it failed to secure an affordable energy supply.

The Mozal smelter, opened in 2000, is the largest industrial employer in Mozambique, according to South32, which holds a 64% stake in the project and its related transport infrastructure.