Why is S32 Share Price falling?, page-479

I think that the manganese operation did well in both South Africa and Australia, up on last year overall, but its the Mn alloy smelting business thats dragging it down. I've been saying this for a while, S32 cannot compete with the low power cost smelters in Sarawak Malaysia.
South Africa smelter runs at a loss, might as well close it down. The power problems in South Africa will continue and S32 will only continue to lose money if the smelter isn't shut down or sold. ( I doubt whether anybody would be dumb enough to buy a smelter in South Africa with the power fiasco.)
TEMCO in Tasmania is barely profitable, in fact in the 2nd half they're close to losing money, the 2nd half has been propped up by the first half. Its been slipping lower every half year. Time to shut it down and move out of Australia if S32 wants to continue in the smelting business.
Manganese ore is helping to prop up the company and is the most profitable segment.

According to the Financial Results Presentation it won't be long before the company is managed totally by Black Women ie Black People (a)
Slide 5