TIDMS32
RNS Number : 9233Q
South32 Limited
23 October 2023
QUARTERLY REPORT
September 2023
-- FY24 production guidance remains unchanged across all operations.
-- Manganese ore production increased by 4% , with a quarterly record
at South Africa Manganese and a strong start to the year at Australia
Manganese.
-- Alumina production increased by 3%, as Brazil Alumina recovered
from temporary port infrastructure outages, while Worsley Alumina
completed planned calciner maintenance.
-- Hillside Aluminium continued to test its maximum technical capacity
and low-carbon aluminium(1) production from Brazil Aluminium and
Mozal Aluminium increased by 2%.
-- Illawarra Metallurgical Coal production decreased by 33%, as the
operation commenced an extended planned longwall move at the Dendrobium
mine. A new industrial agreement covering deputies at the Appin
mine was finalised subsequent to the end of the quarter.
-- Sierra Gorda payable copper production decreased by 8%, as higher
throughput delivered by the plant de-bottlenecking project was offset
by lower planned copper grades.
-- Cannington payable zinc equivalent production decreased by 6%, due
to lower planned zinc grades in the quarter, with the operation
remaining on-track to deliver 11% production growth in FY24.
-- Cerro Matoso payable nickel production decreased by 19%, as the
operation was impacted by planned plant maintenance and a temporary
disruption to gas supply.
-- We commenced federal permitting at our Hermosa project under FAST-41
and remain on-track to complete the feasibility study for the Taylor
zinc-lead-silver deposit in Q2 FY24.
South32 Chief Executive Officer, Graham Kerr : "We have
maintained annual production guidance for all of our operations
with a strong start to the year at our manganese operations, a 34
per cent increase in production at Brazil Alumina and continued
growth in low-carbon aluminium volumes.
"With macroeconomic conditions creating headwinds for many of
our commodities, we remain focused on driving operating performance
and cost efficiencies. This focus, along with our production growth
in commodities critical for a low-carbon future, positions us well
to capture higher margins as market conditions improve.
"Our disciplined approach to capital management allowed us to
return a further US$22 million with the continuation of our US$2.4
billion capital management program, and following the end of the
period, pay our US$145 million fully-franked ordinary dividend in
respect of the prior six months.
"During the quarter, we continued to advance our portfolio of
high-quality growth options in critical commodities. At our Hermosa
project, we commenced federal permitting for the Taylor and Clark
deposits under FAST-41 and remain on-track to complete Taylor's
feasibility study in the December 2023 quarter."
Production summary
YTD
South32 share YTD FY23 FY24 YoY 1Q23 4Q23 1Q24 QoQ
Alumina production (kt) 1,257 1,290 3% 1,257 1,249 1,290 3%
Aluminium production
(kt) 279 288 3% 279 286 288 1%
Payable copper production
(kt) 19.0 16.0 (16%) 19.0 17.3 16.0 (8%)
Payable silver production
(koz) 2,748 3,375 23% 2,748 3,522 3,375 (4%)
Payable lead production
(kt) 24.6 28.5 16% 24.6 28.3 28.5 1%
Payable zinc production
(kt) 14.0 13.2 (6%) 14.0 16.2 13.2 (19%)
Payable nickel production
(kt) 9.6 8.3 (14%) 9.6 10.2 8.3 (19%)
Metallurgical coal production
(kt) 1,270 1,043 (18%) 1,270 1,504 1,043 (31%)
Manganese ore production
(kwmt) 1,460 1,518 4% 1,460 1,455 1,518 4%
Unless otherwise noted: percentage variance relates to performance
during the September 2023 quarter compared with the September 2022
quarter (YoY), or the September 2023 quarter compared with the June
2023 quarter (QoQ); production and sales volumes are reported on an
attributable basis.
Corporate Update
-- Supporting our commitment to deliver improved safety performance,
we continued to implement our multi-year Safety Improvement Program,
including significant investment in safety leadership through our
'Lead Safely Every Day' training.
-- We remain focused on driving cost performance to mitigate industry-wide
inflationary pressure. During the quarter, we initiated a Group-wide
review that is expected to deliver a reduction in expenditure across
our operations and functions in FY24 and FY25.
-- Net debt(2) increased by US$299M to US$782M during the September
2023 quarter with lower commodity prices, and a temporary build in
working capital of US$250M as we made payments accrued in the prior
period and our high value aluminium inventory increased by US$100M.
We expect to lower our aluminium inventory position to normalised
levels during the December 2023 quarter, as Brazil Aluminium makes
its first planned export sales and we drawdown inventory in our Southern
African value chain.
-- We invested in productivity and improvement activities across our
portfolio, allocating US$180M to safe and reliable, and improvement
and life extension, capital expenditure(3) . This included our planned
investment to support Illawarra Metallurgical Coal's transition to
a more efficient single longwall configuration at the Appin mine
from FY25 and additional ventilation capacity to enable mining in
Appin's Area 7 until at least 2039(4) .
-- We received net distributions(5) of US$33M (South32 share) from our
equity accounted investments (EAI) during the September 2023 quarter,
including US$15M from our manganese business and US$18M from Sierra
Gorda.
-- We allocated US$22M to our on-market share buy-back during the September
2023 quarter, purchasing a further 10M shares at an average price
of A$3.34 per share. Our US$2.4B capital management program is 95%
complete with US$112M remaining to be returned ahead of its extension
or expiry on 1 March 2024(6) .
-- Subsequent to the end of the quarter, we paid a fully-franked ordinary
dividend of US$145M in respect of the June 2023 half year.
-- Our FY24 Underlying effective tax rate (ETR) is expected to reflect
the corporate tax rates and earnings of the jurisdictions in which
we operate(7) , including our manganese business and Sierra Gorda
on a proportional consolidated basis (including royalty related taxes
for Australia Manganese and Sierra Gorda). The impact of permanent
differences can have a disproportionate effect on our Underlying
ETR when profit margins are compressed.
-- Separately, the Group made tax payments of US$39M (excluding EAIs)
during the September 2023 quarter, as cash tax normalised following
one-off portfolio related tax payments in the prior period.
Development and Exploration Update
Hermosa project
-- We invested US$71M of growth capital expenditure as we progressed
construction of key infrastructure and commenced federal permitting
for our Taylor zinc-lead-silver and Clark battery-grade manganese
deposits.
-- We expect to complete the feasibility study and an independent peer
review for the Taylor deposit in the December 2023 quarter and announce
the study results and a final investment decision in the March 2024
quarter.
-- We commissioned the second water treatment plant, a key milestone
in our critical path dewatering activity, and are on-track to commence
construction of the Clark exploration decline in the December 2023
quarter.
-- We submitted a mine plan of operations for both the Taylor and Clark
deposits with the US Forest Service, commencing the federal permitting
process under FAST-41(8) .
-- We directed US$6M to capitalised exploration during the September
2023 quarter, as we continued exploration drilling at our copper-lead-zinc-silver
Peake prospect, to follow-up recent high-grade copper exploration
results(9) .
Greenfield exploration
-- We invested US$9M in our greenfield exploration opportunities during
the September 2023 quarter, including a first time exploration drilling
program at our 100% owned Roosevelt project in Alaska.
-- Consistent with our focus on adding prospective base metals options,
we acquired an additional 4.9% equity interest in Aldebaran Resources
Inc. (Aldebaran Resources) for approximately US$8M, taking our ownership
to 14.8%. Aldebaran Resources has an earn-in to acquire an 80% interest
in the Altar copper project in San Juan, Argentina.
Other exploration
-- We invested US$15M (US$11M capitalised) in exploration programs at
our existing operations and development options during the September
2023 quarter, including US$6M at the Hermosa project (noted above,
all capitalised), US$1M at Ambler Metals (all capitalised) and US$2M
for our Sierra Gorda EAI (all capitalised).
Production Summary
Production guidance FY23 YTD FY24 FY24e (a) Comments
(South32 share)
Worsley Alumina
Alumina production (kt) 3,839 972 4,000 Calciner maintenance completed in Q1 FY24
Further calciner maintenance scheduled in
Q3 FY24
Brazil Alumina (non-operated)
Alumina production (kt) 1,262 318 1,400 Recovered from temporary port
infrastructure outages
Brazil Aluminium (non-operated)
Aluminium production (kt) 69 24 100
Hillside Aluminium(10)
Aluminium production (kt) 719 180 720
Mozal Aluminium(10)
Aluminium production (kt) 345 84 365
Sierra Gorda (non-operated)
Payable copper equivalent production(11)
(kt) 86.5 20.3 89.0
Payable copper production (kt) 70.7 16.0 67.0
Payable molybdenum production (kt) 1.2 0.4 2.5
Payable gold production (koz) 28.8 6.3 22.5
Payable silver production (koz) 630 145 550
Cannington
Payable zinc equivalent production(12) (kt) 259 .6 70.3 287.2
Payable silver production (koz) 11,183 3,230 12,500
Payable lead production (kt) 101.7 28.5 115.0
Payable zinc production (kt) 59.2 13.2 62.0
Cerro Matoso
Payable nickel production (kt) 40.8 8.3 40.5 Planned maintenance and a temporary
disruption to
third-party gas supply
Illawarra Metallurgical Coal
Four longwall moves planned
Total coal production (kt) 6,520 1,168 5,000 in FY24
Metallurgical coal production (kt) 5,497 1,043 4,400
Energy coal production (kt) 1,023 125 600
Australia Manganese
Manganese ore production (kwmt) 3,545 890 3,400
South Africa Manganese
Manganese ore production (kwmt) 2,108 628 2,000
a. The denotation (e) refers to an estimate or forecast year.
Worsley Alumina (86% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Alumina production (kt) 920 972 6% 920 1,012 972 6% (4%)
Alumina sales (kt) 885 913 3% 885 1,111 913 3% (18%)
Worsley Alumina saleable production decreased by 4% (or 40kt) to
972kt in the September 2023 quarter as we completed planned
calciner maintenance. FY24 production guidance remains unchanged at
4,000kt with the refinery expected to deliver production at
nameplate capacity of 4.6Mt (100% basis) over the year. Further
planned calciner maintenance is scheduled for the March 2024
quarter.
Sales decreased by 18% in the September 2023 quarter as a
shipment slipped to the December 2023 quarter.
During the September 2023 quarter, we converted the first coal
fired boiler to natural gas, which will improve energy security and
reduce the refinery's operational greenhouse gas emissions(13) .
The second boiler conversion is on-track to be completed in the
June 2024 half year.
Brazil Alumina (36% share, NON-OPERATED)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Alumina production (kt) 337 318 (6%) 337 237 318 (6%) 34%
Alumina sales (kt) 313 272 (13%) 313 242 272 (13%) 12%
Brazil Alumina saleable production increased by 34% (or 81kt) to
318kt in the September 2023 quarter as the refinery continued its
recovery from the temporary port infrastructure outages in the
prior quarter. FY24 production guidance remains unchanged at
1,400kt.
Brazil AluminIUM (40% share, NON-OPERATED)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Aluminium production (kt) 8 24 200% 8 24 24 200% 0%
Aluminium sales (kt) 3 8 167% 3 26 8 167% (69%)
Brazil Aluminium saleable production was largely unchanged at
24kt in the September 2023 quarter as the smelter continued to
ramp-up all three potlines. FY24 production guidance remains
unchanged at 100kt.
During the September 2023 quarter, we progressed activity to
commence export sales of our share of the smelter's aluminium
production, having established initial sales volumes with domestic
customers. We expect to commence export sales and drawdown our
inventory position to normalised levels during the December 2023
quarter.
Hillside Aluminium (100% SHARE)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Aluminium production (kt) 179 180 1% 179 180 180 1% 0%
Aluminium sales (kt) 162 170 5% 162 185 170 5% (8%)
Hillside Aluminium saleable production was unchanged at 180kt in
the September 2023 quarter as the smelter continued to test its
maximum technical capacity despite the impact of elevated
load-shedding. FY24 production guidance remains unchanged at
720kt(10) .
Sales decreased by 8% in the September 2023 quarter as a
shipment slipped to the December 2023 quarter.
Mozal Aluminium (63.7% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Aluminium production (kt) 92 84 (9%) 92 82 84 (9%) 2%
Aluminium sales (kt) 87 77 (11%) 87 114 77 (11%) (32%)
Mozal Aluminium saleable production increased by 2% (or 2kt) to
84kt in the September 2023 quarter as the smelter continued to
implement initiatives to achieve planned equipment utilisation and
pot stability, while managing the impact of elevated load-shedding.
FY24 production guidance remains unchanged at 365kt(10) , with
higher volumes expected across the remainder of the year as
nameplate production rates are achieved.
Sales decreased by 32% in the September 2023 quarter as we built
inventory following a significant planned drawdown in the prior
quarter. We expect to lower our inventory position to normalised
levels during the December 2023 quarter.
SIERRA GORDA (45% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Payable copper equivalent
production(11) (kt) 22.5 20.3 (10%) 22.5 22.5 20.3 (10%) (10%)
Payable copper production
(kt) 19.0 16.0 (16%) 19.0 17.3 16.0 (16%) (8%)
Payable copper sales (kt) 19.2 15.3 (20%) 19.2 18.0 15.3 (20%) (15%)
Sierra Gorda payable copper equivalent production(11) decreased
by 10% or (2.2kt) to 20.3kt in the September 2023 quarter as higher
plant throughput delivered by the de-bottlenecking project, was
more than offset by lower planned copper grades. FY24 production
guidance remains unchanged at 89.0kt payable copper equivalent
(copper 67.0kt, molybdenum 2.5kt, gold 22.5koz and silver
550koz).
Sierra Gorda progressed the feasibility study for the fourth
grinding line expansion, which has the potential to sustainably
lift plant throughput by 18% to 57 to 58Mtpa (100% basis). The
feasibility study remains on-track to be completed in the June 2024
half year.
Cannington (100% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Payable zinc equivalent production(12)
(kt) 61.1 70.3 15% 61.1 74.5 70.3 15% (6%)
Payable silver production
(koz) 2,568 3,230 26% 2,568 3,368 3,230 26% (4%)
Payable silver sales (koz) 1,704 2,873 69% 1,704 3,244 2,873 69% (11%)
Payable lead production (kt) 24.6 28.5 16% 24.6 28.3 28.5 16% 1%
Payable lead sales (kt) 18.7 25.6 37% 18.7 26.0 25.6 37% (2%)
Payable zinc production (kt) 14.0 13.2 (6%) 14.0 16.2 13.2 (6%) (19%)
Payable zinc sales (kt) 14.9 13.9 (7%) 14.9 21.8 13.9 (7%) (36%)
Cannington payable zinc equivalent production (12) decreased by
6% (or 4.2kt) to 70.3kt in the September 2023 quarter as average
zinc grades declined due to the sequencing of lower grade stopes.
FY24 guidance remains unchanged at 287.2kt payable zinc equivalent
production (silver 12,500koz, lead 115.0kt and zinc 62.0kt).
Cerro Matoso (99.9% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Payable nickel production
(kt) 9.6 8.3 (14%) 9.6 10.2 8.3 (14%) (19%)
Payable nickel sales (kt) 9.0 8.5 (6%) 9.0 10.4 8.5 (6%) (18%)
Cerro Matoso payable nickel production decreased by 19% (or
1.9kt) to 8.3kt in the September 2023 quarter as
plant availability was impacted by planned maintenance and a
temporary reduction in third-party gas supply, while nickel grades
were sequentially lower in accordance with the mine plan. FY24
production guidance remains unchanged at 40.5kt, with improved
plant throughput and nickel grades expected across the remainder of
the year.
Sales decreased by 18% in the September 2023 quarter, reflecting
lower product availability. Price realisations for our ferronickel
product reflected a discount of 33% to the LME Nickel Index(14) ,
as market dynamics remained largely unchanged from the prior year
(FY23: 29% discount).
Illawarra Metallurgical Coal (100% sHARE)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Total coal production (kt) 1,595 1,168 (27%) 1,595 1,753 1,168 (27%) (33%)
Total coal sales(15) (kt) 1,390 1,196 (14%) 1,390 1,697 1,196 (14%) (30%)
Metallurgical coal production
(kt) 1,270 1,043 (18%) 1,270 1,504 1,043 (18%) (31%)
Metallurgical coal sales
(kt) 1,193 996 (17%) 1,193 1,529 996 (17%) (35%)
Energy coal production (kt) 325 125 (62%) 325 249 125 (62%) (50%)
Energy coal sales (kt) 197 200 2% 197 168 200 2% 19%
Illawarra Metallurgical Coal saleable production decreased by
33% (or 585kt) to 1,168kt in the September 2023 quarter as the
operation commenced an extended planned longwall move at the
Dendrobium mine. A new four-year industrial agreement covering
deputies at the Appin mine was finalised subsequent to the end of
the quarter.
FY24 production guidance remains unchanged at 5.0Mt with
production volumes expected to be weighted to H2 FY24, reflecting
the expected duration of planned longwall moves across the year
(two in Q2 FY24, two in Q4 FY24).
Australia Manganese (60% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Manganese ore production
(kwmt) 898 890 (1%) 898 869 890 (1%) 2%
Manganese ore sales (kwmt) 779 940 21% 779 866 940 21% 9%
Australia Manganese saleable production increased by 2% (or
21kwmt) to 890kwmt in the September 2023 quarter
as the operation achieved strong primary output, and continued
to operate the low-cost PC02 circuit above its design capacity,
delivering 11% of production (FY23: 11%). FY24 production guidance
remains unchanged at 3,400kwmt, subject to the impacts from the wet
season.
Sales increased by 9% in the September 2023 quarter, as improved
road haulage capacity and alternative shipping solutions supported
a planned drawdown in inventories. Our average realised price for
manganese ore sales was a discount of approximately 6% to the high
grade 44% manganese lump ore index(16) on a M-1 basis (FY23: 6%
discount), reflecting lower planned ore grades, as well as price
realisations for our PC02 product.
South Africa Manganese (ore 54.6% share)
South32 share YTD FY23 YTD FY24 YoY 1Q23 4Q23 1Q24 1Q24 vs 1Q23 1Q24 vs 4Q23
Manganese ore production
(kwmt) 562 628 12% 562 586 628 12% 7%
Manganese ore sales (kwmt) 473 518 10% 473 541 518 10% (4%)
South Africa Manganese continued its strong performance,
increasing saleable production by 7% (or 42kwmt) to a record
628kwmt in the September 2023 quarter. FY24 production guidance
remains unchanged at 2,000kwmt, with planned maintenance scheduled
for the December 2023 and March 2024 quarters.
Sales decreased by 4% in the September 2023 quarter, as
third-party port congestion impacted the timing of shipments. We
expect to complete additional shipments and drawdown inventories
during the December 2023 quarter.
Our realised price for manganese ore sales was a premium of
approximately 6% to the medium grade 37% manganese lump ore
index(17) on a M-1 basis (FY23: 6% premium), as we continued to
optimise our sales mix.
Notes
1. Refers to aluminium produced using renewable power.
2. Net debt number is unaudited and should not be considered as an
indication of or alternative to an IFRS measure of profitability,
financial performance or liquidity.
3. Group safe and reliable capital expenditure and improvement and
life extension capital expenditure (excluding EAIs). FY24 guidance
is US$690M.
4. The information in this announcement that relates to the Production
Target for Appin (up to 2039) of Illawarra Metallurgical Coal is
based on 21% Proved and 79% Probable Coal Reserves from Bulli (Appin).
Production Target cautionary statement - The Coal Reserves estimates
underpinning the Production Target have been prepared by Competent
Persons and reported in accordance with the JORC Code. The Coal
Resources and Coal Reserves estimates are available to view in South32's
FY23 Annual Report (http://www.south32.net) published on 8 September
2023. The stated Production Target is based on South32's current
expectations of future results or events and should not be solely
relied upon by investors when making investment decisions. Further
evaluation work and appropriate studies are required to establish
sufficient confidence that this target will be met.
5. Net distributions from our material equity accounted investments
(manganese and Sierra Gorda) includes net debt movements and dividends,
which are unaudited and should not be considered as an indication
of or alternative to an IFRS measure of profitability, financial
performance or liquidity.
6. Since inception, US$1.7B has been allocated to the on-market share
buy-back (788M shares at an average price of A$3.05 per share) and
US$525M returned in the form of special dividends.
7. The corporate tax rates of the geographies where the Group operates
include: Australia 30%, South Africa 27%, Colombia 35%, Mozambique
0%, Brazil 34% and Chile 27%. The Mozambique operations are subject
to a royalty on revenues instead of income tax. Sierra Gorda is
subject to a royalty related tax based on the amount of copper sold
and the mining operating margin, the rate is between 5% and 14%
for annual sales over 50kt of refined copper. This royalty is included
in tax expense.
8. Refer to market release "Hermosa Project Update" dated 8 May 2023.
In May 2023, our Hermosa project was confirmed by the US Federal
Permitting Improvement Steering Council, an independent federal
agency, as the first mining project added to the FAST-41 process.
9. Peake Prospect Exploration Target: The information in this announcement
that relates to Exploration Results for Peake prospect is extracted
from the announcement entitled (Hermosa Project - Mineral Resource
Estimate Update and Exploration Results) published on 24 July 2023
and is available to view on www.south32.net. The company confirms
that it is not aware of any new information or data that materially
affects the information included in the original market announcement.
The company confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified
from the original market announcement.
10. Production guidance for Hillside Aluminium and Mozal Aluminium does
not assume any load-shedding impact on production.
11. Payable copper equivalent production (kt) was calculated by aggregating
revenues from copper, molybdenum, gold and silver, and dividing
the total Revenue by the price of copper. FY23 realised prices for
copper (US$3.51/lb), molybdenum (US$21.28/lb), gold (US$1,821/oz)
and silver (US$21.9/oz) have been used for FY23, Q1 FY24 and FY24e.
12. Payable zinc equivalent production (kt) was calculated by aggregating
revenues from payable silver, lead and zinc, and dividing the total
Revenue by the price of zinc. FY23 realised prices for zinc (US$2,151/t),
lead (US$1,919/t) and silver (US$21.1/oz) have been used for FY23,
Q1 FY24 and FY24e.
13. The first boiler conversion is expected to reduce the refinery's
operational greenhouse gas emissions by up to 205,000 tonnes per
annum or 6% from FY23 levels.
14. Our realised price for nickel sales during the September 2023 quarter
was US$6.19/lb, which represented a 33% discount to the average
LME Nickel index price of US$9.23/lb.
15. Illawarra Metallurgical Coal sales are adjusted for moisture and
will not reconcile directly to Illawarra Metallurgical Coal production.
16. The sales volume weighted average of the Metal Bulletin 44% manganese
lump ore index (CIF Tianjin, China) on the basis of a one-month
lag to published pricing (Month minus one or "M-1") was US$4.53/dmtu
in the September 2023 quarter.
17. The sales volume weighted average of the Metal Bulletin 37% manganese
lump ore index (FOB Port Elizabeth, South Africa) on the basis of
a M-1 basis was US$2.99/dmtu in the September 2023 quarter.
The following abbreviations have been used throughout this
report: US$ million (US$M); US$ billion (US$B); grams per tonne
(g/t); tonnes (t); thousand tonnes (kt); thousand tonnes per annum
(ktpa); million tonnes (Mt); million tonnes per annum (Mtpa);
ounces (oz); thousand ounces (koz); million ounces (Moz); thousand
wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million
wet metric tonnes per annum (Mwmt pa); dry metric tonne unit
(dmtu); thousand dry metric tonnes (kdmt).
Figures in Italics indicate that an adjustment has been made
since the figures were previously reported. The denotation (e)
refers to an estimate or forecast year.
Operating Performance
YTD YTD
South32 share FY23 FY24 1Q23 2Q23 3Q23 4Q23 1Q24
Worsley Alumina (86% share)
Alumina hydrate production (kt) 957 973 957 998 921 957 973
Alumina production (kt) 920 972 920 1,002 905 1,012 972
Alumina sales (kt) 885 913 885 976 845 1,111 913
Brazil Alumina (36% share)
Alumina production (kt) 337 318 337 354 334 237 318
Alumina sales (kt) 313 272 313 365 317 242 272
Brazil Aluminium (40% share)
Aluminium production (kt) 8 24 8 15 22 24 24
Aluminium sales (kt) 3 8 3 16 23 26 8
Hillside Aluminium (100% share)
Aluminium production (kt) 179 180 179 183 177 180 180
Aluminium sales (kt) 162 170 162 175 197 185 170
Mozal Aluminium (63.7% share)
Aluminium production (kt) 92 84 92 90 81 82 84
Aluminium sales (kt) 87 77 87 90 43 114 77
Sierra Gorda (45% share)
Ore mined (Mt) 8.8 5.9 8.8 6.6 5.1 5.5 5.9
5.
Ore processed (Mt) 5.4 5.5 5.4 5 .3 5. 1 5.4 5
Copper ore grade processed (%, 0. 0.
Cu) 0.45 37 0.45 0. 44 0.40 0. 40 37
Payable copper equivalent production(11) 22 22. 20
(kt) 22.5 20.3 22.5 .3 19.2 5 .3
Payable copper production (kt) 19.0 16.0 19.0 18.9 15.5 17.3 16.0
Payable copper sales (kt) 19.2 15.3 19.2 19.2 15.4 18.0 15.3
Payable molybdenum production 0.
(kt) 0.2 0.4 0.2 0.2 0. 3 0. 5 4
0. 0.
Payable molybdenum sales (kt) 0.3 4 0.3 0. 5 0. 2 0.3 4
Payable gold production (koz) 7.8 6 .3 7.8 7.5 6.2 7. 3 6.3
Payable gold sales (koz) 7.7 6.3 7.7 7.7 6. 4 7. 3 6.3
Payable silver production (koz) 180 145 180 158 138 154 145
Payable silver sales (koz) 179 140 179 166 137 157 140
Cannington (100% share)
Ore mined (kwmt) 639 551 639 484 469 631 551
Ore processed (kdmt) 518 562 518 624 452 562 562
Silver ore grade processed (g/t,
Ag) 179 206 179 171 191 210 206
Lead ore grade processed (%,
Pb) 5.6 5.8 5.6 5.4 5.5 5.8 5.8
Zinc ore grade processed (%,
Zn) 3.7 3.2 3.7 3.6 3.8 4.0 3.2
Payable zinc equivalent production(12)
(kt) 61.1 70.3 61.1 69.7 54.3 74.5 70.3
Payable silver production (koz) 2,568 3,230 2,568 2,906 2,341 3,368 3,230
Payable silver sales (koz) 1,704 2,873 1,704 3,379 2,412 3,244 2,873
Payable lead production (kt) 24.6 28.5 24.6 27.8 21.0 28.3 28.5
Payable lead sales (kt) 18.7 25.6 18.7 32.6 21.7 26.0 25.6
Payable zinc production (kt) 14.0 13.2 14.0 16.4 12.6 16.2 13.2
Payable zinc sales (kt) 14.9 13.9 14.9 12.6 8.8 21.8 13.9
Cerro Matoso (99.9% share)
Ore mined (kwmt) 1,332 940 1,332 1,420 1,189 1,619 940
Ore processed (kdmt) 666 594 666 726 713 702 594
Ore grade processed (%, Ni) 1.63 1.57 1.63 1.65 1.58 1.62 1.57
Payable nickel production (kt) 9.6 8.3 9.6 10.8 10.2 10.2 8.3
Payable nickel sales (kt) 9.0 8.5 9.0 10.8 10.6 10.4 8.5
Illawarra Metallurgical Coal
(100%)
Total coal production (kt) 1,595 1,168 1,595 1,736 1,436 1,753 1,168
Total coal sales(15) (kt) 1,390 1,196 1,390 1,795 1,477 1,697 1,196
Metallurgical coal production
(kt) 1,270 1,043 1,270 1,483 1,240 1,504 1,043
Metallurgical coal sales (kt) 1,193 996 1,193 1,485 1,195 1,529 996
Energy coal production (kt) 325 125 325 253 196 249 125
Energy coal sales (kt) 197 200 197 310 282 168 200
Australia Manganese (60% share)
Manganese ore production (kwmt) 898 890 898 946 832 869 890
Manganese ore sales (kwmt) 779 940 779 873 743 866 940
Ore grade sold (%, Mn) 44.3 42.9 44.3 44.1 44.0 43.1 42.9
South Africa Manganese (54.6%
share)
Manganese ore production (kwmt) 562 628 562 531 429 586 628
Manganese ore sales (kwmt) 473 518 473 559 492 541 518
Ore grade sold (%, Mn) 38.5 39.0 38.5 39.8 38.8 39.4 39.0
Forward-looking statements
This release contains forward-looking statements, including
statements about trends in commodity prices and currency exchange
rates; demand for commodities; production forecasts; plans,
strategies and objectives of management; capital costs and
scheduling; operating costs; anticipated productive lives of
projects, mines and facilities; and provisions and contingent
liabilities. These forward-looking statements reflect expectations
at the date of this release, however they are not guarantees or
predictions of future performance. They involve known and unknown
risks, uncertainties and other factors, many of which are beyond
our control, and which may cause actual results to differ
materially from those expressed in the statements contained in this
release. Readers are cautioned not to put undue reliance on
forward-looking statements. Except as required by applicable laws
or regulations, the South32 Group does not undertake to publicly
update or review any forward-looking statements, whether as a
result of new information or future events. Past performance cannot
be relied on as a guide to future performance. South32 cautions
against reliance on any forward-looking statements or guidance.
Further information
INVESTOR RELATIONS MEDIA RELATIONS
Ben Baker Jamie Macdonald Miles Godfrey
M +61 403 763 086 M +61 408 925 140 M +61 415 325 906
E Ben.Baker@south32.net E Jamie.Macdonald@south32.net E Miles.Godrey@south32.net
Approved for release to the market by Graham Kerr, Chief
Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
23 October 2023
South32 Limited
(Incorporated in Australia under the Corporations Act 2001
(Cth))
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32; ADR: SOUHY
ISIN: AU000000S320
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END
MSCPPGUWUUPWPPP
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October 23, 2023 02:04 ET (06:04 GMT)
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