TIDMS32
RNS Number : 3752A
South32 Limited
22 January 2024
QUARTERLY REPORT
December 2023
-- FY24 Group copper equivalent production guidance reduced by 3%(1) , reflecting revised guidance
for Brazil Alumina, Mozal Aluminium and molybdenum output from Sierra Gorda.
-- H1 FY24 Operating unit costs expected to be in line or below FY24 guidance for the majority
of our operations.
-- We are well positioned to capture the benefit of improved market conditions through expected
production growth of 7%(2) in H2 FY24 and our ongoing focus on cost efficiencies.
-- Achieved record half year aluminium production, as Hillside Aluminium maintained its strong
performance and Brazil Aluminium delivered an 8% increase in quarterly production.
-- Cannington payable zinc equivalent production(3) increased by 13% in the December 2023 half
year, as we mined a higher-grade sequence of stopes during the quarter.
-- Cerro Matoso payable nickel production improved by 20% in the quarter, following the completion
of planned maintenance and a temporary reduction in third-party gas supply in the prior quarter.
-- Sierra Gorda payable copper equivalent(4) production decreased by 14% in the December 2023
half year, due to lower planned copper grades, and a temporary outage of the molybdenum plant.
-- Illawarra Metallurgical Coal production decreased by 39% in the December 2023 half year, as
we completed two planned longwall moves. FY24 guidance is unchanged with volumes remaining
weighted to the second half.
-- Manganese production decreased by 5% in the December 2023 half year, as lower yields impacted
secondary production at Australia Manganese, and South Africa Manganese completed planned
maintenance.
-- Alumina production was largely unchanged as Worsley Alumina completed planned calciner maintenance,
while we have lowered FY24 production guidance for Brazil Alumina by 7% due to third-party
power outages and maintenance.
-- FY24 production guidance for Mozal Aluminium lowered by 12%, as we reduced pots in operation
to enable the smelter's recovery plan to be safely executed and deliver a sustained improvement
in process stability.
-- We continued our investment in critical path infrastructure for the Hermosa project and remain
on track to make a final investment decision for the Taylor zinc-lead-silver deposit in the
March 2024 quarter.
South32 Chief Executive Officer, Graham Kerr: "In the December
2023 quarter, our production results were mixed. Highlights for the
quarter included a 20 per cent increase in zinc and nickel and a 7
per cent increase in silver. We also delivered record aluminium
production for the half, as Hillside Aluminium maintained its
strong performance and Brazil Aluminium continued to ramp up.
However, production from Brazil Alumina, Mozal Aluminium and
molybdenum output from Sierra Gorda was below plan, with flow on
impacts to annual production guidance.
"With some of our commodities facing headwinds in the half, we
continued to focus on delivering cost efficiencies and expect first
half Operating unit costs to be below or in line with guidance for
the majority of our operations.
"As we enter the second half, strengthening market conditions
for many of our commodities, our planned 7 per cent production
growth and ongoing cost management focus, position us well to
capture higher margins.
"We continued to invest to increase our exposure to commodities
critical to a low-carbon future. At our Hermosa project, we
progressed critical path infrastructure and remain on track to make
a final investment decision for the Taylor zinc-lead-silver deposit
in the March 2024 quarter. Sierra Gorda also continued work on the
fourth grinding line expansion project, which has the potential to
sustainably increase copper production."
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 QoQ
=============================================== ======== ======== ======== ======== ======= ======= =======
Alumina production (kt) 2,613 2,574 (1%) 1,356 1,290 1,284 (0%)
=============================================== ======== ======== ======== ======== ======= ======= =======
Aluminium production (kt) 568 575 1% 289 288 287 (0%)
=============================================== ======== ======== ======== ======== ======= ======= =======
Payable copper production (kt) 37.9 31.6 (17%) 18.9 16.0 15.6 (3%)
=============================================== ======== ======== ======== ======== ======= ======= =======
Payable silver production (koz) 5,812 6,999 20% 3,064 3,375 3,624 7%
=============================================== ======== ======== ======== ======== ======= ======= =======
Payable lead production (kt) 52.4 58.8 12% 27.8 28.5 30.3 6%
=============================================== ======== ======== ======== ======== ======= ======= =======
Payable zinc production (kt) 30.4 29.0 (5%) 16.4 13.2 15.8 20%
=============================================== ======== ======== ======== ======== ======= ======= =======
Payable nickel production (kt) 20.4 18.3 (10%) 10.8 8.3 10.0 20%
=============================================== ======== ======== ======== ======== ======= ======= =======
Metallurgical coal production (kt) 2,753 1,787 (35%) 1,483 1,043 744 (29%)
=============================================== ======== ======== ======== ======== ======= ======= =======
Manganese ore production (kwmt) 2,937 2,790 (5%) 1,477 1,518 1,272 (16%)
=============================================== ======== ======== ======== ======== ======= ======= =======
Unless otherwise noted: percentage variance relates to performance during the half year ended
December 2023 compared with the half year ended December 2022 (HoH), or the December 2023
quarter compared with the September 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. This program includes significant investment in
safety leadership through our 'Lead Safely Every Day' training, which continued to be deployed
across our frontline leadership during the quarter.
-- We progressed a Group-wide review focused on delivering a reduction in expenditure in FY24
and FY25 through cost efficiencies and capital prioritisation. We expect to provide further
detail on this as part of our updated Operating unit cost and capital expenditure guidance
with our H1 FY24 financial results announcement.
-- We expect to record a build in working capital of US$275M in H1 FY24. Trade receivables increased
due to the timing of sales, and our high value aluminium inventory remained temporarily elevated
as port congestion at Richards Bay impacted the timing of shipments from Hillside Aluminium.
We expect to complete additional shipments from Hillside Aluminium and drawdown our aluminium
inventory to normalised levels during the March 2024 quarter.
-- We received net distributions(5) of US$60M (South32 share) from our equity accounted investments
(EAI) in H1 FY24 (US$42M from our manganese business and US$18M from Sierra Gorda), which
reflected lower commodity prices and investment in projects to improve productivity and grow
future production volumes.
-- We allocated US$375M to safe and reliable, and improvement and life extension, capital expenditure(6)
(excluding EAIs) in H1 FY24. 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(7) .
-- We returned US$145M in fully-franked ordinary dividends in respect of H2 FY23 during the December
2023 quarter.
-- We also returned US$35M via our on-market share buy-back in H1 FY24, purchasing a further
16M shares at an average price of A$3.37. To 31 December 2023, our US$2.4B capital management
program was 96% complete with US$98M remaining to be returned ahead of its extension or expiry
on 1 March 2024(8) .
-- We made Group tax payments of US$96M (excluding EAIs) in H1 FY24 as cash tax normalised following
one-off portfolio related tax payments in the prior period.
-- During the December 2023 quarter, we received an indemnity payment of US$48M from the vendors
of our Sierra Gorda acquisition, following Chilean Mining Tax reforms that were enacted in
August 2023. This amount was recognised as a receivable in our FY23 financial accounts.
-- Our Underlying effective tax rate (ETR) largely reflects the corporate tax rates and royalty
related taxes of the jurisdictions in which we operate operate(9) and our geographical earnings
mix, including our manganese and Sierra Gorda EAIs on a proportional consolidated basis (including
royalty related taxes for Australia Manganese(10) and Sierra Gorda(11) ). The impact of permanent
differences can have a disproportionate effect on our Underlying ETR when profit margins are
compressed, or losses are incurred in specific jurisdictions. For this reason, an Underlying
ETR of approximately 60% to 65% is now expected for H1 FY24.
-- We expect to report H1 FY24 Group Underlying net finance costs of US$120M, reflecting the
Group's balance sheet position during the period.
Development and Exploration Update
Hermosa project
-- We invested US$188M of growth capital expenditure in H1 FY24 as we progressed construction
of key infrastructure for our Taylor zinc-lead-silver and Clark battery-grade manganese deposits.
-- The second water treatment plant was commissioned and made operational and a further two dewatering
wells were completed. Dewatering is a critical path item that will enable access to both the
Taylor and Clark deposits.
-- We progressed the feasibility study and independent peer review for the Taylor deposit which
remain on track to support a final investment decision in the March 2024 quarter.
-- The FAST-41(12) federal permitting process progressed to the next stage, with the US Forest
Service issuing a completeness determination for our mine plan of operations for both the
Taylor and Clark deposits.
-- We directed US$14M to capitalised exploration in H1 FY24, commencing a first time exploration
drilling program at the Flux prospect(13) , a priority target in our highly prospective regional
land package.
Greenfield exploration
-- We invested US$19M in our greenfield exploration opportunities in H1 FY24 with multiple exploration
programs targeting base metals currently underway in Australia, USA, Canada, Argentina, and
Ireland.
-- We also invested US$8M to increase our interest in Aldebaran Resources Inc. (Aldebaran Resources)
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$34M (US$27M capitalised) in exploration programs at our existing operations
and development options in H1 FY24, including US$14M at the Hermosa project (noted above,
all capitalised), and US$6M for our Sierra Gorda EAI (all capitalised).
Production Summary
Production guidance FY23 1H24 FY24e (a) Comments
(South32 share)
Worsley Alumina
============================================ ======= ====== ========== ===========================================
Alumina production (kt) 3,839 1,934 4,000 Guidance unchanged
============================================ ======= ====== ========== ===========================================
Brazil Alumina (non-operated)
============================================ ======= ====== ========== ===========================================
Alumina production (kt) 1,262 640 1,300 Guidance reduced by 7% (from 1,400kt) due
to third-party power outages and
maintenance
============================================ ======= ====== ========== ===========================================
Brazil Aluminium (non-operated)
============================================ ======= ====== ========== ===========================================
Aluminium production (kt) 69 50 100 Guidance unchanged
============================================ ======= ====== ========== ===========================================
Hillside Aluminium(14)
============================================ ======= ====== ========== ===========================================
Aluminium production (kt) 719 359 720 Guidance unchanged
============================================ ======= ====== ========== ===========================================
Mozal Aluminium(14)
============================================ ======= ====== ========== ===========================================
Aluminium production (kt) 345 166 320 Guidance reduced by 12% (from 365kt) as we
reduced pots in operation to enable a
sustained
improvement in process stability
============================================ ======= ====== ========== ===========================================
Sierra Gorda (non-operated)
============================================ ======= ====== ========== ===========================================
Payable copper equivalent production(4) 86.5 38.6 78.7 Molybdenum guidance reduced to 0.8kt (from
(kt) 2.5kt) due to an unplanned molybdenum
plant outage
and low recoveries
============================================ ======= ====== ========== ===========================================
Payable copper production (kt) 70.7 31.6 67.0
============================================ ======= ====== ========== ===========================================
Payable molybdenum production (kt) 1.2 0.5 0.8
============================================ ======= ====== ==========
Payable gold production (koz) 28.8 13.4 22.5
============================================ ======= ====== ==========
Payable silver production (koz) 630 295 550
============================================ ======= ====== ========== ===========================================
Cannington
============================================ ======= ====== ========== ===========================================
Payable zinc equivalent production(3) (kt) 259.6 147.2 287.2 Guidance unchanged
============================================ ======= ====== ========== ===========================================
Payable silver production (koz) 11,183 6,704 12,500
============================================ ======= ====== ========== ===========================================
Payable lead production (kt) 101.7 58.8 115.0
============================================ ======= ====== ==========
Payable zinc production (kt) 59.2 29.0 62.0
============================================ ======= ====== ========== ===========================================
Cerro Matoso
============================================ ======= ====== ========== ===========================================
Payable nickel production (kt) 40.8 18.3 40.5 Guidance unchanged with higher nickel
grades expected H2 FY24
============================================ ======= ====== ========== ===========================================
Illawarra Metallurgical Coal
============================================ ======= ====== ========== ===========================================
Total coal production (kt) 6,520 2,045 5,000 Guidance unchanged with volumes weighted
to H2 FY24 due to planned longwall moves
============================================ ======= ====== ========== ===========================================
Metallurgical coal production (kt) 5,497 1,787 4,400
============================================ ======= ====== ========== ===========================================
Energy coal production (kt) 1,023 258 600
============================================ ======= ====== ========== ===========================================
Australia Manganese
============================================ ======= ====== ========== ===========================================
Manganese ore production (kwmt) 3,545 1,679 3,400 Guidance unchanged, subject to potential
wet season impacts
============================================ ======= ====== ========== ===========================================
South Africa Manganese
============================================ ======= ====== ========== ===========================================
Manganese ore production (kwmt) 2,108 1,111 2,000 Guidance unchanged, subject to demand and
our continued use of higher cost trucking
============================================ ======= ====== ========== ===========================================
a. The denotation (e) refers to an estimate or forecast year.
marketing Update
Commodity prices were broadly lower in the December 2023 half
year reflecting a moderation in demand and sentiment.
The average realised prices achieved for our commodities are
summarised below. Outstanding concentrate sales were revalued at 31
December 2023 with the final price of these to be determined in the
June 2024 half year.
1H24 1H24
vs vs
Realised prices(15) 1H23 2H23 1H24 1H23 2H23
Worsley Alumina
==================================== ======= ======= ======= ====== ======
Alumina (US$/t) 354 360 344 (3%) (4%)
==================================== ======= ======= ======= ====== ======
Brazil Alumina (non-operated)(a)
==================================== ======= ======= ======= ====== ======
Alumina (US$/t) 364 374 362 (1%) (3%)
==================================== ======= ======= ======= ====== ======
Brazil Aluminium (non-operated)(a)
==================================== ======= ======= ======= ====== ======
Aluminium (US$/t) 2,423 2,464 2,275 (6%) (8%)
==================================== ======= ======= ======= ====== ======
Hillside Aluminium
==================================== ======= ======= ======= ====== ======
Aluminium (US$/t) 2,555 2,518 2,318 (9%) (8%)
==================================== ======= ======= ======= ====== ======
Mozal Aluminium
==================================== ======= ======= ======= ====== ======
Aluminium (US$/t) 2,723 2,573 2,377 (13%) (8%)
==================================== ======= ======= ======= ====== ======
Sierra Gorda (non-operated)16(a)
==================================== ======= ======= ======= ====== ======
Payable copper (US$/lb) 3.41 3.63 3.56 4% (2%)
==================================== ======= ======= ======= ====== ======
Payable molybdenum (US$/lb) 20.78 22.11 20.82 0% (6%)
==================================== ======= ======= ======= ====== ======
Payable gold (US$/oz) 1,688 1,971 1,957 16% (1%)
==================================== ======= ======= ======= ====== ======
Payable silver (US$/oz) 17.4 27.2 23.3 34% (14%)
==================================== ======= ======= ======= ====== ======
Cannington(16)
==================================== ======= ======= ======= ====== ======
Payable silver (US$/oz) 20.1 22.1 22.5 12% 2%
==================================== ======= ======= ======= ====== ======
Payable lead (US$/t) 2,008 1,824 1,979 (1%) 8%
==================================== ======= ======= ======= ====== ======
Payable zinc (US$/t) 2,436 1,895 2,085 (14%) 10%
==================================== ======= ======= ======= ====== ======
Cerro Matoso(17)
==================================== ======= ======= ======= ====== ======
Payable nickel (US$/lb) 9.05 6.54 6.00 (34%) (8%)
==================================== ======= ======= ======= ====== ======
Illawarra Metallurgical Coal
==================================== ======= ======= ======= ====== ======
Metallurgical coal (US$/t) 268 289 276 3% (4%)
==================================== ======= ======= ======= ====== ======
Energy coal (US$/t) 164 122 101 (38%) (17%)
==================================== ======= ======= ======= ====== ======
Australia Manganese(18)
==================================== ======= ======= ======= ====== ======
Manganese ore (US$/dmtu, FOB) 4.57 4.62 3.79 (17%) (18%)
==================================== ======= ======= ======= ====== ======
South Africa Manganese(18)
==================================== ======= ======= ======= ====== ======
Manganese ore (US$/dmtu, FOB) 3.57 3.59 3.03 (15%) (16%)
==================================== ======= ======= ======= ====== ======
a. While Brazil Alumina and Brazil Aluminium are non-operated,
South32 owns the marketing rights for our share of production.
While Sierra Gorda is also non-operated, the Joint Venture is
responsible for marketing our share of production.
OPERATING UNIT COST UPDATE
We expect to report H1 FY24 Operating unit costs in line or
below current FY24 guidance for the majority of our operations,
with the benefit of cost efficiencies and lower raw material input
prices. Looking forward, we remain focused on driving operating
performance and further efficiencies to mitigate cost pressures.
Further, Operating unit costs in H2 FY24 are expected to benefit
from a planned 7% increase in Group production volumes(2) .
The below commentary reflects our current expectations for H1
FY24 Operating unit costs. We will report H1 FY24 Operating unit
costs and provide updated FY24 guidance with our H1 FY24 financial
results announcement.
Operating unit cost(a)
Current Guidance H1 FY24 Operating unit costs commentary
FY24e(b)(c)
Worsley Alumina
(US$/t) 290 Expected to be 10% below current
FY24 guidance, due to lower caustic
soda prices and labour costs.
------------------------------- ---------------- ----------------------------------------------
Brazil Alumina (non-operated)
Not Expected to be 12.5% below H2 FY23
provided Operating unit costs (US$372/t),
due to higher volumes, and lower
caustic soda and energy prices.
------------------------------- ---------------- ----------------------------------------------
Brazil Aluminium (non-operated)
Not Expected to be 7.5% above H2 FY23
provided Operating unit costs (US$3,747/t),
due to lower sales volumes, ahead
of further export sales in H2 FY24.
------------------------------- ---------------- ----------------------------------------------
Hillside Aluminium
----------------
Mozal Aluminium The cost profile of our South African
aluminium smelters is heavily influenced
by the South African rand, and the
price of raw materials and energy.
H1 FY24 Operating unit costs for
Hillside Aluminium are expected to
be largely in line with H2 FY23 (US$2,092/t).
H1 FY24 Operating unit costs for
Mozal Aluminium are expected to be
2.5% lower than H2 FY23 (US$2,433/t).
Operating unit costs are expected
to remain elevated in H2 FY24 due
to higher pots out of service.
----------------------------------------------
Not
provided
------------------------------- ---------------- ----------------------------------------------
Sierra Gorda (non-operated)
(US$/t)(d) 16.0 Expected to be 17.5% above current
FY24 guidance, due to higher maintenance
costs, and a planned one-off workforce
payment.
------------------------------- ---------------- ----------------------------------------------
Cannington
(US$/t)(d) 155 Expected to be 2.5% below current
FY24 guidance.
------------------------------- ---------------- ----------------------------------------------
Cerro Matoso
(US$/lb) 5.30 Expected to be 5% above current
FY24 guidance, due to lower volumes,
more than offsetting lower price-linked
royalties.
------------------------------- ---------------- ----------------------------------------------
Illawarra Metallurgical
Coal
(US$/t) 140 Expected to be 20% above current
FY24 guidance, due to the volume
impact of planned longwall moves
completed in H1 FY24. Annual production
volumes remain weighted to H2 FY24.
------------------------------- ---------------- ----------------------------------------------
Australia Manganese
(FOB)
(US$/dmtu) 2.15 Expected to be in line with current
FY24 guidance.
------------------------------- ---------------- ----------------------------------------------
South Africa Manganese
(FOB)
(US$/dmtu) 2.60 Expected to be in line with current
FY24 guidance.
------------------------------- ---------------- ----------------------------------------------
a. Operating unit cost is Revenue less Underlying EBITDA,
excluding third party sales, divided by sales volumes.
b. FY24e Operating unit cost guidance includes royalties (where
appropriate) and commodity price and foreign exchange rate forward
curves or our
internal expectations (refer to footnote 19).
c. The denotation (e) refers to an estimate or forecast year.
d. US dollar per tonne of ore processed. Periodic movements in
finished product inventory may impact Operating unit costs.
Worsley Alumina (86% share)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Alumina production (kt) 1,922 1,934 1% 1,002 972 962 (4%) (1%)
========================= ====== ====== ==== ====== ===== ===== ========= =========
Alumina sales (kt) 1,861 1,898 2% 976 913 985 1% 8%
========================= ====== ====== ==== ====== ===== ===== ========= =========
Worsley Alumina saleable production increased by 1% (or 12kt) to
1,934kt in the December 2023 half year. FY24 production guidance
remains unchanged at 4,000kt with the refinery expected to deliver
at nameplate production rates (4.6Mt, 100% basis) following planned
calciner maintenance in the March 2024 quarter.
Brazil Alumina (36% share, NON-OPERATED)
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 2Q24 vs 2Q23 2Q24 vs 1Q24
Alumina production (kt) 691 640 (7%) 354 318 322 (9%) 1%
======================== ==== ==== ==== ==== ==== ==== ============ ============
Alumina sales (kt) 678 647 (5%) 365 272 375 3% 38%
======================== ==== ==== ==== ==== ==== ==== ============ ============
Brazil Alumina saleable production decreased by 7 % (or 51 kt)
to 640 kt in the December 2023 half year. Following the recovery
from the prior period's port infrastructure outages, the refinery
was impacted by third-party power outages and unplanned
maintenance. Due to these impacts and additional required
maintenance, we have reduced FY24 production guidance by 7% to
1,300kt and FY25 production guidance by 5% to 1,350kt.
Sales increased by 38% in the December 2023 quarter with a
carry-over shipment from the prior quarter supporting a drawdown in
inventory.
Brazil AluminIUM (40% share, NON-OPERATED)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Aluminium production (kt) 24 50 108% 15 24 26 73% 8%
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Aluminium sales (kt) 19 40 111% 16 8 32 100% 300%
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Brazil Aluminium saleable production increased by 26 kt to 50 kt
in the December 2023 half year as the smelter continued to ramp up
all three potlines. FY24 production guidance remains unchanged at
100kt.
Sales increased by 24kt to 32kt in the December 2023 quarter as
we completed our first export shipment of low-carbon aluminium from
the smelter, supporting a significant drawdown in inventory at the
end of the period.
Hillside Aluminium (100% SHARE)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Aluminium production (kt) 362 359 (1%) 183 180 179 (2%) (1%)
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Aluminium sales (kt) 337 327 (3%) 175 170 157 (10%) (8%)
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Hillside Aluminium saleable production decreased by 1 % (or 3
kt) to 359 kt in the December 2023 half year as the smelter
continued to test its maximum technical capacity, despite the
impact of elevated load-shedding. FY24 production guidance remains
unchanged at 720kt(14) .
Sales decreased by 8 % in the December 2023 quarter as three
shipments totalling approximately 40kt were delayed to January 2024
due to port congestion at Richards Bay. We expect to drawdown
inventory to normalised levels during the March 2024 quarter.
Mozal Aluminium (63.7% share)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Aluminium production (kt) 182 166 (9%) 90 84 82 (9%) (2%)
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Aluminium sales (kt) 177 167 (6%) 90 77 90 0% 17%
=========================== ===== ===== ===== ===== ===== ===== ========= =========
Mozal Aluminium saleable production decreased by 9% (or 16kt) to
166kt in the December 2023 half year, as the smelter continued to
implement its recovery plan following the fatal safety incident in
the prior period, while managing the impact of elevated
load-shedding.
The smelter progressed upgrades to the girder infrastructure
during the December 2023 quarter, which resulted in an unplanned
reduction in crane availability. We took the decision to reduce the
number of pots in operation to enable the recovery plan to be
safely executed and complete work designed to deliver a sustained
improvement in process stability. As a result, approximately 73
pots (13% of the total) were out of operation at the end of
quarter, with these pots expected to be progressively returned to
operation during the 2024 calendar year. FY24 production guidance
has been reduced by 12% to 320kt(14) to reflect the lower number of
pots in operation. FY25 production guidance is currently unchanged
at 372kt(14) .
During the December 2023 quarter, approximately 60% of
production was below specification material, which attracts product
discounts compared to our other LME-linked aluminium sales. Metal
quality is expected to progressively improve to LME-grade quality
during the June 2024 half year.
SIERRA GORDA (45% share)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Payable copper equivalent
production(4) (kt) 44.8 38.6 (14%) 22.3 20.3 18.3 (18%) (10%)
=========================== ===== ===== ====== ===== ===== ===== ========= =========
Payable copper production
(kt) 37.9 31.6 (17%) 18.9 16.0 15.6 (17%) (3%)
=========================== ===== ===== ====== ===== ===== ===== ========= =========
Payable copper sales (kt) 38.4 32.5 (15%) 19.2 15.3 17.2 (10%) 12%
=========================== ===== ===== ====== ===== ===== ===== ========= =========
Sierra Gorda payable copper production decreased by 17% (or
6.3kt) to 31.6kt in the December 2023 half year as higher
throughput delivered by the plant de-bottlenecking project, was
more than offset by lower planned grades.
Payable molybdenum production decreased by 0.3kt to 0.1kt in the
December 2023 quarter due to an unplanned outage of the molybdenum
plant and low recoveries. The operation has commenced work to
restore production, with higher output expected in the June 2024
quarter. As a result, FY24 molybdenum production guidance has been
reduced to 0.8kt (from 2.5kt).
Sierra Gorda progressed the feasibility study for the fourth
grinding line expansion during the December 2023 quarter. The
feasibility study remains on track to support a planned final
investment decision in the June 2024 half year.
Cannington (100% share)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Payable zinc equivalent production(3)
(kt) 130.8 147.2 13% 69.7 70.3 76.9 10% 9%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable silver production
(koz) 5,474 6,704 22% 2,906 3,230 3,474 20% 8%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable silver sales (koz) 5,083 6,529 28% 3,379 2,873 3,656 8% 27%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable lead production (kt) 52.4 58.8 12% 27.8 28.5 30.3 9% 6%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable lead sales (kt) 51.3 56.6 10% 32.6 25.6 31.0 (5%) 21%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable zinc production (kt) 30.4 29.0 (5%) 16.4 13.2 15.8 (4%) 20%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Payable zinc sales (kt) 27.5 28.3 3% 12.6 13.9 14.4 14% 4%
======================================= ====== ====== ===== ====== ====== ====== ========= =========
Cannington payable zinc equivalent production (3) increased by
13 % (or 16.4 kt) to 147.2 kt in the December 2023 half year as the
mine plan moved through a sequence of higher-grade stopes in the
quarter. FY24 production 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)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Payable nickel production
(kt) 20.4 18.3 (10%) 10.8 8.3 10.0 (7%) 20%
=========================== ===== ===== ====== ===== ===== ===== ========= =========
Payable nickel sales (kt) 19.8 18.0 (9%) 10.8 8.5 9.5 (12%) 12%
=========================== ===== ===== ====== ===== ===== ===== ========= =========
Cerro Matoso payable nickel production d ecreased by 10 % (or
2.1 kt) to 18.3 kt in the December 2023 half year. Production
improved by 20% (or 1.7kt) in the December 2023 quarter following
the completion of planned maintenance and a temporary reduction in
third-party gas supply in the prior quarter. FY24 production
guidance remains unchanged at 40.5kt, with higher nickel grades
expected in the June 2024 half year.
Price realisations for our ferronickel product reflected a
discount of 29% to the LME Nickel Index(19) , as structural changes
in the nickel market continued to place pressure on both nickel
prices and discounts for our ferronickel product. Along with the
Group-wide cost review, we have commenced a strategic review of
Cerro Matoso to evaluate options to enhance the operation's
competitive position.
Illawarra Metallurgical Coal (100% sHARE)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Total coal production (kt) 3,331 2,045 (39%) 1,736 1,168 877 (49%) (25%)
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Total coal sales(21) (kt) 3,185 2,096 (34%) 1,795 1,196 900 (50%) (25%)
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Metallurgical coal production
(kt) 2,753 1,787 (35%) 1,483 1,043 744 (50%) (29%)
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Metallurgical coal sales
(kt) 2,678 1,759 (34%) 1,485 996 763 (49%) (23%)
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Energy coal production (kt) 578 258 (55%) 253 125 133 (47%) 6%
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Energy coal sales (kt) 507 337 (34%) 310 200 137 (56%) (32%)
=============================== ====== ====== ====== ====== ====== ===== ========= =========
Illawarra Metallurgical Coal saleable production decreased by 39
% (or 1,286 kt) to 2,045 kt in the December 2023 half year as the
operation completed two planned longwall moves, including a planned
extended outage at the Dendrobium mine. A new four year industrial
agreement covering deputies at the Appin mine was finalised in the
December 2023 quarter.
FY24 production guidance remains unchanged at 5.0Mt with volumes
remaining weighted to the June 2024 half year, reflecting the
shorter duration of the two remaining longwall moves to be
completed during the June 2024 quarter.
Australia Manganese (60% share)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Manganese ore production
(kwmt) 1,844 1,679 (9%) 946 890 789 (17%) (11%)
============================ ====== ====== ===== ===== ===== ===== ========= =========
Manganese ore sales (kwmt) 1,652 1,864 13% 873 940 924 6% (2%)
============================ ====== ====== ===== ===== ===== ===== ========= =========
Australia Manganese saleable production decreased by 9 % (or
165kwmt) to 1,679 kwmt in the December 2023 half year, as PC02
output declined due to lower yields, contributing 7% of total
production (H1 FY23: 10%). FY24 production guidance remains
unchanged at 3,400kwmt with the operation expected to continue to
achieve strong primary output and return the PC02 circuit to
nameplate production rates during the June 2024 quarter.
Sales increased by 13 % in the December 2023 half year as
improved road haulage capacity and alternative shipping solutions
supported a planned drawdown in inventory. Our average realised
price for manganese ore sales was a discount of approximately 5% to
the high grade 44% manganese lump ore index(22) 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)
2Q24 2Q24
South32 share 1H23 1H24 HoH 2Q23 1Q24 2Q24 vs 2Q23 vs 1Q24
Manganese ore production
(kwmt) 1,093 1,111 2% 531 628 483 (9%) (23%)
============================ ====== ====== ==== ===== ===== ===== ========= =========
Manganese ore sales (kwmt) 1,032 1,082 5% 559 518 564 1% 9%
============================ ====== ====== ==== ===== ===== ===== ========= =========
South Africa Manganese saleable production increased by 2 % (or
18 kwmt) to 1,111 kwmt in the December 2023 half year, while
production decreased by 23% (or 145kwmt) in the December 2023
quarter as we completed a planned maintenance shut at our Mamatwan
mine. FY24 production guidance remains unchanged at 2,000kwmt.
Sales increased by 9 % in the December 2023 quarter with a
carry-over shipment from the prior quarter. Our realised price for
manganese ore sales was a premium of approximately 5% to the medium
grade 37% manganese lump ore index(23) on a M-1 basis (FY23: 6%
premium) as we continued to optimise our sales mix.
Notes
1. Group payable copper equivalent production based on revised
FY24 production guidance, calculated by applying FY23 realised
prices for all operations.
2. Group payable copper equivalent production in H2 FY24e,
compared to H1 FY24, calculated by applying FY23 realised prices
for all operations.
3. 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, H1 FY24 and FY24e.
4. 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, H1
FY24 and FY24e.
5. Net distributions from our material equity accounted
investments (EAI) (manganese and Sierra Gorda) includes dividends
and net repayments/drawdowns of shareholder loans, 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. Group safe and reliable capital expenditure and improvement
and life extension capital expenditure (excluding EAIs). FY24
guidance is US$690M.
7. 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.
8. Since inception, US$1.7B has been allocated to the on-market
share buy-back (795M shares at an average price of A$3.05 per
share) and US$525M returned in the form of special dividends.
9. 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.
10. Australia Manganese is subject to a royalty related tax
equal to 20% of adjusted EBIT which is included in Underlying tax
expense.
11. 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 Underlying tax expense.
12. 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.
13. Flux Exploration Target: The information in this
announcement that relates to the Exploration Target for Flux is
extracted from the announcement entitled (South32 Strategy and
Business Update) published on 18 May 2021 and is available to view
on www.south32.net. The information was prepared by D Bertuch,
Competent Person in accordance with the requirements of the JORC
Code. South32 confirms that it is not aware of any new information
or data that materially affects the information included in the
original market announcement. South32 confirms that the form and
context in which the Competent Person's findings are presented have
not been materially changed from the original market
announcement.
14. Production guidance for Hillside Aluminium and Mozal
Aluminium does not assume any load-shedding impact on
production.
15. Realised prices are unaudited. Volumes and prices do not
include any third party trading that may be undertaken
independently of equity production. Realised sales price is
calculated as sales Revenue divided by sales volume unless
otherwise stated.
16. Realised prices for Sierra Gorda and Cannington are net of treatment and refining charges.
17. Realised nickel sales prices are inclusive of by-products.
18. Realised ore prices are calculated as external sales Revenue
less freight and marketing costs, divided by external sales
volume.
19. FY24 Operating unit cost guidance includes royalties (where
appropriate) and the influence of exchange rates, and includes
various assumptions for FY24, including: an alumina price of
US$349/t; an average blended coal price of US$210/t for Illawarra
Metallurgical Coal; a manganese ore price of US$4.85/dmtu for 44%
manganese product; a nickel price of US$8.90/lb; a silver price of
US$24.5/troy oz; a lead price of US$2,131/t (gross of treatment and
refining charges); a zinc price of US$2,446/t (gross of treatment
and refining charges); a copper price of US$3.87/lb (gross of
treatment and refining charges); a molybdenum price of US$22.5/lb
(gross of treatment and refining charges); a gold price of
US$1,984/troy oz; an AUD:USD exchange rate of 0.65; a USD:ZAR
exchange rate of 18.98; a USD:COP exchange rate of 4,033; USD:CLP
exchange rate of 876; and a reference price for caustic soda; which
reflect forward markets as at July 2023 or our internal
expectations.
20. Our realised price for nickel sales during the December 2023
half year was US$6.00/lb, which represented a 29% discount to the
average LME Nickel index price of US$8.49/lb.
21. Illawarra Metallurgical Coal sales are adjusted for moisture
and will not reconcile directly to Illawarra Metallurgical Coal
production.
22. 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$4.40/dmtu in the December 2023 half year.
23. 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$2.89/dmtu in the December 2023 half
year.
The following abbreviations have been used throughout this
report: US$ 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
South32 share 1H23 1H24 2Q23 3Q23 4Q23 1Q24 2Q24
============================================= ===== ===== ===== ===== ===== ===== =====
Worsley Alumina (86% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Alumina hydrate production (kt) 1,955 1,934 998 921 957 973 961
============================================= ===== ===== ===== ===== ===== ===== =====
Alumina production (kt) 1,922 1,934 1,002 905 1,012 972 962
============================================= ===== ===== ===== ===== ===== ===== =====
Alumina sales (kt) 1,861 1,898 976 845 1,111 913 985
============================================= ===== ===== ===== ===== ===== ===== =====
Brazil Alumina (36% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Alumina production (kt) 691 640 354 334 237 318 322
============================================= ===== ===== ===== ===== ===== ===== =====
Alumina sales (kt) 678 647 365 317 242 272 375
============================================= ===== ===== ===== ===== ===== ===== =====
Brazil Aluminium (40% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium production (kt) 24 50 15 22 24 24 26
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium sales (kt) 19 40 16 23 26 8 32
============================================= ===== ===== ===== ===== ===== ===== =====
Hillside Aluminium (100% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium production (kt) 362 359 183 177 180 180 179
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium sales (kt) 337 327 175 197 185 170 157
============================================= ===== ===== ===== ===== ===== ===== =====
Mozal Aluminium (63.7% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium production (kt) 182 166 90 81 82 84 82
============================================= ===== ===== ===== ===== ===== ===== =====
Aluminium sales (kt) 177 167 90 43 114 77 90
============================================= ===== ===== ===== ===== ===== ===== =====
Sierra Gorda (45% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Ore mined (Mt) 15.4 11.9 6.6 5.1 5.5 5.9 6.0
============================================= ===== ===== ===== ===== ===== ===== =====
Ore processed (Mt) 10.7 10.9 5.3 5.1 5.4 5.5 5.4
============================================= ===== ===== ===== ===== ===== ===== =====
Copper ore grade processed (%, Cu) 0.45 0.37 0.44 0.40 0.40 0.37 0.38
============================================= ===== ===== ===== ===== ===== ===== =====
Payable copper equivalent production(4) (kt) 44.8 38.6 22.3 19.2 22.5 20.3 18.3
============================================= ===== ===== ===== ===== ===== ===== =====
Payable copper production (kt) 37.9 31.6 18.9 15.5 17.3 16.0 15.6
============================================= ===== ===== ===== ===== ===== ===== =====
Payable copper sales (kt) 38.4 32.5 19.2 15.4 18.0 15.3 17.2
============================================= ===== ===== ===== ===== ===== ===== =====
Payable molybdenum production (kt) 0.4 0.5 0.2 0.3 0.5 0.4 0.1
============================================= ===== ===== ===== ===== ===== ===== =====
Payable molybdenum sales (kt) 0.8 0.7 0.5 0.2 0.3 0.4 0.3
============================================= ===== ===== ===== ===== ===== ===== =====
Payable gold production (koz) 15.3 13.4 7.5 6.2 7.3 6.3 7.1
============================================= ===== ===== ===== ===== ===== ===== =====
Payable gold sales (koz) 15.4 13.8 7.7 6.4 7.3 6.3 7.5
============================================= ===== ===== ===== ===== ===== ===== =====
Payable silver production (koz) 338 295 158 138 154 145 150
============================================= ===== ===== ===== ===== ===== ===== =====
Payable silver sales (koz) 345 300 166 137 157 140 160
============================================= ===== ===== ===== ===== ===== ===== =====
Cannington (100% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Ore mined (kwmt) 1,123 1,150 484 469 631 551 599
============================================= ===== ===== ===== ===== ===== ===== =====
Ore processed (kdmt) 1,142 1,139 624 452 562 562 577
============================================= ===== ===== ===== ===== ===== ===== =====
Silver ore grade processed (g/t, Ag) 175 211 171 191 210 206 216
============================================= ===== ===== ===== ===== ===== ===== =====
Lead ore grade processed (%, Pb) 5.5 6.0 5.4 5.5 5.8 5.8 6.2
============================================= ===== ===== ===== ===== ===== ===== =====
Zinc ore grade processed (%, Zn) 3.6 3.4 3.6 3.8 4.0 3.2 3.6
============================================= ===== ===== ===== ===== ===== ===== =====
Payable zinc equivalent production(3) (kt) 130.8 147.2 69.7 54.3 74.5 70.3 76.9
============================================= ===== ===== ===== ===== ===== ===== =====
Payable silver production (koz) 5,474 6,704 2,906 2,341 3,368 3,230 3,474
============================================= ===== ===== ===== ===== ===== ===== =====
Payable silver sales (koz) 5,083 6,529 3,379 2,412 3,244 2,873 3,656
============================================= ===== ===== ===== ===== ===== ===== =====
Payable lead production (kt) 52.4 58.8 27.8 21.0 28.3 28.5 30.3
============================================= ===== ===== ===== ===== ===== ===== =====
Payable lead sales (kt) 51.3 56.6 32.6 21.7 26.0 25.6 31.0
============================================= ===== ===== ===== ===== ===== ===== =====
Payable zinc production (kt) 30.4 29.0 16.4 12.6 16.2 13.2 15.8
============================================= ===== ===== ===== ===== ===== ===== =====
Payable zinc sales (kt) 27.5 28.3 12.6 8.8 21.8 13.9 14.4
============================================= ===== ===== ===== ===== ===== ===== =====
Cerro Matoso (99.9% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Ore mined (kwmt) 2,752 2,183 1,420 1,189 1,619 940 1,243
============================================= ===== ===== ===== ===== ===== ===== =====
Ore processed (kdmt) 1,392 1,317 726 713 702 594 723
============================================= ===== ===== ===== ===== ===== ===== =====
Ore grade processed (%, Ni) 1.64 1.55 1.65 1.58 1.62 1.57 1.53
============================================= ===== ===== ===== ===== ===== ===== =====
Payable nickel production (kt) 20.4 18.3 10.8 10.2 10.2 8.3 10.0
============================================= ===== ===== ===== ===== ===== ===== =====
Payable nickel sales (kt) 19.8 18.0 10.8 10.6 10.4 8.5 9.5
============================================= ===== ===== ===== ===== ===== ===== =====
Illawarra Metallurgical Coal (100% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Total coal production (kt) 3,331 2,045 1,736 1,436 1,753 1,168 877
============================================= ===== ===== ===== ===== ===== ===== =====
Total coal sales(21) (kt) 3,185 2,096 1,795 1,477 1,697 1,196 900
============================================= ===== ===== ===== ===== ===== ===== =====
Metallurgical coal production (kt) 2,753 1,787 1,483 1,240 1,504 1,043 744
============================================= ===== ===== ===== ===== ===== ===== =====
Metallurgical coal sales (kt) 2,678 1,759 1,485 1,195 1,529 996 763
============================================= ===== ===== ===== ===== ===== ===== =====
Energy coal production (kt) 578 258 253 196 249 125 133
============================================= ===== ===== ===== ===== ===== ===== =====
Energy coal sales (kt) 507 337 310 282 168 200 137
============================================= ===== ===== ===== ===== ===== ===== =====
Australia Manganese (60% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Manganese ore production (kwmt) 1,844 1,679 946 832 869 890 789
============================================= ===== ===== ===== ===== ===== ===== =====
Manganese ore sales (kwmt) 1,652 1,864 873 743 866 940 924
============================================= ===== ===== ===== ===== ===== ===== =====
Ore grade sold (%, Mn) 44.2 42.6 44.1 44.0 43.1 42.9 42.2
============================================= ===== ===== ===== ===== ===== ===== =====
South Africa Manganese (54.6% share)
============================================= ===== ===== ===== ===== ===== ===== =====
Manganese ore production (kwmt) 1,093 1,111 531 429 586 628 483
============================================= ===== ===== ===== ===== ===== ===== =====
Manganese ore sales (kwmt) 1,032 1,082 559 492 541 518 564
============================================= ===== ===== ===== ===== ===== ===== =====
Ore grade sold (%, Mn) 39.2 38.7 39.8 38.8 39.4 39.0 38.4
============================================= ===== ===== ===== ===== ===== ===== =====
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.Godfrey@south32.net
Approved for release to the market by Graham Kerr, Chief
Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
22 January 2024
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
DRLLFLLLZFLFBBK
(END) Dow Jones Newswires
January 22, 2024 02:00 ET (07:00 GMT)
Grafico Azioni South32 (LSE:S32)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni South32 (LSE:S32)
Storico
Da Apr 2023 a Apr 2024
