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South32 - quarterly report June 2026
South32 delivers strong operating results and accelerates its portfolio transition to base metals
• Announced the sale of our aluminium value chain assets (excluding Mozal Aluminium) to Alcoa Corporation for an implied enterprise value of up to USD5.6B plus ~USD1.2B of related rehabilitation provisions. The transaction is expected to complete in H2 FY271.
• Aluminium production exceeded FY26 guidance by 1%, while alumina production was in line with guidance.
• Sierra Gorda exceeded FY26 production guidance by 2% and delivered record annual distributions of USD401M (South32 share).
• Sierra Gorda joint venture approved execution of the fourth grinding line project2, a high-returning plant expansion that is expected to increase copper equivalent production3 by ~30%4 from FY31.
• Cannington had a strong finish to the year, delivering a 29% increase in quarterly production and exceeding FY26 guidance by 2%.
• Invested ~USD710M at Hermosa in FY26 as we advanced construction of the Taylor zinc-lead-silver project.
• Announced a project update for Taylor on 30 April 2026, which reaffirmed Taylor's potential to deliver attractive returns from its long- life, low-cost production of zinc, silver and lead5.
• Ambler Metals commenced summer field season drilling and advanced development studies for the high-grade Arctic deposit.
• Manganese production exceeded FY26 guidance by 2%, with South Africa Manganese increasing quarterly production by 6%.
• Australia Manganese continued to progress approvals, infrastructure investment and mine planning to manage elevated water volumes. Revised FY27 production guidance will be provided with our FY26 results, as this work is completed.
• All other FY27 production guidance remains unchanged.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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