QUARTERLY REPORT
June 2024
|
•
|
Achieved 98% of current Group FY24 copper equivalent
production guidance1, and remain on track to deliver
FY24 Operating unit costs in line with current
guidance.
|
|
•
|
Delivered strong sales in the June 2024 quarter, capturing
higher commodity prices and releasing working capital to finish the
year.
|
|
•
|
Advanced our portfolio transformation,
completing key milestones for the sale of Illawarra Metallurgical
Coal2, and progressing construction at Hermosa's Taylor
zinc-lead-silver deposit as
planned.
|
|
•
|
Aluminium production was largely
unchanged year-on-year, as Hillside Aluminium achieved record
production, Brazil Aluminium continued to ramp up, and Mozal
Aluminium progressed its recovery plan.
|
|
•
|
Alumina production was largely
unchanged year-on-year, with improved plant availability at Brazil
Alumina partially offsetting a temporary bauxite conveyor outage at
Worsley Alumina in the quarter.
|
|
•
|
Cannington payable zinc equivalent
production3 increased by 10% in FY24, despite adverse
weather impacts, as the operation realised higher average metal
grades.
|
|
•
|
Sierra Gorda payable copper
equivalent production4
declined by 15% in FY24, as higher plant
throughput was offset by lower than planned copper grades and
molybdenum recoveries in the current phase of the mine
plan.
|
|
•
|
Cerro Matoso nickel production was
largely unchanged year-on-year, with higher plant throughput and
nickel grades supporting a 6% increase in quarterly
production.
|
|
•
|
Consistent with guidance, Illawarra
Metallurgical Coal saleable production decreased by 24% in FY24, as
the operation completed planned longwall moves.
|
|
•
|
Australia Manganese progressed
recovery plans following Tropical Cyclone Megan, while South Africa
Manganese responded to stronger manganese prices, achieving record
annual production.
|
|
•
|
FY25 production guidance revised
lower for alumina (5%), Sierra Gorda payable copper equivalent (7%)
and Cannington payable zinc equivalent (9%).
|
|
•
|
Impairment expenses for Worsley Alumina (~US$554M pre-tax) and Cerro Matoso (~US$264M
pre-tax) will be recognised in our FY24 financial
results.
|
South32 Chief Executive Officer, Graham Kerr:
"We delivered
another quarter of improved operating performance, achieving
sequentially higher volumes across the majority of our operations,
and remaining on track to achieve FY24 operating unit cost
guidance.
"Our performance enabled us to capitalise on stronger
commodity prices, lift sales volumes and release working capital,
boosting cash generation in the quarter.
"The sale of Illawarra Metallurgical Coal is expected to be
completed later this quarter, further strengthening our balance
sheet, simplifying our business, reducing our capital intensity and
unlocking capital to invest in our high-quality development
projects in zinc and copper.
"Construction and permitting are tracking to plan at the
Taylor zinc-lead-silver deposit at Hermosa, the first phase of a
regional-scale opportunity to supply commodities critical for the
global energy transition."
|
Production summary
|
|
|
|
|
|
|
|
|
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
QoQ
|
|
Alumina production (kt)
|
5,101
|
5,063
|
(1%)
|
|
1,249
|
1,240
|
1,249
|
1%
|
|
Aluminium production (kt)
|
1,133
|
1,138
|
0%
|
|
286
|
278
|
285
|
3%
|
|
Payable copper production
(kt)
|
70.7
|
60.8
|
(14%)
|
|
17.3
|
13.9
|
15.3
|
10%
|
|
Payable silver production
(koz)
|
11,813
|
13,273
|
12%
|
|
3,522
|
3,050
|
3,224
|
6%
|
|
Payable lead production
(kt)
|
101.7
|
112.4
|
11%
|
|
28.3
|
24.8
|
28.8
|
16%
|
|
Payable zinc production
(kt)
|
59.2
|
60.7
|
3%
|
|
16.2
|
14.3
|
17.4
|
22%
|
|
Payable nickel production
(kt)
|
40.8
|
40.6
|
0%
|
|
10.2
|
10.8
|
11.5
|
6%
|
|
Metallurgical coal production
(kt)
|
5,497
|
4,305
|
(22%)
|
|
1,504
|
1,244
|
1,274
|
2%
|
|
Manganese ore production
(kwmt)
|
5,653
|
4,499
|
(20%)
|
|
1,455
|
1,175
|
534
|
(55%)
|
|
Unless otherwise noted: percentage
variance relates to performance during the financial year ended
June 2024 compared with the financial year ended June 2023 (YoY),
or the June 2024 quarter compared with the March 2024 quarter
(QoQ); production and sales volumes are reported on an attributable
basis.
|
CORPORATE UPDATE
Sustainability
|
•
|
We completed planned milestones in
our multi-year Safety Improvement Program, deploying our 'Lead
Safely Every Day' program across our leadership and frontline
workforce.
|
|
•
|
We advanced decarbonisation programs
to support our target5 to halve our
operational greenhouse gas (GHG) emissions by 2035. In FY24,
Worsley Alumina converted two coal-fired boilers to natural gas,
expected to reduce the refinery's operational GHG emissions by over
10% from FY21 levels. Hillside Aluminium has now converted 36% of
its pots to AP3XLE energy efficiency
technology.
|
Portfolio
|
•
|
The sale of Illawarra Metallurgical
Coal to an entity owned by Golden Energy and Resources Pte Ltd and
M Resources Pty Ltd, for up to US$1,650M6, received
Australian Foreign Investment Review Board approval on 5 July
20242. The transaction is expected to complete in late
Q1 FY25, subject to receipt of the remaining foreign merger
clearances. As a result of the transaction, we will record an
impairment reversal of ~US$200M (~US$140M
post-tax) in our FY24 financial results, which will be excluded
from FY24 Underlying
earnings.
|
|
•
|
The sale of our 50% interest in the
Eagle Downs metallurgical coal project to a subsidiary of Stanmore
Resources Limited is expected to complete in Q1 FY25. The
consideration for the transaction comprises US$15M in cash, a
contingent payment of US$20M7 and a price-linked royalty
of up to US$100M8.
|
|
•
|
On 13 June 2024, Samancor Manganese
entered into a binding agreement to divest the Metalloys manganese
alloy smelter, subject to the satisfaction of
conditions9.
|
Income statement
|
•
|
We will record impairment expenses
in our FY24 financial results, as set out below, which will be
excluded from FY24 Underlying earnings.
|
|
o
|
Worsley Alumina: ~US$554M (~US$389M
post-tax) to a carrying value of ~US$2,027M, reflecting increased
uncertainty created by the Western Australian Environmental
Protection Authority's recommended conditions for the Worsley Mine
Development Project approval and associated challenging operating
conditions10; and
|
|
o
|
Cerro Matoso: ~US$264M (~US$248M
post-tax) to a carrying value of ~US$54M, reflecting structural
changes in the nickel market which are expected to continue to
place pressure on nickel prices and discounts for our ferronickel
product.
|
|
•
|
Australia Manganese incurred ~US$90M
of idle capacity and other remediation related costs as a result of
Tropical Cyclone Megan. These costs will be excluded from FY24
Underlying earnings as an earnings adjustment.
|
|
•
|
FY24 Group Underlying depreciation
and amortisation is expected to be ~US$915M, including ~US$140M
for our manganese business and ~US$130M for
Sierra Gorda.
|
|
•
|
FY24 Group Underlying net finance
costs are expected to be ~US$250M,
primarily comprising the unwinding of the discount applied to our
closure and rehabilitation provisions and interest on lease
liabilities and long-dated debt.
|
Cash flow and balance
sheet
|
•
|
We delivered a strong sales result
in the June 2024 quarter, drawing down inventory and capturing the
benefit of higher commodity prices. This is expected to support an
unwind of working capital of ~US$180M in H2 FY24 (H1 FY24: US$276M
build).
|
|
•
|
We received net
distributions11 of US$26M from
our manganese equity accounted investments (EAI) in FY24, as we
provided US$30M of initial funding to Australia Manganese in the
June 2024 quarter to support recovery
plans.
|
|
•
|
We received net
distributions11 of US$27M from our
Sierra Gorda EAI in FY24, including US$9M
in the June 2024 quarter, as the operation
invested in deferred stripping and study work for
the fourth grinding line expansion.
|
|
•
|
FY24 Group capital expenditure
(excluding EAIs and Hermosa) is expected to be ~US$670M, reflecting our planned
investment in productivity and improvement projects across our
portfolio, including ~US$340M at Illawarra Metallurgical
Coal. Our share of capital expenditure for our manganese and
Sierra Gorda EAIs is expected to be ~US$315M in
FY24.
|
|
•
|
We returned US$198M to shareholders
during FY24, including US$163M12 in fully-franked ordinary
dividends and US$35M via the on-market share buy-back13
|
Tax
|
•
|
Our FY24 Group Underlying effective
tax rate (ETR) is expected to be in a range of approximately 40% to
42%, reflecting our geographical earnings mix and the corporate tax
rates14 and royalty related taxes15 of the jurisdictions in which
we operate.
|
|
•
|
We made Group tax payments of
US$223M (excluding EAIs) in FY24 as cash tax normalised following
one-off portfolio related tax payments in the prior
period.
|
DEVELOPMENT AND EXPLORATION
UPDATE
Hermosa project
|
•
|
We invested US$372M of growth
capital expenditure at Hermosa in FY24, as we progressed
construction of key infrastructure and permitting for the Taylor
zinc-lead-silver and Clark battery-grade manganese
deposits.
|
|
•
|
Following final investment approval
for Taylor in Q3 FY2416, we completed pre-sink shaft
activity and construction of the main shaft headframe during the
quarter. Shaft construction is on track to commence in Q1
FY25.
|
|
•
|
We completed construction of the
final two surface dewatering wells during the quarter, to support
critical path dewatering activity for both the Taylor and Clark
deposits.
|
|
•
|
Permitting activity continued to
plan. During the quarter, we received an air permit from the
Arizona Department of Environmental Quality, the last required
state permit to enable full construction of Taylor.
|
|
•
|
FAST-41 federal permitting for both
Taylor and Clark progressed to the next stage, with the US Forest
Service publishing a Notice of Intent to prepare an Environmental
Impact Statement during the
quarter.
|
|
•
|
We advanced study and product
qualification work for Clark. Construction of an exploration
decline to provide access to ore to facilitate demonstration scale
production remains on track to be completed by the end of
CY25.
|
|
•
|
During the quarter, we were awarded
a US$20M grant from the US Department of Defense under the Defense
Production Act battery grant program to support development
activity at Clark.
|
|
•
|
We directed US$24M
to capitalised exploration during FY24 as we progressed
drilling programs at our polymetallic Peake and Flux
prospects17. Exploration results are expected across the
2024 calendar year.
|
Greenfield exploration
|
•
|
We invested US$27M in our greenfield
exploration opportunities during FY24, as we progressed multiple
exploration programs targeting base metals in Australia, USA,
Canada, Argentina and Ireland.
|
Other exploration
|
•
|
We invested US$62M (US$48M
capitalised) in exploration programs at our existing operations and
development options during FY24, including US$24M at the Hermosa
project (noted above, all capitalised) and US$13M for our Sierra
Gorda EAI (all capitalised).
|
PRODUCTION SUMMARY
|
Production guidance
(South32 share)
|
FY23
|
FY24
|
FY24e(a)
|
%(b)
|
Comments
|
|
Worsley Alumina
|
|
|
|
|
|
|
Alumina production (kt)
|
3,839
|
3,777
|
4,000
|
94 %
|
Temporary outage of the bauxite
conveyor in Q4 FY24
|
|
Brazil Alumina (non-operated)
|
|
|
|
|
|
|
Alumina production (kt)
|
1,262
|
1,286
|
1,300
|
99 %
|
|
|
Brazil Aluminium (non-operated)
|
|
|
|
|
|
|
Aluminium production (kt)
|
69
|
104
|
100
|
104 %
|
|
|
Hillside Aluminium18
|
|
|
|
|
|
|
Aluminium production (kt)
|
719
|
720
|
720
|
100 %
|
|
|
Mozal Aluminium18
|
|
|
|
|
|
|
Aluminium production (kt)
|
345
|
314
|
320
|
98 %
|
|
|
Sierra Gorda (non-operated)
|
|
|
|
|
|
|
Payable copper equivalent production
(kt)4
|
86.5
|
73.8
|
78.7
|
94 %
|
Lower than planned copper grades in
Q4 FY24, partly offset by higher by-product volumes
|
|
Payable copper production
(kt)
|
70.7
|
60.8
|
67.0
|
91 %
|
|
Payable molybdenum production
(kt)
|
1.2
|
0.9
|
0.8
|
113 %
|
|
Payable gold production
(koz)
|
28.8
|
24.6
|
22.5
|
109 %
|
|
Payable silver production
(koz)
|
630
|
607
|
550
|
110 %
|
|
Cannington
|
|
|
|
|
|
|
Payable zinc equivalent production
(kt)3
|
259.6
|
285.2
|
287.2
|
99 %
|
|
|
Payable silver production
(koz)
|
11,183
|
12,666
|
12,500
|
101 %
|
|
Payable lead production
(kt)
|
101.7
|
112.4
|
115.0
|
98 %
|
|
Payable zinc production
(kt)
|
59.2
|
60.7
|
62.0
|
98 %
|
|
Cerro Matoso
|
|
|
|
|
|
|
Payable nickel production
(kt)
|
40.8
|
40.6
|
40.5
|
100 %
|
|
|
Illawarra Metallurgical Coal
|
|
|
|
|
|
|
Total coal production
(kt)
|
6,520
|
4,938
|
5,000
|
99 %
|
|
|
Metallurgical coal production
(kt)
|
5,497
|
4,305
|
4,400
|
98 %
|
|
Energy coal production
(kt)
|
1,023
|
633
|
600
|
106 %
|
|
Australia Manganese
|
|
|
|
|
|
|
Manganese ore production
(kwmt)
|
3,545
|
2,324
|
N/A
|
N/A
|
Production guidance withdrawn in
March 2024 due to Tropical Cyclone Megan
|
|
South Africa Manganese
|
|
|
|
|
|
|
Manganese ore production
(kwmt)
|
2,108
|
2,175
|
2,000
|
109 %
|
|
a.
The denotation (e) refers to an estimate or
forecast year.
b. Reflects
percentage of achieved production for FY24 compared to current
FY24e.
MARKETING UPDATE
Commodity markets strengthened in H2
FY24 reflecting constrained supply and improving demand.
The average realised prices achieved
for our commodities are summarised below. Outstanding concentrate
sales were revalued at 30 June 2024 with the final price of these
to be determined in the December 2024 half year.
|
Realised prices19
|
FY23
|
1H24
|
2H24
|
FY24
|
FY24
vs
FY23
|
2H24
vs
1H24
|
|
Worsley Alumina
|
|
|
|
|
|
|
|
Alumina (US$/t)
|
357
|
344
|
376
|
360
|
1%
|
9%
|
|
Brazil Alumina (non-operated)(a)
|
|
|
|
|
|
|
|
Alumina (US$/t)
|
369
|
362
|
394
|
378
|
2%
|
9%
|
|
Brazil Aluminium
(non-operated)(a)
|
|
|
|
|
|
|
|
Aluminium (US$/t)
|
2,452
|
2,275
|
2,435
|
2,373
|
(3%)
|
7%
|
|
Hillside Aluminium
|
|
|
|
|
|
|
|
Aluminium (US$/t)
|
2,535
|
2,318
|
2,448
|
2,389
|
(6%)
|
6%
|
|
Mozal Aluminium
|
|
|
|
|
|
|
|
Aluminium (US$/t)
|
2,653
|
2,377
|
2,610
|
2,491
|
(6%)
|
10%
|
|
Sierra Gorda (non-operated)20(a)
|
|
|
|
|
|
|
|
Payable copper (US$/lb)
|
3.51
|
3.56
|
4.19
|
3.86
|
10%
|
18%
|
|
Payable molybdenum
(US$/lb)
|
21.28
|
20.82
|
20.35
|
20.60
|
(3%)
|
(2%)
|
|
Payable gold (US$/oz)
|
1,821
|
1,957
|
2,342
|
2,129
|
17%
|
20%
|
|
Payable silver (US$/oz)
|
21.9
|
23.3
|
26.3
|
24.8
|
13%
|
13%
|
|
Cannington20
|
|
|
|
|
|
|
|
Payable silver (US$/oz)
|
21.1
|
22.5
|
27.5
|
24.8
|
18%
|
22%
|
|
Payable lead (US$/t)
|
1,919
|
1,979
|
2,031
|
2,002
|
4%
|
3%
|
|
Payable zinc (US$/t)
|
2,151
|
2,085
|
2,358
|
2,230
|
4%
|
13%
|
|
Cerro Matoso21
|
|
|
|
|
|
|
|
Payable nickel (US$/lb)
|
7.76
|
6.00
|
6.30
|
6.17
|
(20%)
|
5%
|
|
Illawarra Metallurgical Coal
|
|
|
|
|
|
|
|
Metallurgical coal
(US$/t)
|
279
|
276
|
275
|
275
|
(1%)
|
0%
|
|
Energy coal (US$/t)
|
144
|
101
|
113
|
107
|
(26%)
|
12%
|
|
Australia Manganese22
|
|
|
|
|
|
|
|
Manganese ore (US$/dmtu,
FOB)
|
4.59
|
3.79
|
3.71
|
3.77
|
(18%)
|
(2%)
|
|
South Africa Manganese22
|
|
|
|
|
|
|
|
Manganese ore (US$/dmtu,
FOB)
|
3.58
|
3.03
|
4.05
|
3.53
|
(1%)
|
34%
|
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 FY24 Operating
unit costs in line with FY24 guidance, as we continued our focus on
driving operating performance and cost
efficiencies.
|
Operating unit cost(a)
|
|
|
|
|
Current Guidance
FY24e(b)(c)
|
FY24 Operating unit costs commentary
|
|
|
|
Worsley Alumina
|
|
|
|
(US$/t)
|
270
|
Expected to be in line with FY24
guidance.
|
|
Brazil Alumina (non-operated)
|
|
|
|
|
Not
provided
|
Expected to be consistent with H1
FY24 Operating unit costs (US$325/t).
|
|
Brazil Aluminium (non-operated)
|
|
|
|
Not
provided
|
Expected to be
~10% below H1 FY24 Operating unit costs (US$4,025/t), as the
smelter continued to ramp-up all three potlines.
|
|
Hillside Aluminium
|
Not
provided
|
|
|
|
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.
FY24 Operating unit costs for
Hillside Aluminium are expected to be consistent with H1 FY24
(US$2,135/t).
FY24 Operating unit costs for Mozal
Aluminium are expected to be ~4% below H1
FY24 (US$2,461/t), as the smelter progressed its recovery
plan.
|
|
Mozal Aluminium
|
|
|
|
Sierra Gorda (non-operated)
|
|
|
|
(US$/t)(d)
|
17.0
|
Expected to be in line with FY24
guidance.
|
|
Cannington
|
|
|
|
(US$/t)(d)
|
155
|
Expected to be in line with FY24
guidance.
|
|
Cerro Matoso
|
|
|
|
(US$/lb)
|
5.20
|
Expected to be in line with FY24
guidance.
|
|
Illawarra Metallurgical Coal
|
|
|
|
(US$/t)
|
150
|
Expected to be in line with FY24
guidance.
|
|
Australia Manganese (FOB)
|
|
|
|
(US$/dmtu)
|
N/A
|
Operating unit costs for the period
are expected to be ~US$2.25/dmtu.
Separately, we expect to incur
remediation costs and idle capacity losses of ~US$90M, which will
be excluded from FY24 Underlying Earnings.
|
|
South Africa Manganese (FOB)
|
|
|
|
(US$/dmtu)
|
2.60
|
Expected to be in line with 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 23).
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.
s
WORSLEY ALUMINA (86%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Alumina production (kt)
|
3,839
|
3,777
|
(2%)
|
|
1,012
|
927
|
916
|
(9%)
|
(1%)
|
|
Alumina sales (kt)
|
3,817
|
3,767
|
(1%)
|
|
1,111
|
895
|
974
|
(12%)
|
9%
|
Worsley Alumina saleable production
decreased by 2% (or 62kt) to 3,777kt in FY24, achieving 94% of
guidance, as a temporary outage of the bauxite conveyor impacted
bauxite supply to the refinery during the June 2024 quarter. FY25
production guidance has been revised lower by 6% to 3,750kt, as we
complete additional conveyor maintenance, and manage bauxite
inventories due to delays experienced with regulatory approvals for
new mining areas.
On 8 July 2024, the Western
Australian Environmental Protection Authority (WA EPA) published
its recommendation that the proposal for the Worsley Mine
Development Project may be implemented, subject to conditions. If
imposed in their current form, several conditions recommended by
the WA EPA create significant operating challenges for Worsley
Alumina and impact its long-term viability. Following what has been
a long and protracted process, Worsley Alumina intends to lodge an
appeal in relation to the WA EPA assessment report, and to work
collaboratively with the Western Australian Government to enable
Worsley Alumina to continue to meet the State's robust
environmental standards and to continue the significant
contribution Worsley Alumina has made to the South West for the
past 40 years. Worsley Alumina aims to secure environmental
approvals for the proposal by the end of CY24.
BRAZIL ALUMINA (36% SHARE,
NON-OPERATED)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Alumina production (kt)
|
1,262
|
1,286
|
2%
|
|
237
|
313
|
333
|
41%
|
6%
|
|
Alumina sales (kt)
|
1,237
|
1,282
|
4%
|
|
242
|
277
|
358
|
48%
|
29%
|
Brazil Alumina saleable production
increased by 2% (or 24kt) to 1,286kt in FY24, achieving 99% of
guidance, with improved plant availability supporting a 6% increase
in production during the June 2024 quarter. FY25 production
guidance remains unchanged at 1,350kt.
BRAZIL ALUMINIUM (40% SHARE,
NON-OPERATED)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Aluminium production (kt)
|
69
|
104
|
51%
|
|
24
|
26
|
28
|
17%
|
8%
|
|
Aluminium sales (kt)
|
68
|
102
|
50%
|
|
26
|
32
|
30
|
15%
|
(6%)
|
Brazil Aluminium saleable production
increased by 51% (or 35kt) to 104kt in FY24, exceeding guidance by
4%, as the smelter continued to ramp up all three potlines. FY25
production guidance remains unchanged at 130kt.
HILLSIDE ALUMINIUM (100%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Aluminium production (kt)
|
719
|
720
|
0%
|
|
180
|
181
|
180
|
0%
|
(1%)
|
|
Aluminium sales (kt)
|
719
|
720
|
0%
|
|
185
|
209
|
184
|
(1%)
|
(12%)
|
Hillside Aluminium saleable
production increased by 1kt to a record 720kt in FY24, achieving
100% of guidance, as the smelter continued to test its maximum
technical capacity, despite the impact of load-shedding. FY25
production guidance remains unchanged at
720kt18.
MOZAL ALUMINIUM (63.7%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Aluminium production (kt)
|
345
|
314
|
(9%)
|
|
82
|
71
|
77
|
(6%)
|
8%
|
|
Aluminium sales (kt)
|
334
|
326
|
(2%)
|
|
114
|
58
|
101
|
(11%)
|
74%
|
Mozal Aluminium saleable production
decreased by 9% (or 31kt) to 314kt in FY24, achieving 98% of
guidance, with production increasing by 8% during the June 2024
quarter as the smelter progressed its recovery plan, despite the
impact of load-shedding. Production is expected to increase by ~15%
to 360kt18 in FY25 (previously 372kt) as the smelter
returns toward nameplate capacity.
Sales
increased by 74% during the June 2024
quarter as we drew down inventory to normalised
levels by the end of the financial year, capitalising on
strengthened market conditions.
As previously disclosed, we continue
to work with the Government of the Republic of Mozambique and Eskom
to secure the smelter's hydro-electric power supply beyond Q3 FY26,
as there are currently no viable alternative suppliers of renewable
energy at the required scale.
SIERRA GORDA (45% SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Payable copper equivalent production
(kt)4
|
86.5
|
73.8
|
(15%)
|
|
22.5
|
16.8
|
18.4
|
(18%)
|
10%
|
|
Payable copper production
(kt)
|
70.7
|
60.8
|
(14%)
|
|
17.3
|
13.9
|
15.3
|
(12%)
|
10%
|
|
Payable copper sales (kt)
|
71.8
|
60.9
|
(15%)
|
|
18.0
|
13.1
|
15.3
|
(15%)
|
17%
|
Sierra Gorda payable copper
equivalent production4 decreased
by 15% (or 12.7kt) to 73.8kt in FY24, achieving 94% of guidance,
due to lower than planned copper grades in the June 2024
quarter.
Looking forward, higher clay content
in the current phase of the mine plan is expected to continue to
impact molybdenum production in FY25, with FY25 payable copper
equivalent production guidance revised lower by 7%
to 85.3kt (copper 70.0kt, molybdenum 1.3kt, gold 25.0koz and silver
550koz).
Sierra Gorda continued to progress
the feasibility study for the fourth grinding line expansion, which
remains on track to support a final investment decision in H1
FY25.
CANNINGTON (100% SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Payable zinc equivalent production
(kt)3
|
259.6
|
285.2
|
10%
|
|
74.5
|
64.8
|
73.2
|
(2%)
|
13%
|
|
Payable silver production
(koz)
|
11,183
|
12,666
|
13%
|
|
3,368
|
2,897
|
3,065
|
(9%)
|
6%
|
|
Payable silver sales
(koz)
|
10,739
|
11,793
|
10%
|
|
3,244
|
2,210
|
3,054
|
(6%)
|
38%
|
|
Payable lead production
(kt)
|
101.7
|
112.4
|
11%
|
|
28.3
|
24.8
|
28.8
|
2%
|
16%
|
|
Payable lead sales (kt)
|
99.0
|
102.4
|
3%
|
|
26.0
|
17.9
|
27.9
|
7%
|
56%
|
|
Payable zinc production
(kt)
|
59.2
|
60.7
|
3%
|
|
16.2
|
14.3
|
17.4
|
7%
|
22%
|
|
Payable zinc sales (kt)
|
58.1
|
60.1
|
3%
|
|
21.8
|
11.6
|
20.2
|
(7%)
|
74%
|
Cannington payable zinc equivalent
production3 increased by 10% (or 25.6kt) to 285.2kt in FY24 as the
operation managed the impact of widespread flooding following
Tropical Cyclone Kirrily, and processed a sequence of higher grade
stopes in the June 2024 quarter, achieving 99% of
guidance.
Looking forward, a significant
increase in underground activity and complexity is expected to
drive greater variability in mine performance as the underground
mine progresses towards the end of its life. Due to these factors
and the need to re-establish run of mine stocks
following adverse weather impacts in H2 FY24, we have
lowered FY25 guidance for mill throughput to 2,100kdmt and payable zinc equivalent production by 9%
to 250.1kt (silver 11,300koz, lead 100.0kt
and zinc 50.0kt).
Higher sales volumes in the June
2024 quarter reflected timing differences following widespread
flooding in the prior quarter that caused a temporary
outage of a third-party rail
line.
CERRO MATOSO (99.9%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Payable nickel production
(kt)
|
40.8
|
40.6
|
0%
|
|
10.2
|
10.8
|
11.5
|
13%
|
6%
|
|
Payable nickel sales (kt)
|
40.8
|
40.9
|
0%
|
|
10.4
|
10.8
|
12.1
|
16%
|
12%
|
Cerro Matoso payable nickel
production was largely unchanged at 40.6kt in FY24, achieving 100%
of guidance, with higher planned throughput and nickel grades
supporting a 6% increase in production during the June 2024
quarter. FY25 production guidance remains unchanged at 35.0kt,
reflecting lower planned nickel
grades.
We continue to progress our
strategic review of Cerro Matoso and expect to provide information
on the outcomes of this review in H2 FY25.
ILLAWARRA METALLURGICAL COAL (100%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Total coal production
(kt)
|
6,520
|
4,938
|
(24%)
|
|
1,753
|
1,405
|
1,488
|
(15%)
|
6%
|
|
Total coal sales
(kt)24
|
6,359
|
4,871
|
(23%)
|
|
1,697
|
1,238
|
1,537
|
(9%)
|
24%
|
|
Metallurgical coal production
(kt)
|
5,497
|
4,305
|
(22%)
|
|
1,504
|
1,244
|
1,274
|
(15%)
|
2%
|
|
Metallurgical coal sales
(kt)
|
5,402
|
4,172
|
(23%)
|
|
1,529
|
1,053
|
1,360
|
(11%)
|
29%
|
|
Energy coal production
(kt)
|
1,023
|
633
|
(38%)
|
|
249
|
161
|
214
|
(14%)
|
33%
|
|
Energy coal sales (kt)
|
957
|
699
|
(27%)
|
|
168
|
185
|
177
|
5%
|
(4%)
|
Illawarra Metallurgical Coal
saleable production decreased by 24% (or 1,582kt) to 4,938kt in
FY24, achieving 99% of guidance, as the operation completed three
planned longwall moves and commenced a fourth planned move in the
June 2024 quarter.
AUSTRALIA MANGANESE (60%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Manganese ore production
(kwmt)
|
3,545
|
2,324
|
(34%)
|
|
869
|
645
|
-
|
N/A
|
N/A
|
|
Manganese ore sales
(kwmt)
|
3,261
|
2,573
|
(21%)
|
|
866
|
709
|
-
|
N/A
|
N/A
|
Australia Manganese saleable
production decreased by 34% (or 1,221kwmt) to 2,324kwmt in FY24 as
we temporarily suspended operations in March 2024 due to the
impacts of Tropical Cyclone Megan.
We continued to implement the
operational recovery plan, dewatering targeted mining pits and
commencing a phased mining restart during the quarter. Mining activity is expected to increase, supporting a
planned build in stockpiles ahead of the wet season. Wharf
operations are scheduled to commence in Q3 FY25, subject to
maintaining construction productivity during the wet
season.
FY25 production and capital
expenditure guidance will be provided with our FY24 financial
results.
We are working closely with our
insurers to assess the timing and value of recoveries under our
property damage and business interruption insurance.
SOUTH AFRICA MANGANESE (ORE 54.6%
SHARE)
|
South32 share
|
FY23
|
FY24
|
YoY
|
|
4Q23
|
3Q24
|
4Q24
|
4Q24
vs
4Q23
|
4Q24
vs
3Q24
|
|
Manganese ore production
(kwmt)
|
2,108
|
2,175
|
3%
|
|
586
|
530
|
534
|
(9%)
|
1%
|
|
Manganese ore sales
(kwmt)
|
2,065
|
2,116
|
2%
|
|
541
|
485
|
549
|
1%
|
13%
|
South Africa Manganese saleable
production increased by 3% (or 67kwmt) to a
record 2,175kwmt in FY24, exceeding guidance by 9%, as the
operation delivered improved mining performance and lifted output
of secondary products to capitalise on stronger manganese prices.
FY25 production guidance will be provided with our FY24 financial
results.
NOTES
|
1.
|
Group payable copper equivalent
production based on current FY24 production guidance, calculated by
applying FY23 realised prices for all operations.
|
|
2.
|
Refer to market release
"Illawarra Metallurgical Coal Sale Update" dated 5
July 2024.
|
|
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, 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, FY24 and FY24e.
|
|
5.
|
Target is defined as an intended
outcome in relation to which we have identified one or more
pathways for delivery of that outcome, subject to certain
assumptions or conditions. Our medium-term target is to halve our
operational greenhouse gas (GHG) emissions by 2035 compared to our
FY21 baseline. FY21 baseline adjusted to exclude GHG emissions from
South Africa Energy Coal and TEMCO, which were divested in
FY21.
|
|
6.
|
Refer to market release "Sale of
Illawarra Metallurgical Coal" dated 29 February 2024.
|
|
7.
|
Subject to the Eagle Downs project
reaching metallurgical coal production of 100,000
tonnes.
|
|
8.
|
Price-linked royalty calculated
based on potential future metallurgical coal production and a
metallurgical coal index price of at least US$170/t.
|
|
9.
|
Refer to media release "Agreement to
divest Metalloys manganese alloy smelter" dated 13 June
2024.
|
|
10.
|
Refer to market release "Worsley
Alumina Approvals Update" dated 22 July 2024.
|
|
11.
|
Net distributions from our material
equity accounted investments (EAI) (manganese and Sierra Gorda)
includes dividends, capital contributions 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.
|
|
12.
|
Comprised of US$145M in respect of
the June 2023 half year paid in the December 2023 quarter and
US$18M in respect of the December 2023 half year paid in the June
2024 quarter.
|
|
13.
|
We returned US$35M via the on-market
share buy-back in FY24, purchasing 16M shares at an average price
of A$3.37. Since inception, US$1.7B has been returned via the
on-market share buy-back (795M shares at an average price of A$3.05
per share).
|
|
14.
|
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.
|
|
15.
|
Australia Manganese is subject to a
royalty related tax equal to 20% of adjusted EBIT. 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. These royalties are
included in Underlying tax expense.
|
|
16.
|
Refer to market release "Final
investment approval to develop Hermosa's Taylor deposit" dated 15
February 2024.
|
|
17.
|
Exploration Results and Exploration
Targets: The information in this announcement that relates to the
Exploration Results and Targets for Taylor, Clark, Peake and Flux
is extracted from the market release "Final investment approval to
develop Hermosa's Taylor deposit" dated 15 February 2024. 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.
|
|
18.
|
Production guidance for Hillside
Aluminium and Mozal Aluminium does not assume any load-shedding
impact on production.
|
|
19.
|
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.
|
|
20
|
Realised prices for Sierra Gorda and
Cannington are net of treatment and refining charges.
|
|
21
|
Realised nickel sales prices are
inclusive of by-products.
|
|
22
|
Realised ore prices are calculated
as external sales Revenue less freight and marketing costs, divided
by external sales volumes.
|
|
23.
|
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$340/t; an average blended coal
price of US$296/t for Illawarra Metallurgical Coal; a manganese ore
price of US$4.58/dmtu for 44% manganese product; a nickel price of
US$8.67/lb; a silver price of US$22.7/troy oz; a lead price of
US$2,105/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$3.67/lb (gross of treatment and refining charges); a
molybdenum price of US$19.22/lb (gross of treatment and refining
charges); a gold price of US$1,892/troy oz; an AUD:USD exchange
rate of 0.64; a USD:ZAR exchange rate of 19.12; a USD:COP exchange
rate of 4,050; USD:CLP exchange rate of 924; and a reference price
for caustic soda; which reflect forward markets as at January 2024
or our internal expectations
|
|
24.
|
Illawarra Metallurgical Coal sales
are adjusted for moisture and will not reconcile directly to
Illawarra Metallurgical Coal production.
|
The following abbreviations have
been used throughout this report: US$ 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
|
FY23
|
FY24
|
|
4Q23
|
1Q24
|
2Q24
|
3Q24
|
4Q24
|
|
Worsley Alumina (86% share)
|
|
|
|
|
|
|
|
|
|
Alumina hydrate production
(kt)
|
3,833
|
3,779
|
|
957
|
973
|
961
|
926
|
919
|
|
Alumina production (kt)
|
3,839
|
3,777
|
|
1,012
|
972
|
962
|
927
|
916
|
|
Alumina sales (kt)
|
3,817
|
3,767
|
|
1,111
|
913
|
985
|
895
|
974
|
|
Brazil Alumina (36% share)
|
|
|
|
|
|
|
|
|
|
Alumina production (kt)
|
1,262
|
1,286
|
|
237
|
318
|
322
|
313
|
333
|
|
Alumina sales (kt)
|
1,237
|
1,282
|
|
242
|
272
|
375
|
277
|
358
|
|
Brazil Aluminium (40% share)
|
|
|
|
|
|
|
|
|
|
Aluminium production (kt)
|
69
|
104
|
|
24
|
24
|
26
|
26
|
28
|
|
Aluminium sales (kt)
|
68
|
102
|
|
26
|
8
|
32
|
32
|
30
|
|
Hillside Aluminium (100% share)
|
|
|
|
|
|
|
|
|
|
Aluminium production (kt)
|
719
|
720
|
|
180
|
180
|
179
|
181
|
180
|
|
Aluminium sales (kt)
|
719
|
720
|
|
185
|
170
|
157
|
209
|
184
|
|
Mozal Aluminium (63.7% share)
|
|
|
|
|
|
|
|
|
|
Aluminium production (kt)
|
345
|
314
|
|
82
|
84
|
82
|
71
|
77
|
|
Aluminium sales (kt)
|
334
|
326
|
|
114
|
77
|
90
|
58
|
101
|
|
Sierra Gorda (45% share)
|
|
|
|
|
|
|
|
|
|
Ore mined (Mt)
|
26.0
|
19.9
|
|
5.5
|
5.9
|
6.0
|
3.1
|
4.9
|
|
Ore processed (Mt)
|
21.2
|
21.9
|
|
5.4
|
5.5
|
5.4
|
5.5
|
5.5
|
|
Copper ore grade processed (%,
Cu)
|
0.42
|
0.36
|
|
0.40
|
0.37
|
0.38
|
0.34
|
0.37
|
|
Payable copper equivalent production
(kt)4
|
86.5
|
73.8
|
|
22.5
|
20.3
|
18.3
|
16.8
|
18.4
|
|
Payable copper production
(kt)
|
70.7
|
60.8
|
|
17.3
|
16.0
|
15.6
|
13.9
|
15.3
|
|
Payable copper sales (kt)
|
71.8
|
60.9
|
|
18.0
|
15.3
|
17.2
|
13.1
|
15.3
|
|
Payable molybdenum production
(kt)
|
1.2
|
0.9
|
|
0.5
|
0.4
|
0.1
|
0.2
|
0.2
|
|
Payable molybdenum sales
(kt)
|
1.3
|
1.3
|
|
0.3
|
0.4
|
0.3
|
0.4
|
0.2
|
|
Payable gold production
(koz)
|
28.8
|
24.6
|
|
7.3
|
6.3
|
7.1
|
5.3
|
5.9
|
|
Payable gold sales (koz)
|
29.1
|
24.9
|
|
7.3
|
6.3
|
7.5
|
5.2
|
5.9
|
|
Payable silver production
(koz)
|
630
|
607
|
|
154
|
145
|
150
|
153
|
159
|
|
Payable silver sales
(koz)
|
639
|
605
|
|
157
|
140
|
160
|
141
|
164
|
|
Cannington (100% share)
|
|
|
|
|
|
|
|
|
|
Ore mined (kwmt)
|
2,223
|
2,252
|
|
631
|
551
|
599
|
529
|
573
|
|
Ore processed (kdmt)
|
2,156
|
2,221
|
|
562
|
562
|
577
|
525
|
557
|
|
Silver ore grade processed (g/t,
Ag)
|
187
|
205
|
|
210
|
206
|
216
|
200
|
199
|
|
Lead ore grade processed (%,
Pb)
|
5.6
|
5.9
|
|
5.8
|
5.8
|
6.2
|
5.6
|
5.9
|
|
Zinc ore grade processed (%,
Zn)
|
3.8
|
3.7
|
|
4.0
|
3.2
|
3.6
|
3.8
|
4.1
|
|
Payable zinc equivalent production
(kt)3
|
259.6
|
285.2
|
|
74.5
|
70.3
|
76.9
|
64.8
|
73.2
|
|
Payable silver production
(koz)
|
11,183
|
12,666
|
|
3,368
|
3,230
|
3,474
|
2,897
|
3,065
|
|
Payable silver sales
(koz)
|
10,739
|
11,793
|
|
3,244
|
2,873
|
3,656
|
2,210
|
3,054
|
|
Payable lead production
(kt)
|
101.7
|
112.4
|
|
28.3
|
28.5
|
30.3
|
24.8
|
28.8
|
|
Payable lead sales (kt)
|
99.0
|
102.4
|
|
26.0
|
25.6
|
31.0
|
17.9
|
27.9
|
|
Payable zinc production
(kt)
|
59.2
|
60.7
|
|
16.2
|
13.2
|
15.8
|
14.3
|
17.4
|
|
Payable zinc sales (kt)
|
58.1
|
60.1
|
|
21.8
|
13.9
|
14.4
|
11.6
|
20.2
|
|
Cerro Matoso (99.9% share)
|
|
|
|
|
|
|
|
|
|
Ore mined (kwmt)
|
5,560
|
5,195
|
|
1,619
|
940
|
1,243
|
1,486
|
1,526
|
|
Ore processed (kdmt)
|
2,807
|
2,774
|
|
702
|
594
|
723
|
711
|
746
|
|
Ore grade processed (%,
Ni)
|
1.62
|
1.60
|
|
1.62
|
1.57
|
1.53
|
1.61
|
1.70
|
|
Payable nickel production
(kt)
|
40.8
|
40.6
|
|
10.2
|
8.3
|
10.0
|
10.8
|
11.5
|
|
Payable nickel sales (kt)
|
40.8
|
40.9
|
|
10.4
|
8.5
|
9.5
|
10.8
|
12.1
|
|
Illawarra Metallurgical Coal (100% share)
|
|
|
|
|
|
|
|
|
|
Total coal production
(kt)
|
6,520
|
4,938
|
|
1,753
|
1,168
|
877
|
1,405
|
1,488
|
|
Total coal sales
(kt)24
|
6,359
|
4,871
|
|
1,697
|
1,196
|
900
|
1,238
|
1,537
|
|
Metallurgical coal production
(kt)
|
5,497
|
4,305
|
|
1,504
|
1,043
|
744
|
1,244
|
1,274
|
|
Metallurgical coal sales
(kt)
|
5,402
|
4,172
|
|
1,529
|
996
|
763
|
1,053
|
1,360
|
|
Energy coal production
(kt)
|
1,023
|
633
|
|
249
|
125
|
133
|
161
|
214
|
|
Energy coal sales (kt)
|
957
|
699
|
|
168
|
200
|
137
|
185
|
177
|
|
Australia Manganese (60% share)
|
|
|
|
|
|
|
|
|
|
Manganese ore production
(kwmt)
|
3,545
|
2,324
|
|
869
|
890
|
789
|
645
|
-
|
|
Manganese ore sales
(kwmt)
|
3,261
|
2,573
|
|
866
|
940
|
924
|
709
|
-
|
|
Ore grade sold (%, Mn)
|
43.9
|
42.5
|
|
43.1
|
42.9
|
42.2
|
42.2
|
-
|
|
South Africa Manganese (54.6% share)
|
|
|
|
|
|
|
|
|
|
Manganese ore production
(kwmt)
|
2,108
|
2,175
|
|
586
|
628
|
483
|
530
|
534
|
|
Manganese ore sales
(kwmt)
|
2,065
|
2,116
|
|
541
|
518
|
564
|
485
|
549
|
|
Ore grade sold (%, Mn)
|
39.2
|
38.8
|
|
39.4
|
39.0
|
38.4
|
38.7
|
39.1
|
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
Ben Baker
M +61 403 763 086
E
Ben.Baker@south32.net
|
MEDIA RELATIONS
Jamie Macdonald
M +61 408 925 140
E
Jamie.Macdonald@south32.net
|
Miles Godfrey
M +61 415 325 906
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 July
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