SOUTH32: Climate commitment and capital management program increase
South32 has hosted a call with equity analysts and investors to discuss its operational performance and strategy, including an increase to its capital management program by US$200M to US$1.88B and its intent to achieve a 50% reduction in Scope 1 and 2 operational emissions by FY35.
South32 Chief Executive Officer, Graham Kerr said “Our briefing provides an opportunity to update all of our stakeholders on the future of South32. We are sustainably reshaping our business for a low carbon future by increasing our exposure to base metals. We have set a new medium-term target to halve our operational emissions by 2035 and are investing in efficiency projects, applying low carbon design principles and evaluating carbon reduction technologies to achieve this goal.
“Demonstrating the continued strength of our operating and financial performance, as well as the positive outlook for our business, we are also announcing a further US$200 million to be returned to shareholders through our capital management program. This decision is supported by our strong balance sheet and disciplined approach to capital allocation, and will take total returns to shareholders by our capital management program to US$1.88 billion.”
South32 is a globally diversified mining and metals company that produces bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America.