South32 maintains quarterly production guidance 2024

South32 has continued its strong start to the year, maintaining production guidance for all of our operations except Mozal Aluminium, as South32 continues to mitigate the impact of civil unrest in Mozambique.

Chief Executive Officer, Graham Kerr: “We achieved strong results in the December 2024 quarter, delivering higher base metals production and increasing alumina production by 14 per cent, capturing the benefit of strong alumina prices.

“We returned US$169M to shareholders, paying fully-franked ordinary dividends in respect of the prior six months and continuing our on-market share buy-back, leaving US$171M to be returned to shareholders under our capital management program.

“Having successfully divested Illawarra Metallurgical Coal in the September 2024 quarter, we have a strong balance sheet and platform for growth in minerals and metals critical to the world’s energy transition.

“At Hermosa, construction of the zinc-lead-silver Taylor deposit reached a significant milestone as we commenced shaft sinking in the quarter. Wealso progressed development of an exploration decline at the Clark battery-grade manganese deposit and exploration drilling at the Peake copper deposit to unlock further value across our broader land package.

“We also continued to strengthen our growth pipeline, embedding additional copper exploration options in highly prospective regions during the period.”

• Maintained FY25 production guidance for all operations, except Mozal Aluminium, where guidance was withdrawn in December 2024 due to civil unrest in Mozambique1.
• Aluminium production increased by 5% in the December 2024 half year as Hillside Aluminium continued to test its maximum technical capacity, and low-carbon aluminium2 production from Brazil Aluminium and Mozal Aluminium increased by 12%.
• Alumina production declined by 2% in the December 2024 half year, while quarterly volumes improved by 14% as Worsley Alumina completed planned calciner maintenance and Brazil Alumina benefitted from improved plant availability.
• Worsley Alumina received State environmental approval for the Worsley Mine Development Project3 and remains on track to receive Federal approval in the March 2025 quarter.
• Sierra Gorda payable copper equivalent production4 increased by 21% in the December 2024 half year as the operation benefitted from improved ore quality in the current phase of the mine plan.
• Cannington delivered a 56% increase in payable zinc equivalent production5 in the December 2024 quarter, as we completed additional dewatering in the prior quarter, and realised higher planned lead and silver grades.
• Australia Manganese resumed production from the primary concentrator and progressed construction of infrastructure as part of the recovery plan. A further US$150M (100% basis) of insurance claims were approved in the December 2024 quarter.
• Commenced shaft sinking at Hermosa’s Taylor zinc-lead-silver project and continued development of an exploration decline for the Clark battery-grade manganese deposit.
• Acquired a 19.9% interest in American Eagle Gold Corp., which holds an option to acquire a 100% interest in the Nakinilerak copper porphyry exploration prospect in British Columbia, Canada.