South32 Shares Climb Following Positive Half-Year Update

2 min read | January 20, 2025 02:18 PM AEDT | By Team Kalkine Media

South32 Shares Climb Following Positive Half-Year Update — Image source: shutterstock

Aluminium and Alumina Developments

South32’s aluminium production rose by 5% during the half-year, with Hillside Aluminium operating near its technical capacity limits. Low-carbon aluminium output from Brazil Aluminium and Mozal Aluminium further enhanced the segment’s performance, registering a 12% increase.

Mozal Aluminium’s operations were, however, hindered by civil unrest in Mozambique, creating some headwinds. In contrast, alumina production dipped by 2% in the first half. Encouragingly, second-quarter volumes climbed by 14%, attributed to Worsley Alumina’s completion of scheduled calciner maintenance and improved plant availability at Brazil Alumina. This recovery signals the potential for stronger performance in the second half of the fiscal year.

Significant Gains in Copper and Zinc

Sierra Gorda, South32’s copper operation, was a standout performer, achieving a 21% increase in payable copper equivalent production during the first half. The improvement was attributed to better ore quality under the current mine plan phase.

Cannington also delivered remarkable results, with a 56% jump in payable zinc equivalent production during the second quarter. The gains were driven by higher lead and silver grades and additional dewatering efforts completed in the prior quarter.

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