Australia's South32 sinks after Taylor project costs rise, production delay

South32

30/04/2026 04:56

** Shares of South32 S32.AX fall as much as 10.8% to A$3.8, lowest level since March 23

** Stock's biggest intraday pct drop since April 7

    ** Among top 10 losers on Australian
    S&P/ASX 200 benchmark index .AXJO, which is down 0.3%

** Diversified miner says it expects growth capex for its U.S.-based Taylor zinc-lead-silver project to be around $3,300 million, up from $2,160 million announced earlier

** Targets first production in H2FY28 and max output by FY31; earlier production was set to start in H2FY27, max output in FY30

** Stock down 7.4% so far this month, set for its steepest drop since early August 2025

** YTD, stock up 11.2%

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))