REG - South32 Limited - Appendix 4E and 2025 Financial Results and Outlook
28/08/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250828:nRSb0236Xa&default-theme=true
RNS Number : 0236X South32 Limited 28 August 2025
28 August 2025
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
south32.net
APPENDIX 4E AND 2025 FINANCIAL RESULTS AND OUTLOOK
South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) provides the
following Appendix 4E and Financial Results and Outlook for the year ended 30
June 2025.
The following reporting documents will be provided separately:
· Appendix 3A.1 - Notification of dividend
· Appendix 3C - Notification of buy-back
· 2025 Full Year Financial Results Presentation
· 2025 Annual Report
· Appendix 4G: Key to Disclosures
South32 will hold a conference call at 8.00am Australian Western Standard Time
to discuss the 2025 financial results material, the details of which are as
follows:
Conference ID:
Please pre-register for this call at link
(https://s1.c-conf.com/diamondpass/10048533-7sgdtd.html) . Following the
conference call a recording will be available on the South32 website
(https://www.south32.net/investors/presentations-speeches
(https://www.south32.net/investors/presentations-speeches) ).
This announcement and the abovementioned documents will be submitted to the
National Storage Mechanism and available for inspection at this link
(https://data.fca.org.uk?#/nsm/nationalstoragemechanism) in due course.
The 2025 Annual Report will be uploaded to the Financial Conduct Authority in
ESEF (European Single Electronic Format) format on 2 September 2025.
About us
Our purpose is to make a difference by developing natural resources, improving
people's lives now and for generations to come. We are trusted by our owners
and partners to realise the potential of their resources. We produce minerals
and metals critical to the world's energy transition from operations across
the Americas, Australia and Southern Africa and we are discovering and
responsibly developing our next generation of mines. We aspire to leave a
positive legacy and build meaningful relationships with our partners and
communities to create brighter futures together.
Ben Baker Jamie Macdonald
T +61 8 9324 9363
T +61 8 9324 9000
M +61 403 763 086
M +61 408 925 140
E Ben.Baker@south32.net (mailto:Ben.Baker@south32.net)
E Jamie.Macdonald@south32.net
(mailto:Jamie.Macdonald@south32.net)
Further information on South32 can be found at www.south32.net
(https://www.south32.net/) .
Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
28 August 2025
APPENDIX 4E
SOUTH32 LIMITED
(ABN 84 093 732 597)
Results for announcement to the market
This information is provided in accordance with the ASX Listing Rules and
should be read in conjunction with South32's Annual Report for the year ended
30 June 2025.
Figures in italics indicate that an adjustment has been made since the
financial information was previously reported.
US$M FY25 FY24 % Change
Revenue from continuing operations((a)(b)) 5,780 4,923 17%
Profit/(loss) after tax attributable to members 1 213 (203) N/A
Other financial measures
Underlying revenue((a)(b)) 7,610 8,296 (8%)
Underlying earnings attributable to members(1(a)(b)) 666 380 75%
(a) On 29 August 2024, South32 sold its shareholding in Illawarra
Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd
and M Resources Pty Ltd 2 . As a result, Illawarra Metallurgical Coal was
classified as a discontinued operation in the FY25 and FY24 results. Our Group
underlying financial measures include the financial contribution from
Illawarra Metallurgical Coal prior to its sale.
(b) On 7 July 2025, South32 entered into a binding agreement for the
sale of Cerro Matoso to an entity owned by CoreX Holding B.V 3 . As a result,
Cerro Matoso was classified as a discontinued operation in the FY25 and FY24
restated results, and held for sale as at 30 June 2025. Cerro Matoso remains
part of the Group until completion, expected in late H1 FY26, subject to the
satisfaction or waiver of certain conditions. Our Group underlying financial
measures include the financial contribution from Cerro Matoso.
Net tangible assets per share
Net tangible assets per ordinary share were US$1.93 as at 30 June 2025
(US$1.94 as at 30 June 2024) 4 .
Dividends
The Board has resolved to pay a final dividend of US 2.6 cents per share
(fully-franked) for the year ended 30 June 2025.
The record date for determining entitlements to dividends is 19 September
2025; payment date is 16 October 2025.
FINANCIAL RESULTS AND OUTLOOK
YEAR ENDED 30 JUNE 2025
ASX / LSE / JSE Share Code: S32; ADR: SOUHY
28 August 2025
South32 delivers strong financial results and continues portfolio
transformation
"Strong operating performance during the year enabled us to capitalise on
improved commodity prices, with Underlying EBITDA increasing to US$1.9 billion
and Underlying earnings increasing to US$666 million.
"We increased our production of commodities critical to the global energy
transition, delivering annual production growth of 20 per cent in copper and 6
per cent in aluminium. Key operational milestones were achieved, with Worsley
Alumina securing environmental approvals for new bauxite mining areas, and
Australia Manganese completing its operational recovery plan following the
impacts of Tropical Cyclone Megan.
"At Mozal Aluminium, despite engaging with stakeholders for several years, we
do not have confidence that the smelter will secure sufficient and affordable
electricity supply beyond March 2026, when the current agreement expires. As a
result, we are limiting investment in Mozal Aluminium, and currently expect
that the smelter will be placed on care and maintenance in March 2026.
"We continued our portfolio transformation with the sale of Illawarra
Metallurgical Coal and a binding agreement to divest Cerro Matoso, which
further streamline our portfolio towards critical minerals, reduce complexity
and unlock capital to invest in higher-returning growth options. We increased
our investment in base metals growth projects, advancing construction of our
large-scale, long-life Taylor zinc-lead-silver project at Hermosa, and
progressing our pipeline of copper options in study and exploration phases.
"Reflecting our strong financial performance and disciplined approach to
capital allocation, today we have announced a fully-franked ordinary dividend
of US$117 million (US 2.6 cents per share) in respect of the June 2025 half
year, and a twelve month extension of our capital management program, with
US$144 million remaining to be returned to shareholders.
"Looking ahead, we are focused on maintaining our strong operating momentum
and capitalising on our transformed portfolio to deliver growth and returns
for shareholders."
Graham Kerr, South32 CEO
Financial Highlights
US$M FY25 FY24 % Change
Revenue from continuing operations 5 6 5,780 4,923 17%
Operating profit/(loss) from continuing operations(5,6) 554 (519) N/A
Profit/(loss) after tax 210 (205) N/A
Profit/(loss) after tax attributable to members 7 213 (203) N/A
Basic earnings/(loss) per share (US cents) 8 4.7 (4.5) N/A
Ordinary dividends per share (US cents) 9 6.0 3.5 71%
Ordinary shares on issue (million) 4,504 4,529 (0.6%)
Other financial measures 10
Underlying revenue 7,610 8,296 (8%)
Underlying EBITDA 1,928 1,802 7%
Underlying EBITDA margin 26.3% 22.8% 3.5%
Underlying EBIT 1,211 886 37%
Underlying EBIT margin 16.5% 11.1% 5.4%
Underlying earnings attributable to members(7) 666 380 75%
Basic Underlying earnings per share (US cents)(8) 14.8 8.4 76%
ROIC 8.7% 4.8% 3.9%
Safety performance
On 17 September 2024, Mr José Luis Pérez was fatally injured while
performing a maintenance task as a contractor at Cerro Matoso. Our thoughts
remain with Mr Pérez's family and colleagues to whom we have extended our
support. An investigation into the incident was completed, with key learnings
shared across our organisation.
Nothing is more important than the health, safety and wellbeing of our people.
We continue to implement our global Safety Improvement Program, including
investment in safety leadership through our Lead Safely Every Day (LSED)
program. In FY25, more than 95% of our frontline employees completed the LSED
program.
Our LSED program has continued to deliver measurable improvements in safety
performance, with year-on-year reductions for lost time injury frequency
(LTIF) of 30% to 1.4 (FY24: 2.0 11 ) and total recordable injury frequency
(TRIF) of 27% to 3.7 (FY24: 5.1). Our leading indicator, significant hazard
frequency, increased to 196 for FY25 (FY24: 122), indicating an improved
hazard awareness and a more proactive reporting culture across our operations.
Health and safety performance 12
Performance metric FY25 FY24
Fatalities from health and safety incidents 1 0
Total lost time injury frequency (LTIF) 1.4 2.0(11)
Total recordable injury frequency (TRIF) 3.7 5.1
Total significant hazard frequency 196 122
People and culture
An inclusive culture and diverse workforce supports greater collaboration,
innovation and performance. We measure our inclusion and diversity progress
through a set of measurable objectives as described in the table below. In
FY25, we achieved five of the seven FY25 measurable objectives for inclusion
and diversity, demonstrating our continued focus on building a workforce that
represents the communities where we operate and increasing the representation
of women in leadership roles.
Inclusion and diversity performance(12)
Diversity representation (%) FY25 measurable objective FY25 FY24
Women in our workforce Achieve at least 23.0% 23.1 20.6
Women on our Board Maintain at least 40% 54.5 50.0
Women in Lead Team Maintain at least 40% 50.0 50.0
Women in leadership roles Achieve at least 24.1% 23.6 N/A
Local workforce diversity Achieve at least 4 of 5 metrics 5 -
Inclusion Index score Achieve at least 81% 82.1 81.8
Group Inclusion and Diversity Action Plan Deliver the Action Plan (100%) 92 100
Addressing climate change
We have set a target to halve our net operational greenhouse gas (GHG)
emissions (Scope 1 and 2) by 2035, from FY21 levels, and a long-term goal to
achieve net zero GHG emissions across all scopes (Scope 1, 2 and 3) by 2050.
Our approach to climate change is focused on positioning our portfolio for the
energy transition, reducing our operational emissions, supporting emissions
reduction across our value chains, and strengthening our resilience to climate
impacts.
Our Climate Change Action Plan sets out our approach to addressing risks and
opportunities presented by climate change. Our Climate Change Action Plan 2025
is available on our website (www.south32.net).
Our operational GHG emissions increased by 2% in FY25, as the sale of
Illawarra Metallurgical Coal and conversion of the first two
coal-fired boilers to natural gas in the prior year at Worsley Alumina, was
more than offset by an increased reliance on coal-fired back-up electricity at
Mozal Aluminium due to reduced hydro-electric power supply following drought
conditions in Mozambique.
Our Scope 3 GHG emissions declined by 58% to 22.7 CO(2)-e in FY25, as a result
of the sale of Illawarra Metallurgical Coal and improvements in calculation
methodology.
Greenhouse gas emissions
Million tonnes of CO(2) equivalent FY25 FY24
Operational GHG emissions 20.7 20.3
Scope 3 GHG emissions 22.7 54.2
Business performance
Aluminium value chain
Alumina
Alumina production was largely unchanged year-on-year at 5.1Mt in FY25.
Worsley Alumina production decreased 1% due to constrained bauxite supply
ahead of receiving primary environmental approvals for the Worsley Mine
Development Project (Project) 13 , while Brazil Alumina production increased
by 4% as improved plant availability more than offset wet weather impacts in
H2 FY25.
Alumina production is expected to be 5.1Mt in FY26 and increase by 3% to 5.3Mt
in FY27 as Worsley Alumina benefits from improved bauxite supply delivered by
the Project. The development of new mining areas under the Project is expected
to sustain production at Worsley Alumina to at least FY36 14 .
Underlying EBITDA increased by US$714M to US$1,078M in FY25, for an operating
margin of 40%, as a 45% increase in our average realised price of alumina,
more than offset higher caustic soda costs at Worsley Alumina.
Aluminium
Aluminium production increased by 6% to 1,211kt in FY25, as Hillside Aluminium
continued to test its maximum technical capacity, Mozal Aluminium completed
its recovery plan, despite the impacts of civil unrest in Mozambique, and
Brazil Aluminium continued to ramp-up.
Hillside Aluminium production is expected to be 720kt 15 across both FY26 and
FY27, as the smelter continues its strong operating performance. Brazil
Aluminium production is expected to increase by 16% to 160kt in FY26 and a
further 3% to 165kt in FY27 as the smelter ramps-up all three potlines.
As announced on 14 August 2025 16 , we have taken the decision to limit
investment in Mozal Aluminium due to the increased uncertainty regarding
future electricity supply. Without access to sufficient and affordable
electricity, we expect that Mozal Aluminium will be placed on care and
maintenance in March 2026, when the current agreement expires. Production is
expected to be 240kt(15) in FY26 reflecting fewer pots in operation as we stop
pot relining and operations continuing only to March 2026.
Underlying EBITDA increased by US$66M to US$187M in FY25, for an operating
margin of 6%, as a 6% increase in sales volumes,
higher average aluminium prices, and lower smelter raw material input prices
(coke and pitch), more than offset higher alumina prices.
Base metals
Copper
Sierra Gorda payable copper equivalent production 17 increased by 20% to
88.1kt in FY25, as the operation realised higher planned copper grades and
improved molybdenum recoveries. Payable copper equivalent production(17) is
expected to be 85.7kt in FY26 and to increase by 5% to 90.2kt in FY27 with
higher planned copper grades.
Underlying EBITDA increased by US$207M to US$482M in FY25, for an operating
margin of 58%, due to higher sales volumes, improved metals prices and lower
labour costs.
Sierra Gorda continued to invest in studies and exploration to grow future
copper production, including a feasibility study for the fourth grinding line
expansion, which has the potential to increase plant throughput by ~20% to
~58Mtpa (100% basis). The feasibility study for the fourth grinding line is
expected to be completed in late H1 FY26.
We expanded our pipeline of copper exploration options in highly prospective
regions. Our strategic alliance with Noronex Limited to explore for copper in
the Kalahari copper belt in Namibia was expanded to include tenements in
Botswana, and we acquired a 19.9% interest in American Eagle Gold Corp., which
holds an option to acquire a 100% interest in the Nakinilerak copper
exploration prospect in British Columbia, Canada.
We also invested US$35M in greenfield exploration programs in FY25, as we work
to discover our next generation of base metals mines.
Zinc
Cannington payable zinc equivalent production 18 decreased by 20% to 241.9kt
in FY25, as the operation managed increased underground activity and
complexity, while average metals grades also declined in accordance with the
mine plan.
We have completed the previously announced review of the Cannington mine plan
in response to increased underground complexity. To manage the challenging
underground conditions and deliver reliable mining rates, we have lowered
expected mining volumes to an average of ~1.8Mtpa 19 over FY26 to FY31.
Processing rates are also revised lower and work is underway to optimise the
cost base, including contractor and equipment requirements, in line with lower
planned volumes.
The underground Ore Reserve of 10Mt(19) supports a reserve life of six years
at Cannington. We are progressing options to extend the mine life, targeting
further growth from the underground Mineral Resource of 53Mt 20 . In addition,
we are advancing study work on a potential open pit development to unlock
value from the Mineral Resource of 25Mt(20) and capitalise on higher silver
prices.
Payable zinc equivalent production(18) is expected to be 200.6kt in FY26 (ore
processed 1,850kdmt, zinc 40.0kt, lead 87.0kt, silver 8,200koz) and 204.7kt in
FY27 (ore processed 1,750kdmt, zinc 43.0kt, lead 80.0kt, silver 8,700koz).
Underlying EBITDA decreased by US$8M to US$281M in FY25, for an operating
margin of 43%, as higher average realised metals prices were more than offset
by lower sales volumes and additional mining costs to support the increased
underground activity.
We invested US$517M 21 at Hermosa in FY25, as we progressed construction of
our large-scale, long-life Taylor zinc-lead-silver project and an exploration
decline for the Clark battery-grade manganese deposit. At Taylor, we continued
sinking the ventilation shaft and commenced sinking the main shaft in Q4 FY25.
Construction activity for the process plant also commenced in Q4 FY25.
We expect to increase our investment at Hermosa by US$233M to US$750M 22 in
FY26 reflecting a planned increase in construction activity at Taylor for the
shafts and surface infrastructure.
We directed US$35M to capitalised exploration at Hermosa in FY25 as we
continued to test the potential for a continuous copper system connecting the
Peake copper deposit 23 and Taylor Deeps.
Nickel
Cerro Matoso payable nickel production decreased by 9% to 37.1kt in FY25 due
to lower planned nickel grades.
Underlying EBITDA decreased by US$26M to US$84M in FY25, for an operating
margin of 17%, as cost efficiencies, lower price-linked royalties and a weaker
Colombian peso, were more than offset by lower sales volumes and average
realised nickel prices.
On 7 July 2025, we announced the divestment of Cerro Matoso for nominal
upfront consideration and future cash payments of up to US$100M 24 . The
transaction followed a strategic review in response to structural changes in
the nickel market. Completion of the transaction is expected in late H1 FY26,
subject to the satisfaction or waiver of certain conditions. The transaction
will further streamline our portfolio towards higher-margin businesses in
minerals and metals critical to the world's energy transition.
Manganese
Australia Manganese
Australia Manganese successfully completed its operational recovery plan
following the impacts of Tropical Cyclone Megan in Q3 FY24, with export
shipments resuming in Q4 FY25. Production is expected to be 3,200kwmt across
both FY26 and FY27 as the operation delivers normalised production rates.
Underlying EBITDA was a loss of US$105M in FY25, due to the impacts of
Tropical Cyclone Megan. In addition, we incurred idle capacity and other
remediation costs of US$133M (South32 share) that were excluded from
Underlying EBITDA as an earnings adjustment.
South Africa Manganese
South Africa Manganese production was largely unchanged at 2,151kwmt in FY25,
as the operation continued to deliver strong mining performance and benefitted
from improved access to in-land rail logistics. Production is expected to be
2,000kwmt across both FY26 and FY27, subject to our continued use of higher
cost trucking in response to market conditions.
Underlying EBITDA decreased by US$19M to US$46M in FY25, for an operating
margin of 13%, as higher average realised manganese prices and lower in-land
logistics costs, were more than offset by a stronger South African rand and
additional planned maintenance.
In June 2025, Samancor Manganese Proprietary Limited completed the divestment
of the Metalloys manganese alloy smelter 25 , which had been on care and
maintenance since FY20.
Financial performance
Profit and Loss
The Group's profit after tax attributable to members increased by US$416M to
US$213M in FY25, notwithstanding impairments for Cerro Matoso (-US$118M) and
Mozal Aluminium (-US$372M). Underlying earnings attributable to members
increased by US$286M to US$666M in FY25 as we delivered strong operating
results and capitalised on higher commodity prices. A reconciliation of
profit/(loss) to Underlying earnings attributable to members is set out in the
'Earnings analysis' section.
Underlying revenue decreased by US$686M (or 8%) to US$7,610M in FY25, as
higher average commodity prices (+US$968M) and sales volumes (+US$75M) were
more than offset by lower revenue from Illawarra Metallurgical Coal (IMC)
(-US$1,317M) following its sale in August 2024 and Australia Manganese
(-US$394M) due to the impacts of Tropical Cyclone Megan. A reconciliation of
Underlying revenue to statutory revenue is included in Note 4 Segment
information to the financial statements in South32's Annual Report for the
year ended 30 June 2025.
Underlying EBITDA increased by US$126M (or 7%) to US$1,928M and our Group
operating margin improved to 26.3% (FY24: 22.8%), as higher Underlying EBITDA
from our aluminium value chain (+US$780M) and base metals operations
(+US$173M), more than offset lower contributions from steel-making commodities
following the sale of IMC (-US$472M) and the temporary suspension of
operations at Australia Manganese (-US$287M).
The Group's cost base 26 decreased by US$579M to US$5,439M in FY25 as we
completed the sale of IMC and continued our focus on cost management to
mitigate inflationary pressures.
Underlying EBIT increased by US$325M (or 37%) to US$1,211M in FY25, as
Underlying depreciation and amortisation decreased by US$199M to US$717M due
to the sale of IMC and the temporary suspension of operations at Australia
Manganese.
Cash Flow
Group free cash flow from operations, excluding equity accounted investments
(EAIs), increased by US$272M to US$192M in FY25 (FY24: US$80M outflow), as
improved profitability, and lower safe and reliable capital expenditure
following the sale of IMC, more than offset our investment in growth capital
at Hermosa.
Separately, we received distributions 27 of US$176M from our Sierra Gorda EAI
in FY25 (FY24:US$27M) as the operation increased annual production volumes 28
by 20% and realised higher average metals prices. We provided net funding(27)
of US$110M (FY24: US$26M net distributions) to our manganese EAIs in FY25,
primarily to support the operational recovery plan at Australia Manganese.
Group capital expenditure, excluding EAIs, exploration and intangibles,
decreased by US$125M to US$917M as our investment in growth capital at Hermosa
(+US$145M) was more than offset by lower safe and reliable capital expenditure
(-US$250M) following the sale of IMC.
Capital expenditure for our manganese EAI, excluding exploration and
intangibles, increased by US$51M to US$159M in FY25 as we completed the
operational recovery plan at Australia Manganese.
Capital expenditure for our Sierra Gorda EAI, excluding exploration and
intangibles, increased by US$9M to US$216M in FY25, as the operation invested
in deferred stripping and additional tailings storage infrastructure, and
progressed the feasibility study for the fourth grinding line project.
We returned US$350M to shareholders during FY25, with US$294M 29 in
fully-franked ordinary dividends and US$56M via our on-market share
buy-back 30 .
Balance Sheet
Group net cash increased by US$885M to US$123M (FY24: US$762M net debt), as
improved profitability, and the sale of IMC (+US$938M 31 ), more than offset
our investment in growth capital at Hermosa (-US$517M) and returns to
shareholders (-US$350M).
Dividends and Capital Management
Our unchanged capital management framework supports investment in our business
and rewards shareholders as our financial performance improves. Consistent
with our policy to distribute a minimum 40% of Underlying earnings
attributable to members as ordinary dividends, the Board has resolved to pay a
fully-franked final ordinary dividend of US 2.6 cents per share (US$117M) in
respect of H2 FY25, representing 40% of Underlying earnings attributable to
members.
The Board has also resolved to extend our US$2.5B capital management program
by 12 months to 11 September 2026 32 , with US$144M remaining to be returned
to shareholders.
Earnings reconciliation
Consistent with our accounting policies, various items are excluded from the
Group's profit/(loss) to derive Underlying earnings 33 . Total adjustments to
derive Underlying EBIT (+US$718M), shown in the table below, include:
− Significant items (-US$71M): recognition of income on a one-off payment from
Newmont Corporation in relation to operational agreements at Worsley
Alumina 34 (-US$97M), partially offset by the write-down of raw materials and
consumables at Mozal Aluminium 35 (+US$26M);
− Joint venture adjustments 36 (+US$122M): to reconcile the equity accounting
position to a proportional consolidation basis for our manganese and Sierra
Gorda EAIs:
◦ Manganese (-US$89M): includes external insurance
recoveries (-US$210M) and idle capacity and other remediation costs (+US$133M)
in relation to the impacts of Tropical Cyclone Megan at Australia Manganese,
and an adjustment for the gain on disposal of the Metalloys manganese alloy
smelter 37 (-US$44M); and
◦ Sierra Gorda (+US$211M): includes shareholder loan
interest expense (+US$163M);
− Loss on the disposal of subsidiaries and joint operations (+US$47M):
recognition of loss on disposal of IMC, which was reported as a discontinued
operation in FY25 and FY24;
− Impairment loss of financial assets (+US$27M): periodic revaluation of the
shareholder loan receivable from Sierra Gorda. An offsetting amount is
recorded in the Sierra Gorda joint venture adjustments noted above;
− Impairment loss of non-financial assets (+US$464M): recognition of impairment
expenses in relation to the binding agreement for the divestment of Cerro
Matoso 38 (+US$118M), and increased uncertainty regarding future electricity
supply at Mozal Aluminium(35) (+US$346M); and
− Losses on non-trading derivative instruments, contingent consideration and
other investments measured at fair value through profit and loss (+US$121M):
revaluation of the contingent consideration receivable 39 from the sale of
IMC reflecting lower metallurgical coal prices (+US$61M), and revaluation of
the contingent consideration payable 40 in relation to our acquisition of
Sierra Gorda as we expect to make a contingent payment in relation to CY25
performance (+US$55M).
Further information on these adjustments is included in Note 4 Segment
information to the financial statements in South32's Annual Report for the
year ended 30 June 2025.
Profit/(loss) to Underlying EBITDA reconciliation
US$M FY25 FY24
Operating profit/(loss) from continuing operations 554 (519)
Operating profit/(loss) from discontinued operations (61) 422
Adjustments to derive Underlying EBIT:
Significant items (71) 50
Joint venture adjustments(36) 122 284
Loss on the disposal of subsidiaries and joint operations 47 -
Exchange rate (gains)/losses on the restatement of monetary items 8 24
Impairment losses/(reversals) of financial assets 27 29
Impairment losses/(reversals) of non-financial assets 464 604
(Gains)/losses on non-trading derivative instruments, contingent consideration 121 (8)
and other investments measured at fair value through profit and loss
Total adjustments to derive Underlying EBIT 718 983
Underlying EBIT 1,211 886
Underlying depreciation and amortisation 717 916
Underlying EBITDA 1,928 1,802
Profit/(loss) to Underlying earnings attributable to members reconciliation
US$M FY25 FY24
Profit/(loss) after tax attributable to members 213 (203)
Total adjustments to derive Underlying EBIT 718 983
Total adjustments to derive Underlying net finance costs (237) (228)
Total adjustments to derive Underlying income and royalty related tax expense (28) (172)
Underlying earnings attributable to members 666 380
Earnings analysis
The following key factors influenced Underlying EBIT in FY25, relative to
FY24.
Reconciliation of movements in Underlying EBIT (US$M) 41 42
Earnings analysis US$M Commentary
FY24 Underlying EBIT 886
IMC 43 (391) Reduced contribution from IMC following its sale in August 2024
Adjusted FY24 Underlying EBIT 495
Change in sales price 968 Higher average realised prices for our commodities, including:
Alumina (+US$425M)
Aluminium (+US$380M)
Copper (+US$52M)
Silver (+US$79M) and zinc (+US$20M)
Net impact of price-linked costs 113 Lower aluminium smelter raw material input prices (coke and pitch) (+US$62M)
Lower price-linked royalties at Cerro Matoso (+US$26M)
Lower electricity prices at Brazil Aluminium (+US$16M)
Change in exchange rates 54 Weaker Brazilian real (+US$51M), Australian dollar (+US$16M) and Colombian
peso (+US$15M)
Partially offset by a stronger South African rand (-US$37M)
Change in inflation (132) Inflation-linked indexation of our Southern African aluminium smelters
electricity prices (-US$31M)
General inflation across Australia (-US$36M), South America (-US$35M) and
Southern Africa (-US$30M)
Change in sales volume 75 Higher volumes at Sierra Gorda (+US$105M), Brazil Aluminium (+US$78M), Mozal
Aluminium (+US$62M) and Hillside Aluminium (+US$29M)
Partially offset by lower volumes at Worsley Alumina (-US$85M), Cannington
(-US$59M) and Cerro Matoso (-US$57M)
Controllable costs (202) Drawdown of finished goods inventory at Hillside Aluminium (-US$24M) and
Sierra Gorda (-US$10M), supporting higher sales volumes
Volume related movements at Mozal Aluminium (-US$66M) and Brazil Aluminium
(-US$45M)
Additional maintenance and contractor costs (-US$86M), most notably at Brazil
Alumina, Worsley Alumina and Hillside Aluminium
Higher caustic soda consumption at Worsley Alumina (-US$17M) primarily due to
lower quality bauxite in the current mining areas as a result of delayed
environmental approvals
Partially offset by cost efficiencies at Cerro Matoso (+US$24M) and lower
labour costs at Sierra Gorda (+US$14M)
Australia Manganese (186) Reduced contribution from Australia Manganese due to the impacts of Tropical
Cyclone Megan
Other 26 Includes third party products and the benefit of higher bauxite prices for MRN
FY25 Underlying EBIT 1,211
Net finance income/(costs)
The Group's Underlying net finance costs decreased by US$61M to US$188M in
FY25. These costs primarily comprised the unwinding of the discount applied to
our closure and rehabilitation provisions (US$136M), interest on lease
liabilities (US$58M) largely for our multi-fuel co-generation facility at
Worsley Alumina, and interest on our US$700M of senior unsecured notes
(US$31M).
Underlying net finance income/(costs) reconciliation
US$M FY25 FY24
Unwind of discount applied to closure and rehabilitation provisions (136) (165)
Interest on lease liabilities (58) (59)
Interest on senior unsecured notes (31) (31)
Change in discount rate on closure and rehabilitation provisions - 8
Interest income on cash and cash equivalents 66 38
Other (29) (40)
Underlying net finance costs (188) (249)
Add back earnings adjustment for exchange rate variations on net cash/(debt) 12 8
Joint venture adjustments 44 225 220
Total adjustments to derive Underlying net finance costs 237 228
Remove net finance costs from discontinued operations 16 13
Net finance income/(costs) 65 (8)
Tax expense
The Group's Underlying income tax and royalty related taxation expense
increased by US$101M to US$360M in FY25, for an Underlying effective tax rate
(ETR) of 35.0% (FY24: 38.8%). Our Group Underlying ETR reflects the corporate
tax rates 45 and royalty related taxes 46 of the jurisdictions in which we
operate and our geographical earnings mix.
The Underlying ETR for our manganese business was 23.8% in FY25, including the
royalty related tax(46) at Australia Manganese, reflecting the derecognition
of certain deferred tax assets and reduced profitability as operations at
Australia Manganese were temporarily suspended following Tropical Cyclone
Megan. The Underlying ETR for our Sierra Gorda EAI was 27.6% in FY25,
reflecting royalty related tax(46) and an adjustment for prior year tax
expense.
Underlying income tax and royalty related taxation expense reconciliation
US$M FY25 FY24
Underlying EBIT 1,211 886
Include: Underlying net finance costs (188) (249)
Remove: Share of (profit)/loss of EAIs 7 31
Underlying profit/(loss) before tax 1,030 668
Income tax expense/(benefit) from continuing operations 304 (79)
Income tax expense/(benefit) from discontinued operations 28 166
Tax effect of other adjustments to derive Underlying EBIT 5 122
Tax effect of other adjustments to derive Underlying net finance costs (3) (2)
Exchange rate variations on tax balances 14 (20)
Significant items 1 15
Joint venture adjustments relating to income tax(44) (3) 21
Joint venture adjustments relating to royalty related tax(44) 14 36
Total adjustments to derive Underlying income tax (expense)/benefit 28 172
Underlying income tax expense/(benefit) 360 259
Underlying effective tax rate 35.0 % 38.8 %
Cash flow
Group free cash flow from operations, excluding EAIs, increased by US$272M to
US$192M in FY25 (FY24: US$80M outflow), as a significant increase in
profitability, and lower safe and reliable capital expenditure following the
sale of IMC, more than offset our investment in growth capital at Hermosa. We
experienced a modest build in working capital in FY25 (H1 build: US$267M, H2
unwind: US$230M), predominantly related to an increase in raw materials and
work in progress inventories in our aluminium value chain due to higher
prices.
Separately, we received distributions 47 of US$176M from our Sierra Gorda EAI
in FY25 (FY24: US$27M), as the operation increased annual production
volumes 48 by 20% and realised higher average metals prices. We also provided
net funding(47) of US$110M (FY24: US$26M net distributions) to our manganese
EAI in FY25, primarily to support the operational recovery plan at Australia
Manganese.
Free cash flow from operations excluding EAIs
US$M FY25 FY24
Operating profit/(loss) from continuing and discontinued operations 493 (97)
Non-cash or non-operating items 1,029 1,408
Share of (profit)/loss from EAIs (99) 60
Loss from sale of operations 47 -
Change in working capital (37) (94)
Cash generated from operations 1,433 1,277
Total capital expenditure, excluding EAIs (963) (1,080)
Operating cash flows generated from operations after capital expenditure 470 197
Net interest paid 49 (#_ftn49) (42) (54)
Income tax paid (236) (223)
Free cash flow from operations 192 (80)
Working capital movement
US$M FY25 Commentary
Trade and other receivables 87 Collection of receivables and decline in commodity prices in Q4 FY25
Inventories (118) Increase in raw materials and work in progress inventories in our aluminium
value chain due to higher prices
Trade and other payables (19) Timing of payments to suppliers
Provisions and other liabilities 13
Total working capital movement (37)
Capital expenditure
The Group's capital expenditure 50 , excluding EAIs, decreased by US$117M to
US$963M in FY25, as our investment in growth capital at Hermosa was more than
offset by lower safe and reliable capital expenditure following the sale of
IMC:
− Safe and reliable capital expenditure, including IMC (US$57M) and Cerro Matoso
(US$27M), decreased by US$250M to US$353M;
− Improvement and life extension capital expenditure decreased by US$20M to
US$44M as we completed energy transition projects at
Worsley Alumina in the prior period;
− Growth capital expenditure increased by US$145M to US$517M 51 at Hermosa as
we progressed construction of the Taylor zinc-lead-silver project and an
exploration decline for the Clark battery-grade manganese deposit; and
− Intangibles and capitalised exploration expenditure increased by US$12M to
US$45M as we continued multiple exploration programs targeting base metals in
highly prospective regions.
Our share of capital expenditure for our material EAIs increased by US$61M to
US$390M in FY25:
− Capital expenditure for our Sierra Gorda EAI increased by US$9M to US$229M as
the operation continued its investment in deferred stripping and additional
tailings infrastructure, and the feasibility study for the fourth grinding
line project; and
− Capital expenditure for our manganese EAIs increased by US$52M to US$161M as
Australia Manganese invested in infrastructure as part of its operational
recovery plan.
Capital expenditure (South32 share)(50)
US$M FY25 FY24
Safe and reliable capital expenditure (269) (232)
Improvement and life extension capital expenditure (44) (64)
Growth capital expenditure (517) (372)
Intangibles and the capitalisation of exploration expenditure (45) (33)
Discontinued operations((a)) (88) (379)
Total capital expenditure (excluding EAIs) (963) (1,080)
EAIs capital expenditure (390) (329)
Total capital expenditure (including EAIs) (1,353) (1,409)
(a) Reflects Illawarra Metallurgical Coal (FY25: US$57M safe and
reliable capital expenditure and US$1M intangibles and capitalised exploration
expenditure, FY24:US$337M safe and reliable capital expenditure, US$3M
improvement and life extension capital expenditure and US$5M intangibles and
capitalised exploration expenditure) and Cerro Matoso
(FY25: US$27M safe and reliable capital expenditure and US$3M improvement and
life extension capital expenditure, FY24: US$34M safe and reliable capital
expenditure).
Balance sheet
Group net cash increased by US$885M to US$123M in FY25, as improved
profitability, and the sale of IMC (+US$938M 52 ), more than offset our
investment in growth capital at Hermosa (-US$517M) and returns to shareholders
(-US$350M).
We continue to prioritise a strong balance sheet and investment grade credit
rating through the cycle. Our current BBB+/Baa1 credit ratings were
re-affirmed by S&P Global Ratings and Moody's, respectively, during FY25.
We also retain access to significant liquidity, with our undrawn US$1.4B
sustainability-linked revolving credit facility maturing in December 2028.
Net cash/(debt)
US$M FY25 FY24
Cash and cash equivalents 1,757 842
Lease liabilities (713) (710)
Other interest bearing liabilities (921) (894)
Net cash/(debt)((a)) 123 (762)
(a) FY25 net cash includes Cerro Matoso which is classified as held
for sale. FY24 net debt includes IMC and Eagle Downs metallurgical coal which
were classified as held for sale.
Dividends and capital management
Our unchanged capital management framework supports investment in our business
and is designed to reward shareholders as our financial performance improves.
Consistent with our policy to distribute a minimum 40% of Underlying earnings
attributable to members as ordinary dividends, the Board has resolved to pay a
fully-franked final ordinary dividend of US 2.6 cents per share (US$117M) in
respect of H2 FY25, representing 40% of Underlying earnings attributable to
members.
The Board has also resolved to extend our US$2.5B capital management program
by 12 months to 11 September 2026 53 , with US$144M remaining to be returned
to shareholders.
Dividends announced
Period Dividend per share US$M Franking Pay-out ratio
(US cents)
H1 FY23 100 % 40 %
4.9 224
H2 FY23 100 % 41 %
3.2 145
H1 FY24 100 % 45 %
0.4 18
H2 FY24 100 % 41 %
3.1 140
H1 FY25 100 % 41 %
3.4 154
H2 FY25 2.6 117 100 % 40 %
South32 shareholders registered on the South African branch register will not
be able to dematerialise or rematerialise their shareholdings between 17 and
19 September 2025 (both dates inclusive), nor will transfers to/from the South
African branch register be permitted between 12 and 19 September 2025 (both
dates inclusive).
Details of the currency exchange rates applicable for the dividend will be
announced to the relevant stock exchanges.
Further dividend information is available on our website (www.south32.net
(http://www.south32.net) ).
South32 American Depositary Receipts (ADRs) each represent five fully paid
ordinary shares in South32 and ADR holders will receive dividends accordingly,
subject to the terms of the Depositary Agreement.
Dividend timetable Date
Announce currency conversion into South African rand 15 September 2025
Last day to trade cum dividend on the Johannesburg Stock Exchange (JSE) 16 September 2025
Ex-dividend date on the JSE 17 September 2025
Ex-dividend date on the ASX and London Stock Exchange (LSE) 18 September 2025
Record date (including currency election date for ASX) 19 September 2025
Payment date 16 October 2025
OUTLOOK
Production
We achieved 102% of FY25 Group copper equivalent production guidance 54 ,
driven by annual growth of 20% in copper and 6% in aluminium.
FY26 production guidance is unchanged except for Mozal Aluminium and
Cannington.
Mozal Aluminium production is expected to be 240kt 55 in FY26, reflecting
fewer pots in operation as we stop pot relining and operations continuing only
to March 2026, when the current electricity agreement expires. Without access
to sufficient and affordable electricity, we expect that Mozal Aluminium will
be placed on care and maintenance in March 2026.
Cannington payable zinc equivalent production is expected to be 200.6kt in
FY26, reflecting a revised mine plan designed to manage the challenging
underground conditions and deliver reliable mining rates. Work is underway to
optimise the cost base and embed further savings, in line with lower planned
volumes.
Looking ahead to FY27, we expect 4% production growth at Worsley Alumina as
the refinery returns towards nameplate capacity with improved access to
bauxite enabled by the Project and 5% production growth at Sierra Gorda due to
higher planned copper grades.
Production guidance (South32 share)
FY25 FY26e((a)) FY27e((a)) Key guidance assumptions
Worsley Alumina
Alumina production (kt) 3,727 3,750 3,900 Improved bauxite availability
Brazil Alumina (non-operated)
Alumina production (kt) 1,340 1,360 1,360 Expected to operate near nameplate capacity
Brazil Aluminium (non-operated)
Aluminium production (kt) 138 160 165 Ramping up all three pot lines
Hillside Aluminium(55)
Aluminium production (kt) 718 720 720 Expected to continue to test maximum technical capacity
Mozal Aluminium(55)
Aluminium production (kt) 355 240 N/A Fewer pots in operation and production guided to March 2026
Sierra Gorda (non-operated)
Ore processed (Mt) 21.7 21.8 21.8 Higher planned copper grades in FY27
Payable copper equivalent production (kt) 56 89.7 85.7 90.2
Payable copper production (kt) 71.4 72.0 79.0
Payable molybdenum production (kt) 1.5 1.2 0.5
Payable gold production (koz) 27.9 18.0 20.0
Payable silver production (koz) 584 600 700
Cannington
Ore processed (kdmt) 1,944 1,850 1,750 Revised mine plan designed to manage the challenging underground conditions
and deliver reliable mining rates
Payable zinc equivalent production (kt) 57 234.2 200.6 204.7
Payable silver production (koz) 10,292 8,200 8,700
Payable lead production (kt) 92.4 87.0 80.0
Payable zinc production (kt) 44.5 40.0 43.0
Cerro Matoso
Ore processed (kdmt) 2,785 1,350 N/A Divestment expected to complete in late H1 FY26
Payable nickel production (kt) 37.1 16.0
Australia Manganese
Manganese ore production (kwmt) 1,106 3,200 3,200 Returning to normalised production rates
South Africa Manganese
Manganese ore production (kwmt) 2,151 2,000 2,000 Subject to our continued use of higher cost trucking in response to market
conditions
(a) The denotation (e) refers to an estimate or forecast year.
Costs and capital expenditure
Operating unit costs guidance
Operating unit costs were in line with or below guidance for the majority of
our operations in FY25, driven by strong operating performance and a continued
focus on cost management.
Looking ahead, we continue to target further cost efficiencies to mitigate
industry-wide inflationary pressures, supported by changes made in H2 FY25 to
simplify the Group's functional support structures.
While Operating unit cost guidance is not provided for our aluminium smelters,
their cost profile will continue to be influenced by producer currencies and
the price of raw material inputs and energy.
Operating unit cost
FY25e((a), 58 ) FY25 H1 FY25 H2 FY25 FY26e((a), 59 ) Key guidance assumptions
Worsley Alumina
(US$/t) 305 303 306 301 310 Stronger Australian dollar and higher gas prices partially offset by lower
maintenance and contractor costs
Improved bauxite quality expected to benefit production volumes and costs from
FY27
Brazil Alumina (non-operated)
(US$/t) Not provided 326 320 332 Not provided Will continue to be influenced by the price of raw material inputs and energy
Costs expected to trend lower in FY26 due to lower planned maintenance and
bauxite prices from MRN
Brazil Aluminium (non-operated)
(US$/t) Not provided 3,239 3,377 3,130 Not provided Will continue to be influenced by the price of raw material inputs and energy
Costs expected to trend lower in FY26 as the smelter continues to ramp-up
Hillside Aluminium
(US$/t) Not provided 2,507 2,351 2,663 Not provided Will continue to be influenced by the price of raw material inputs, the South
African rand and inflation-linked energy costs
Mozal Aluminium
(US$/t) Not provided 2,433 2,425 2,441 Not provided Will continue to be influenced by the price of raw material inputs, the South
African rand and inflation-linked energy costs
Stopping pot relining in FY26
Sierra Gorda (non-operated)
(US$/t)((b)) 16.0 16.1 17.1 15.1 17.0 Higher planned mining rates and general cost inflation
Cannington
(US$/t)((b)) 195 194 197 192 205 Lower planned volumes, partially offset by lower contractor costs and
efficiencies
Working to embed further savings through optimisation of contractor and
equipment requirements
Cerro Matoso
(US$/lb) 5.35 4.96 5.13 4.80 5.30 Divestment expected to complete late H1 FY26
Australia Manganese
(US$/dmtu, FOB) Not provided - N/A N/A 2.40 Returning to normalised production rates
South Africa Manganese
(US$/dmtu, FOB) 3.00 3.05 3.13 2.96 3.10 General cost inflation
(a) The denotation (e) refers to an estimate or forecast year.
(b) US dollar per tonne of ore processed. Periodic movements in
finished product inventory may impact Operating unit costs.
Capital expenditure guidance (excluding exploration and intangibles)
FY26 Group capital expenditure guidance, including EAIs, is expected to be
US$1,400M, a reduction of approximately US$100M compared to guidance provided
in May 2025 60 , following the re-prioritisation of capital projects.
FY26 Group capital expenditure, excluding EAIs, is expected to increase by
US$173M to US$1,090M:
− Safe and reliable: expected to decrease by US$113M to US$240M, reflecting the
sale of IMC in the prior period, and lower spend at Worsley Alumina and Mozal
Aluminium;
− Improvement and life extension: expected to increase by US$53M to US$100M as
we develop new mining areas at Worsley Alumina; and
− Growth: Hermosa capital expenditure is expected to increase by US$233M to
US$750M 61 , reflecting a planned increase in construction activity at Taylor
for the shafts and surface infrastructure.
FY26 capital expenditure for our material EAIs is expected to decrease by
US$65M to US$310M:
− Sierra Gorda: expected to decrease by US$21M to US$195M due to lower planned
development rates; and
− Manganese: expected to decrease by US$44M to US$115M, following completion of
the operational recovery plan at Australia Manganese.
Capital expenditure excluding exploration and intangibles (South32 share)
US$M FY25 FY26e((a))
Worsley Alumina 87 55
Brazil Alumina 35 50
Brazil Aluminium 9 15
Hillside Aluminium 66 65
Mozal Aluminium 62 21 10
Cannington 49 40
Cerro Matoso 63 27 5
IMC 57 N/A
Group & Unallocated 2 -
Safe and reliable capital expenditure (excluding EAIs) 353 240
Worsley Alumina 19 90
Brazil Alumina 6 -
Cerro Matoso(63) 3 5
Other operations 19 5
Improvement and life extension capital expenditure (excluding EAIs) 47 100
Hermosa 517 750
Growth capital expenditure 517 750
Total capital expenditure (excluding EAIs) 917 1,090
Total capital expenditure (including EAIs) 1,292 1,400
Capital expenditure for EAIs excluding exploration and intangibles (South32
share)
US$M FY25 FY26e((a))
Sierra Gorda 191 180
Australia Manganese 114 80
South Africa Manganese 28 30
Safe and reliable capital expenditure (EAIs) 333 290
Sierra Gorda 64 25 15
Australia Manganese 1 -
South Africa Manganese 16 5
Improvement and life extension capital expenditure (EAIs) 42 20
Total capital expenditure (EAIs) 375 310
(a) The denotation (e) refers to an estimate or forecast year.
Capitalised exploration guidance
FY26 Group capitalised exploration, including EAIs, is expected to be US$40M
as we continue base metals exploration programs across our portfolio.
Capitalised exploration (South32 share)
US$M FY25 FY26e((a))
Capitalised exploration (excluding EAIs) 40 30
EAIs capitalised exploration 13 10
Capitalised exploration (including EAIs) 53 40
(a) The denotation (e) refers to an estimate or forecast year.
Other expenditure guidance
Other expenditure items presented below are on a proportional consolidation
basis including our manganese and Sierra Gorda EAIs.
FY25 FY26e((a)) Commentary
Group and unallocated expense in Underlying EBIT (excluding greenfield
exploration and third party products and services EBIT)
(US$M) 120 FY25 included unfavourable inter-group inventory adjustments in our aluminium
144 value chain (US$31M)
Hermosa expenses included in Underlying EBIT
(US$M) Work across the broader Hermosa project
45 40
Underlying depreciation and amortisation
(US$M) 780 Higher depreciation at Australia Manganese (~US$120M) as the operation returns
717 to normalised production rates, partially offset by lower depreciation at
Mozal Aluminium (~US$70M) following recognition of the impairment
Underlying net finance costs
(US$M) 190 Reflects current balance sheet
188
Greenfield exploration
(US$M) Greenfield exploration activity targeting base metals in highly prospective
35 30 regions
(a) The denotation (e) refers to an estimate or forecast year
OPERATIONS ANALYSIS
A summary of the underlying performance of the Group's operations is presented
below and a more detailed analysis is included on pages 91 to 100 in South32's
Annual Report for the year ended 30 June 2025.
Operations table (South32 share)
Underlying revenue Underlying EBIT
US$M FY25 FY24 FY25 FY24
Worsley Alumina 1,917 1,356 619 131
Brazil Alumina 749 484 226 (11)
Brazil Aluminium 355 242 (97) (121)
Hillside Aluminium 1,989 1,720 85 130
Mozal Aluminium 979 812 55 (30)
Sierra Gorda 832 647 318 143
Cannington 659 631 204 206
Hermosa (45) (28)
- -
Australia Manganese 42 436 (125) 61
South Africa Manganese 353 343 24 45
Third party products and services 65 370 388 18
7
Inter-segment / Group and unallocated (1,264) (780) (179) (137)
South32 Group (excluding IMC and Cerro Matoso) 6,981 6,279 1,103 396
IMC 66 144 1,461 50 441
Cerro Matoso 485 556 58 49
South32 Group 7,610 8,296 1,211 886
GLOSSARY OF TERMS AND ABBREVIATIONS
ADR
American Depositary Receipts.
ASX
Australian Securities Exchange.
CY
Calendar year.
dmtu
Dry metric tonne unit.
EAI
Equity accounted investment.
FY
Financial Year.
Goal
Goal is defined as an aspiration to deliver an outcome for which we have not
identified a pathway for delivery, but for which efforts will be pursued
towards achieving that outcome, subject to certain assumptions or conditions.
g/t
Grams per tonne.
JSE
Johannesburg Stock Exchange.
kdmt
Thousand dry metric tonnes.
koz
Thousand ounces.
kt
Thousand tonnes.
ktpa
Thousand tonnes per annum.
kwmt
Thousand wet metric tonnes.
lb
Pound.
Leadership roles
A Leadership Role is a position in the organisational structure flagged as the
head of an organisational unit.
Local workforce diversity
Local workforce diversity is a metric consisting of five equally weighted
sub-performance metrics measuring local workforce diversity across the regions
in which we operate. This includes Black People in the total workforce in
South Africa, Black People in Management Roles in South Africa, workforce in
Mozambique, neighbouring community employees hired into ''Unionised Positions"
in Colombia, and Aboriginal and Torres Strait Islander (ATSI) Peoples
representation in the Australian workforce.
Lost time injury frequency (LTIF)
(The sum of lost time injuries x 1,000,000) ÷ exposure hours, for employees
and contractors. This is stated in units of per million hours worked for
employees and contractors. We adopt the United States Government Occupational
Safety and Health Administration (OSHA) guidelines for the recording and
reporting of occupational injuries and illnesses.
LSE
London Stock Exchange.
Moz
Million ounce.
Mt
Million tonne.
Mtpa
Million tonnes per annum.
MW
Megawatt.
Mwmt
Million wet metric tonne.
Operating cost
Operating cost is Underlying revenue less Underlying EBITDA excluding third
party products and services.
Operating unit cost
Operating unit cost is Underlying revenue less Underlying EBITDA, excluding
third party products and services, divided by sales volumes.
oz
Ounce.
Realised sales price
Realised sales price is calculated as Underlying revenue excluding third party
products and services divided by sales volume.
ROIC
Return on invested capital (ROIC) is a key measure that South32 uses to assess
performance. ROIC is calculated as Underlying EBIT less the discount on
rehabilitation provisions included in Underlying net finance costs, tax
effected by the Group's Underlying effective tax rate (ETR) including our
material equity accounted investments on a proportional consolidation basis,
divided by the sum of fixed assets (excluding any rehabilitation assets, the
impact of any impairments or impairment reversals, and unproductive capital)
and inventories.
Significant hazard frequency
(The sum of significant hazards x 1,000,000) ÷ exposure hours. This is stated
in units of per million hours worked for employees and contractors. A
significant hazard is something that has the potential to cause harm, ill
health or injury, or damage to property, plant or the environment.
South32 share
South32's ownership share of operations are presented as follows: Worsley
Alumina (86% share), Brazil Alumina (36% share), Brazil Aluminium (40% share),
Hillside Aluminium (100%), Mozal Aluminium (63.7% share), Sierra Gorda (45%
share), Cannington (100%), Hermosa (100%), Cerro Matoso (99.9% share),
Australia Manganese (60% share) and South Africa Manganese ore (54.6% share).
Prior to the divestment of Illawarra Metallurgical Coal on 29 August 2024,
South32's ownership was 100%. Prior to the divestment of South Africa
Manganese alloy on 3 June 2025, South32's ownership was 60%. Unless otherwise
stated: all metrics reflect South32's share.
t
Tonne.
Target
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.
Total recordable injury frequency (TRIF)
(The sum of recordable injuries x 1,000,000) ÷ exposure hours, for employees
and contractors. This is stated in units of per million hours worked for
employees and contractors. We adopt the United States Government Occupational
Safety and Health Administration (OSHA) guidelines for the recording and
reporting of occupational injuries and illnesses.
Underlying earnings attributable to members
Underlying earnings attributable to members is Profit/(loss) after tax, net of
amounts attributable to non-controlling interests and earnings adjustment
items, from continuing and discontinued operations. Underlying earnings
attributable to members is the key measure that South32 uses to assess the
performance of the South32 Group, make decisions on the allocation of
resources and assess senior management's performance.
Underlying EBIT
Underlying EBIT is profit/loss before net finance income/costs, tax and any
earnings adjustments, including impairments, from continuing and discontinued
operations. The performance of each of the South32 operations and operational
management is assessed based on Underlying EBIT. In order to calculate
Underlying EBIT, the following items are adjusted as applicable each period,
irrespective of materiality: Exchange rate gains/losses on restatement of
monetary items; Impairment losses/reversals; Gains/losses on disposal and
consolidation of interests in operations; Gains/losses on non-trading
derivative instruments, contingent consideration and other investments
measured at fair value through profit or loss; Major corporate restructures;
Joint venture adjustments; Exchange rate variations on net cash/debt; Tax
effect of earnings adjustments; and Exchange rate variations on tax balances.
In addition, items that do not reflect the underlying operations of South32,
and are individually, or in combination with other related earnings
adjustments, significant to the financial statements, are excluded to
determine Underlying earnings. When applicable, significant items are detailed
in the Financial Information.
Underlying EBIT margin
Comprises Underlying EBIT excluding third party products and services EBIT,
divided by Underlying revenue excluding third party products and services
revenue.
Underlying EBITDA
Underlying EBITDA is Underlying EBIT before Underlying depreciation and
amortisation, and excludes third party products and services EBITDA. In order
to calculate Underlying EBITDA, the following items are adjusted as applicable
each period, irrespective of materiality: Exchange rate gains/losses on
restatement of monetary items; Impairment losses/reversals; Gains/losses on
disposal and consolidation of interests in operations; Gains/losses on
non-trading derivative instruments, contingent consideration and other
investments measured at fair value through profit or loss; Major corporate
restructures; Joint venture adjustments; Exchange rate variations on net
cash/debt; Tax effect of earnings adjustments; and Exchange rate variations on
tax balances. In addition, items that do not reflect the underlying operations
of South32, and are individually, or in combination with other related
earnings adjustments, significant to the financial statements, are excluded to
determine Underlying earnings. When applicable, significant items are detailed
in the Financial Information.
Underlying EBITDA margin
Comprises Underlying EBITDA excluding third party products and services
EBITDA, divided by Underlying revenue excluding third party products and
services revenue. Also referred to as operating margin.
Underlying Effective Tax Rate (ETR)
Underlying ETR is Underlying income tax expense, including royalty related
tax, divided by Underlying profit subject to tax.
Underlying revenue
Underlying revenue includes revenue from third party products and services.
US$B
US$ billion.
US$M
US$ million.
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 operations; 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.
Non-IFRS financial information
This release includes certain non-IFRS financial measures, including
Underlying earnings, Underlying EBIT and Underlying EBITDA, Underlying
revenue, Underlying net finance costs, Underlying depreciation and
amortisation, Underlying operating costs, Underlying income tax expense,
Underlying royalty related tax expense, Basic Underlying earnings per share,
Underlying effective tax rate, Underlying EBIT margin, Underlying EBITDA
margin, Free cash flow, net cash/debt, net operating assets and ROIC. These
measures are used internally by management to assess the performance of our
business, make decisions on the allocation of our resources and assess
operational management. Non-IFRS measures have not been subject to audit or
review and should not be considered as an indication of or alternative to an
IFRS measure of profitability, financial performance or liquidity.
No offer of securities
Nothing in this release should be read or understood as an offer or
recommendation to buy or sell South32 securities, or be treated or relied upon
as a recommendation or advice by South32.
No financial or investment advice - South Africa
South32 does not provide any financial or investment 'advice' as that term is
defined in the South African Financial Advisory and Intermediary Services Act,
37 of 2002, and we strongly recommend that you seek professional advice.
FURTHER INFORMATION
Investor relations Media relations
Ben Baker Jamie Macdonald
M +61 403 763 086
M +61 408 925 140
E Ben.Baker@south32.net E Jamie.Macdonald@south32.net
Further information on South32 can be found at www.south32.net
(http://www.south32.net) .
South32 Limited (ABN 84 093 732 597)
Registered in Australia
(Incorporated in Australia under the Corporations Act 2001)
Registered Office: Level 2, 100 St Georges Terrace
Perth Western Australia 6000 Australia
ISIN: AU000000S320
Approved for release by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
28 August 2025
1 Members are equity holders of South32 Limited. Amounts reported
as attributable to members are stated net of amounts attributable to
non-controlling interests.
2 Refer to market release "Completion of Illawarra Metallurgical
Coal Sale" dated 29 August 2024.
3 Refer to market release "Agreement to divest Cerro Matoso" dated
7 July 2025.
4 Net tangible assets as at 30 June 2025 includes all right-of-use
assets and lease liabilities, in accordance with AASB 16 Leases.
5 On 29 August 2024, South32 sold its shareholding in Illawarra
Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd
and M Resources Pty Ltd. As a result, Illawarra Metallurgical Coal was
classified as a discontinued operation in the FY25 and FY24 results.
6 On 7 July 2025, South32 entered into a binding agreement for the
sale of Cerro Matoso to an entity owned by CoreX Holding B.V. As a result,
Cerro Matoso was classified as a discontinued operation in the FY25 and FY24
restated results, and held for sale as at 30 June 2025. Cerro Matoso remains
part of the Group until completion, expected in late
H1 FY26, subject to the satisfaction or waiver of certain conditions.
7 Members are equity holders of South32 Limited. Amounts reported
as attributable to members are stated net of amounts attributable to
non-controlling interests.
8 Basic earnings per share is calculated as Profit/(loss) after tax
attributable to members divided by the weighted average number of shares for
the period. Basic Underlying earnings per share is calculated as Underlying
earnings attributable to members divided by the weighted average number of
shares for the period. The weighted average number of shares for FY25 is 4,510
million (FY24: 4,519 million).
9 FY25 ordinary dividends per share is calculated as H1 FY25
ordinary dividend announced (US$154M) divided by the number of shares on issue
at 31 December 2024 (4,517 million) plus H2 FY25 ordinary dividend announced
(US$117M) divided by the number of shares on issue at 30 June 2025 (4,504
million).
10 The underlying information reflects the Group's interest in
material equity accounted joint ventures and is presented on a proportional
consolidation basis. Our Group underlying financial measures reflect
continuing and discontinued operations. Financial measures listed in this
table and subsequently repeated throughout our Financial Results and Outlook
Year Ended 30 June 2025 are defined in the Glossary of terms and abbreviations
section.
11 Three injuries which occurred in FY24 have been reclassified from
restricted work cases to lost time cases, resulting in an increase in LTIF
from 1.9 to 2.0.
12 Health and safety, and inclusion and diversity metrics listed on
this page are defined in the Glossary of terms and abbreviations section.
13 Refer to market release "Worsley Mine Development Project Receives
Federal Approval" dated 12 February 2025.
14 Subject to receipt of any necessary secondary approvals. The
information in this announcement that refers to Production Target and forecast
financial information for Worsley Alumina is based on Proved (87%) and
Probable (13%) Ore Reserves. The Ore Reserves underpinning the Production
Target have been prepared by G Burnham and reported in accordance with the
requirements of the JORC Code and is available to view in South32's 2025
Annual Report (www.south32.net) published on 28 August 2025. South32 confirms
that all material assumptions underpinning the Production Target and forecast
financial information derived from the Production Target continues to apply
and have not materially changed.
15 Production guidance for Hillside Aluminium and Mozal Aluminium
does not assume any load-shedding impact on production.
16 Refer to market release "Mozal Aluminium Update" dated 14 August
2025.
17 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. FY24 realised prices for copper
(US$3.86/lb), molybdenum (US$20.60/lb), gold (US$2,129/oz) and silver
(US$24.8/oz) have been used for FY24 and FY25. FY25 realised prices for copper
(US$4.18/lb), molybdenum (US$21.12/lb), gold (US$2,877/oz) and silver
(US$31.7/oz) have been used for FY26e and FY27e.
18 Payable zinc equivalent (kt) was calculated by aggregating
revenues from payable silver, lead and zinc, and dividing the total Revenue by
the price of zinc. FY24 realised prices for zinc (US$2,230/t), lead
(US$2,002/t) and silver (US$24.8/oz) have been used for FY24 and FY25.
FY25 realised prices for zinc (US$2,648/t), lead (US$1,883/t) and silver
(US$31.9/oz) have been used for FY26e and FY27e.
19 The information in this announcement that refers to Production
Target and forecast financial information for Cannington is based on Proved
(84%) and Probable (16%) Ore Reserves. The Ore Reserves underpinning the
Production Target have been prepared by T Bailey in accordance with the
requirement of the JORC Code and is available to view in South32's 2025 Annual
Report (www.south32.net (http://www.south32.net) ) published on 28 August
2025. South32 confirms that all material assumptions underpinning the
Production Target and forecast financial information derived from the
Production Target continues to apply and have not materially changed.
20 The Total Underground Mineral Resource of 53Mt includes 39Mt of
Measured, 11Mt of Indicated and 2.6Mt of Inferred Resource. The Total Open pit
Mineral Resource of 25Mt includes 19Mt of Measured, 4.5Mt of Indicated and
1.2Mt of Inferred Mineral Resources. The information in this announcement that
relates to the Mineral Resource and Ore Reserve estimate for Cannington mine
is extracted from South32's FY25 Annual report dated 28 August 2025
(www.south32.net) and prepared by S Bowman 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 and, that all material assumptions and technical
parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed. South32 confirms that the
form and context in which the Competent Person's findings are presented have
not been materially modified from the original market announcement.
21 Hermosa growth capital expenditure excludes lease payments of
US$19M for self generated power assets directly attributable to construction
of infrastructure at the Taylor deposit. These self generated power costs were
included in our capital cost estimate provided in market release "Final
Investment Approval to Develop Hermosa's Taylor Deposit" dated 15 February
2024.
22 Hermosa growth capital expenditure guidance excludes expected
lease payments of ~US$50M for self generated power assets directly
attributable to construction of infrastructure at the Taylor deposit. These
self generated power costs were included in our capital cost estimate provided
in market release "Final Investment Approval to Develop Hermosa's Taylor
Deposit" dated 15 February 2024.
23 Exploration Results: The information in this announcement that
relates to the Exploration Results for the Peake deposit is extracted from the
market release "2025 Half Year Results Presentation" dated 13 February 2025.
The information was prepared by R Wilson, 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 announcements. 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 announcements.
24 Refer to market release "Agreement to divest Cerro Matoso" dated 7
July 2025.
25 Refer to media release "Completion of Metalloys manganese alloy
smelter divestment" dated 3 June 2025.
26 The Group's total adjusted cost base was US$5,439M for FY25 (FY24:
US$6,018M) which excludes third party product costs.
27 Net distributions from our material equity accounted investments
(manganese and Sierra Gorda) includes dividends, capital contributions and net
repayments/drawdowns of shareholder loans, which should not be considered as
an indication of or alternative to an IFRS measure of profitability, financial
performance or liquidity. FY25 net distributions from our material EAIs
comprise a distribution (+US$176M) from Sierra Gorda, and funding to Australia
Manganese to support recovery plans (-US$93M), a drawdown of shareholder loans
(-US$19M) and dividends (+US$2M) from manganese. The distribution from Sierra
Gorda (US$176M) relates to accrued interest.
28 Payable copper equivalent production (CuEq) (kt) was calculated by
aggregating revenues from copper, molybdenum, gold and silver, and dividing
the total Revenue by the price of copper. FY24 realised prices for copper
(US$3.86/lb), molybdenum (US$20.60/lb), gold (US$2,129/oz) and silver
(US$24.8/oz) have been used for FY24 and FY25.
29 Comprised of US$140M in respect of the June 2024 half year paid in
the December 2024 quarter and US$154M in respect of the December 2024 half
year paid in the June 2025 quarter.
30 We returned US$56M via the on-market share buy-back in FY25,
purchasing 26M shares at an average price of A$3.39 per share.
31 Upfront cash proceeds (US$964M) less transaction costs and cash
disposed as part of the sale. A final adjustment to the purchase price is
expected to be determined in H1 FY26.
The total Transaction consideration includes deferred cash consideration of
US$250M, payable in March 2030, and contingent price-linked cash consideration
of up to US$350M.
32 Since inception of our capital management program, US$1.8B has
been allocated to our on-market share buy-back (820M shares at an average
price of A$3.06 per share) and US$525M returned in the form of special
dividends.
33 Our Group underlying financial measures reflect continuing and
discontinued operations.
34 Refer to market release "Quarterly Report March 2025" dated 17
April 2025.
35 Refer to market release "Mozal Aluminium Update" dated 14 August
2025. Total write-down of US$372M includes US$346M of non-financial assets and
US$26M of inventory included in significant items.
36 The underlying information reflects the Group's interest in
material equity accounted joint ventures and is presented on a proportional
consolidation basis, which is the measure used by the Group's management to
assess their performance. The joint venture adjustments reconcile the
proportional consolidation to the equity accounting position included in the
Group's consolidated financial statements.
37 Refer to media release "Completion of Metalloys manganese alloy
smelter divestment" dated 3 June 2025.
38 Refer to market release "Agreement to divest Cerro Matoso" dated 7
July 2025.
39 Applicable for five years from the date of completion of the sale
of Illawarra Metallurgical Coal, with no annual cap. The first two years will
be calculated and paid on the second anniversary of completion and annually
thereafter. The contingent price-linked consideration will be calculated as
50% of incremental metallurgical coal revenue from equity production, net of
royalties, based on the following metallurgical coal price thresholds: Year 1:
US$200/t, Year 2: US$200/t, Year 3: US$190/t, Year 4: US$180/t, Year 5:
US$180/t.
40 Contingent price-linked consideration of up to US$500M, payable at
threshold copper production rates and prices in the years 2022 to 2025.
Specifically, 50% of incremental revenue realised above the following copper
price threshold, only where payable copper production exceeds the agreed
threshold: CY25: US$3.80/lb and 158kt Cu.
41 Sales price variance reflects the revenue impact of changes in
commodity prices, based on the current period's sales volume. Price-linked
costs variance reflects the change in royalties together with the change in
input costs driven by changes in commodity prices or market traded
consumables. Foreign exchange reflects the impact of exchange rate movements
on local currency denominated costs and sales. Sales volume variance reflects
the revenue impact of sales volume changes, based on the comparative period's
sales prices. Controllable costs variance represents the impact from changes
in the Group's controllable local currency cost base, including the variable
cost impact of production volume changes on expenditure, and period-on-period
movements in inventories. The controllable cost variance excludes earnings
adjustments including significant items.
42 Underlying net finance costs and Underlying income tax expense are
actual FY25 results, not year-on-year variances.
43 Reduced contribution from IMC following its sale in August 2024.
FY24 Underlying EBIT of US$441M, reflecting realised prices for metallurgical
coal of US$275/t and energy coal of US$107/t.
44 The underlying information reflects the Group's interest in
material equity accounted joint ventures and is presented on a proportional
consolidation basis, which is the measure used by the Group's management to
assess their performance. The joint venture adjustments reconcile the
proportional consolidation to the equity accounting position included in the
Group's consolidated financial statements.
45 The corporate tax rates applicable to the countries where the
Group operates include: Australia 30%, South Africa 27%, Colombia 35%,
Mozambique 0%, Brazil 34% and Chile 27%.
46 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.
47 Net distributions from our material equity accounted investments
(manganese and Sierra Gorda) includes dividends, capital contributions and net
repayments/drawdowns of shareholder loans, which should not be considered as
an indication of or alternative to an IFRS measure of profitability, financial
performance or liquidity. FY25 net distributions from our material EAIs
comprise a distribution (+US$176M) from Sierra Gorda, and funding to Australia
Manganese to support recovery plans (-US$93M), a drawdown of shareholder loans
(-US$19M) and dividends (+US$2M) from manganese. The distribution from Sierra
Gorda (US$176M) relates to accrued interest.
48 Payable copper equivalent production (CuEq) (kt) was calculated by
aggregating revenues from copper, molybdenum, gold and silver, and dividing
the total Revenue by the price of copper. FY24 realised prices for copper
(US$3.86/lb), molybdenum (US$20.60/lb), gold (US$2,129/oz) and silver
(US$24.8/oz) have been used for FY24 and FY25.
49 Net interest paid excludes amounts reported as net distributions
from material EAIs.
50 Total capital expenditure comprises capital expenditure,
capitalised exploration and the purchase of intangibles. Capital expenditure
comprises safe and reliable capital expenditure, improvement and life
extension capital expenditure (including decarbonisation), and growth capital
expenditure.
51 Hermosa growth capital expenditure excludes lease payments of
US$19M for self generated power assets directly attributable to construction
of infrastructure at the Taylor deposit. These self generated power costs were
included in our capital cost estimate provided in market release "Final
Investment Approval to Develop Hermosa's Taylor Deposit" dated 15 February
2024.
52 Upfront cash proceeds (US$964M) less transaction costs and cash
disposed as part of the sale. A final adjustment to the purchase price is
expected to be determined in H1 FY26. The total Transaction consideration
includes deferred cash consideration of US$250M, payable in March 2030, and
contingent price-linked cash consideration of up to US$350M.
53 Since inception of our capital management program, US$1.8B has
been allocated to our on-market share buy-back (820M shares at an average
price of A$3.06 per share) and US$525M returned in the form of special
dividends.
54 Group FY25 payable copper equivalent production, calculated by
applying FY24 realised prices for all operations.
55 Production guidance for Hillside Aluminium and Mozal Aluminium
does not assume any load-shedding impact on production.
56 Payable copper equivalent production (kt) was calculated by
aggregating revenues from payable copper, molybdenum, gold and silver, and
dividing the total Revenue by the price of copper. FY25 realised prices for
copper (US$4.18/lb), molybdenum (US$21.12/lb), gold (US$2,877/oz) and silver
(US$31.7/oz) have been used for FY25, FY26e and FY27e.
57 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. FY25 realised prices for zinc
(US$2,648/t), lead (US$1,883/t) and silver (US$31.9/oz) have been used for
FY25, FY26e and FY27e.
58 FY25e Operating unit cost guidance includes royalties (where
appropriate) and the influence of exchange rates, and includes various
assumptions for FY25, including: an alumina price of US$520/t; a manganese ore
price of US$5.10/dmtu for 44% manganese product; a nickel price of US$7.10/lb;
a silver price of US$30.5/oz; a lead price of US$2,070/t (gross of treatment
and refining charges); a zinc price of US$3,000/t (gross of treatment and
refining charges); a copper price of US$4.30/lb (gross of treatment and
refining charges); a molybdenum price of US$20.50/lb (gross of treatment and
refining charges); a gold price of US$2,550/oz; an AUD:USD exchange rate of
0.64; a USD:ZAR exchange rate of 18.50; a USD:COP exchange rate of 4,200;
USD:CLP exchange rate of 950; and a reference price for caustic soda; which
reflect forward markets as at February 2025 or our internal expectations.
59 FY26e Operating unit cost guidance includes royalties (where
appropriate) and the influence of exchange rates, and includes various
assumptions for FY26, including: an alumina price of US$350/t; a manganese ore
price of US$4.40/dmtu for 44% manganese product; a nickel price of US$7.00/lb;
a silver price of US$36.0/oz; a lead price of US$2,000/t (gross of treatment
and refining charges); a zinc price of US$2,650/t (gross of treatment and
refining charges); a copper price of US$4.40/lb (gross of treatment and
refining charges); a molybdenum price of US$19.00/lb (gross of treatment and
refining charges); a gold price of US$3,300/oz; an AUD:USD exchange rate of
0.66; a USD:ZAR exchange rate of 18.20; a USD:COP exchange rate of 4,250;
USD:CLP exchange rate of 950; and a reference price for caustic soda; which
reflect forward markets as at August 2025 or our internal expectations.
60 Refer to market release "Strategy and Business Update" dated 13
May 2025.
61 Hermosa growth capital expenditure guidance excludes expected
lease payments of ~US$50M for self generated power assets directly
attributable to construction of infrastructure at the Taylor deposit. These
self generated power costs were included in our capital cost estimate provided
in market release "Final Investment Approval to Develop Hermosa's Taylor
Deposit" dated 15 February 2024.
62 Guidance for Mozal Aluminium reflects the period ending March
2026.
63 Guidance for Cerro Matoso reflects H1 FY26, aligning with expected
completion of divestment.
64 We expect to review Sierra Gorda FY26e capital expenditure
guidance following a final investment decision for the fourth grinding line
project.
65 FY25 Underlying revenue on third party products and services sold
from continuing operations comprises US$142M for aluminium, US$28M for
alumina, US$50M for freight services, US$115M for raw materials and US$35M for
manganese. FY25 Underlying EBIT on third party products and services sold from
continuing operations comprises US$3M for aluminium, US$16M for alumina, nil
for freight services, US$(1)M for raw materials and nil for manganese. FY24
Underlying revenue on third party products and services sold from continuing
operations comprises US$170M for aluminium, US$3M for alumina, US$79M for
freight services, US$102M for raw materials and US$34M for manganese. FY24
Underlying EBIT on third party products and services sold from continuing
operations comprises nil for aluminium, US$10M for alumina, US$(2)M for
freight services, US$(1)M for raw materials and nil for manganese.
66 FY25 and FY24 underlying results for IMC include third party
products and services. FY25 Underlying revenue on third party products and
services sold was US$28M and Underlying EBIT on third party products and
services sold was nil. FY24 Underlying revenue on third party products and
services sold was US$237M and Underlying EBIT on third party products and
services sold was US$28M.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR EVLBLEVLLBBLRecent news on South32
See all newsREG - South32 Limited - Notification of Securities
AnnouncementREG - South32 Limited - Notification of Dealing Form
AnnouncementREG - South32 Limited - Daily Buy-Back Notification
AnnouncementREG - South32 Limited - Appendix 4E and 2025 Financial Results and Outlook
AnnouncementREG - South32 Limited - Payments to Governments Report 2025
Announcement