South32 has delivered a strong start to the 2024–25 financial year, with a 20 per cent increase in copper production and steady performance across key commodities.
The 20 per cent boost in copper-equivalent volumes from South32’s Sierra Gorda mine in Chile was driven by higher copper grades and a notable boost in molybdenum recoveries.
South32’s portfolio transformation is also yielding positive financial returns, with the company completing the sale of its Illawarra Metallurgical Coal business in the September quarter, securing $US964 million ($1.44 billion) in upfront cash proceeds.
“Completing the sale of Illawarra Metallurgical Coal is a major milestone in our portfolio transformation which has unlocked significant value and streamlined our business toward commodities critical for a low-carbon future,” South32 chief executive officer Graham Kerr said.
“We remain well-positioned to support the growing demand for metals that will power the future.”
“We have maintained annual production guidance for all of our operations with a strong start to the year in aluminium and a 20 per cent uplift in copper equivalent volumes from Sierra Gorda.”
South32 reported a 12 per cent increase in low-carbon aluminium production from its operations in Brazil and Mozambique, further underscoring South32’s commitment to sustainable practices.
Manganese production in South Africa also saw a 12 per cent rise, driven by improved mining performance.
South32’s Hermosa project in Arizona has commenced construction, with Hermosa’s Taylor zinc-lead-silver deposit advancing as scheduled.
In a further boost, the US Department of Energy selected Hermosa for a $US166 million ($247.7 million) grant, which will help fund the development of a battery-grade manganese facility.
“Our transformed portfolio, which includes key future-facing metals like copper, zinc, and aluminium, positions us to capitalise on the global shift to renewable energy,” Kerr said.
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