South32 reports production increases despite challenges at Mozal Aluminium in December quarter

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South32 reports production increases despite challenges at Mozal Aluminium in December quarter

10:46 CAT | 20 Jan 2025

File photo: Reuters

South32 (ASX:S32) released its December 2024 quarterly report, maintaining production guidance across its operations, except for Mozal Aluminium.

The company has continued to navigate challenges, such as civil unrest in Mozambique that are affecting Mozal Aluminium’s output.

In the December 2024 quarter, South32 recorded a 21% increase in Sierra Gorda’s copper equivalent production, while Cannington saw a 56% rise in zinc equivalent production.

Alumina production improved by 14%, benefiting from favourable market prices.

“We continued our strong start to the year, maintaining production guidance for all of our operations except Mozal Aluminium, as we continue to mitigate the impact of civil unrest in Mozambique,” stated Graham Kerr, CEO of South32. “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”.

The company announced a return of US$169 million ($273 million) to shareholders through dividends and share buy-backs during the period.

Strategic advancements were made at Hermosa with construction milestones achieved. Capital management remained a focus, with plans to return an additional US$171 million ($275.9 million) to shareholders.

South32 is a global mining and metals company. Its segments include Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium, Mozal Aluminium, Sierra Gorda, Cannington, Hermosa, Cerro Matoso, Australia Manganese and South Africa Manganese.

Source: Grafa