17 APRIL 2025
We’ve released our Quarterly Report for March 2025, highlighting strong operating performance and an increase in our net cash position.
Net cash increased by US$299M to US$252M in the quarter as we benefitted from strong operating results, a partial unwind in working capital and a one-off receipt of US$100M in relation to operational agreements at Worsley Alumina.
“Production highlights year to date include an 18 per cent increase in copper and a six per cent increase in aluminium as Mozal Aluminium managed the impacts of civil unrest in Mozambique and approached nameplate capacity in the quarter,” said Graham Kerr, South32 Chief Executive Officer.
“We continue to unlock value at our operations, commencing our Worsley Mine Development Project following environmental approval by the Australian Government, and progressing toward the resumption of export sales from Australia Manganese, which remains on track for the June 2025 quarter.”
The Worsley Mine Development Project will provide improved access to bauxite and is expected to sustain production to at least FY36.
Australia Manganese continued its operational recovery plan following the impacts of Tropical Cyclone Megan last year. All major structures for the wharf have been installed and the operation is on track to recommence export sales in the June 2025 quarter.
Cannington FY25 production guidance has been lowered by 10% due to challenging geotechnical conditions and reduced operator availability in the quarter as a result of weather related disruptions in Queensland. All other FY25 production guidance is unchanged.
At Hermosa, construction of our large-scale, long-life Taylor zinc-lead-silver project continues to progress. During the quarter we continued sinking the ventilation shaft and commissioned the hoisting system for the main shaft. Sinking of the main shaft is on track to commence in the June 2025 quarter.
We returned US$42M to shareholders via our on-market share buy-back year to date, leaving US$158M to be returned ahead of its extension or expiry on 12 September 2025. Following the end of the quarter, we paid a fully-franked interim ordinary dividend of US$154M in respect of the December 2024 half year.
“Looking ahead, our focus on operating discipline, active cost management and a strong balance sheet leaves us well positioned to manage a period of potential uncertainty in global market,” said Graham.