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South32 (S32) investor relations material

South32 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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35th BMO Global Metals, Mining & Critical Minerals Conference summary24 Feb, 2026

Strategic portfolio transformation

  • Shifted from a geographically diverse, coal-heavy portfolio to 90% base metals, with over 50% of value now in the Americas within two years.

  • Executed major asset sales (coal, manganese alloy, nickel) and acquisitions (notably Sierra Gorda copper).

  • Expanded exploration with about 25 projects and significant investments in copper and zinc.

Asset performance and development

  • Cannington mine life extended to FY 2033, with studies underway for further extension to FY 2040 via open pit.

  • Sierra Gorda copper project evaluating a fourth grinding line to boost throughput by 20%, with FID expected by year-end and production 3–4 years after.

  • Hermosa (Taylor and Clark) progressing, with Taylor mine life likely exceeding 40 years and federal approval expected this year; Clark project supported by government grants.

  • GEMCO recovered from severe cyclone, with mine life extended to eight years and new exploration starting on northern leases.

  • Mozal aluminum smelter placed on care and maintenance due to power shortages, with potential restart in 4 years if energy supply improves.

Cost, inflation, and operational challenges

  • Cost inflation most acute in Chile and the U.S. due to tariffs and rising steel prices; Australia remains relatively stable.

  • Specialist labor shortages and rising pay in Western Australia gold sector noted as a risk.

  • Insurance covered cyclone-related damages at GEMCO; operational lessons incorporated into rebuilds.

Cannington life extension plans?
Hermosa project key risks?
Monetization strategy for silver assets?
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Frequently asked questions

South32 Limited operates as a diversified metals and mining company in Australia, Southern Africa, North America, and South America. The company engages in the exploration, development, production, and marketing of industrial minerals; and gold, copper, nickel, and platinum group metals. It offers red sand alumina from its Mt. Isa mine; soda ash from its Worsley operation; bauxite from its Weipa operations; copper cathodes and refined copper products from its Kambalda operations; nickel matte from Kalgoorlie operations; and ferronickel-based alloys from Kwinana refinery. In addition, the company holds interests in mineral exploration projects at Mt. Cattlin in Australia. Further, it manufactures and sells clinker to the cement industry, as well as provides indirect services to the construction sector of the economy including construction materials business activities.

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