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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.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.
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