South32 (S32) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with an Acknowledgement of Country and a Welcome to Country, emphasizing respect for Indigenous communities and cultural heritage.

• The Chair introduced the board, executive team, auditor, and outlined the hybrid meeting format and procedural matters.

• Voting on all resolutions was declared open early in the meeting.

Financial performance review

• Underlying earnings for FY2024 were $380 million, with $198 million returned to shareholders via dividends and buybacks.

• Underlying EBITDA reached $1.8 billion, with improved operating performance and free cash flow in the second half.

• Two annual production records were set, and production at Cannington increased by 10%.

• The sale of Illawarra Metallurgical Coal for up to $1.65 billion streamlined the portfolio and strengthened the balance sheet.

Board and executive committee updates

• Sharon Warburton joined as an Independent Non-Executive Director, enhancing board skills and diversity.

• Keith Rumble retired as a Non-Executive Director; succession plans are in place for remaining founding directors.

• Vanessa Torres was appointed COO for Australia, and Erwin Scheffler became Chief Technical Officer.