South 32 exceeds production with increases in copper and aluminium

SOUTH32, the diversified mining and metals group, exceeded annual production guidance following a 20% increase in copper production and a 6% rise in aluminium.

- EDWARD WEST

The announcement in an operations update saw the group become one of the top gainers on the JSE early Monday morning, with the share price gaining 7.25% to R35.37.

The group warned again it is reviewing its production guidance for 2026 because it is, after six years, still in negotiations with Eskom and Mozambique authorities about a new electricity tariff agreement for its Mozal aluminium smelter in Mozambique. On Monday, the group said it was assessing the extent of animpairment to be written down on the smelter, due to the uncertainty.

"Australia Manganese successfully resumed export shipments in the quarter, marking a significant recovery from the impacts caused by Tropical Cyclone Megan. We continued to streamline our portfolio toward higher-returning businesses, completing the sale of Illawarra Metallurgical Coal in the first half and agreeing to divest Cerro Matoso in July," CEO Graham Kerr said.