Wrap Text
Quarterly Report March 2025
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32; ADR: SOUHY
ISIN: AU000000S320
south32.net
QUARTERLY REPORT
March 2025
South32 Chief Executive Officer, Graham Kerr: "Another strong quarter of operating performance saw our net cash position increase by US$299M
to US$252M.
"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.
"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.
"At Hermosa, construction of our large-scale, long-life Taylor zinc-lead-silver project continues to progress, with sinking of the main shaft on track
to commence in the June 2025 quarter.
"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 markets."
• Net cash1 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.
• Aluminium production increased by 6% year to date as Brazil Aluminium continued to ramp-up, while Mozal Aluminium approached
nameplate capacity following civil unrest in Mozambique in the prior quarter.
• Worsley Alumina completed planned calciner maintenance and commenced work on the Worsley Mine Development Project, which will provide
improved access to bauxite and is expected to sustain production to at least FY362.
• Brazil Alumina production increased by 6% year to date as the refinery benefitted from improved plant availability, more than offsetting wet
weather impacts in the quarter.
• Sierra Gorda payable copper equivalent production3 increased by 20% year to date with higher planned copper grades, supporting
distributions of US$122M to South32 year to date.
• Australia Manganese has installed all major structures for the wharf and is on track to recommence export sales in the June 2025 quarter. A
further US$100M (100% basis) of external insurance payments were approved in the 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.
• 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.
Production summary
3Q25 9M YTD25 FY25e(a) % of FY25e Comments
Worsley Alumina (kt) 941 2,791 3,750 74% Guidance unchanged
Brazil Alumina (non-operated) (kt) 324 1,006 1,350 75% Guidance unchanged
Brazil Aluminium (non-operated) (kt) 36 100 130 77% Guidance unchanged
Hillside Aluminium (kt)4 175 537 720 75% Guidance unchanged
Mozal Aluminium (kt)4 87 265 350 76% Guidance unchanged
Sierra Gorda (non-operated) (CuEq) (kt)3 19.8 66.2 84.8 78% Guidance unchanged
Cannington (ZnEq) (kt)5 50.2 180.1 ?239.2 75% Guidance lowered by 10%
Cerro Matoso (kt) 8.9 27.4 35.0 78% Guidance unchanged
Australia Manganese (kwmt) — 639 1,000 64% Guidance unchanged
South Africa Manganese (kwmt) 476 1,558 2,000 78% Guidance unchanged
(a) The denotation (e) refers to an estimate or forecast year.
South32 Quarterly Report March 2025 Page 1 of 9
CORPORATE UPDATE
• We remain united by our belief that everyone can go home safe and well every day. We are continuing to implement our multi-year Safety
Improvement Program, including investment in safety leadership through our LEAD Safely Every Day program, to deliver measurable
improvements in safety performance.
• Net cash increased by US$299M to US$252M in the quarter as we benefitted from strong operating performance and a partial unwind in
working capital, as the collection of receivables more than offset an increase in finished goods inventories in our aluminium value chain due
to the timing of shipments.
• We received US$100M from a subsidiary of Newmont Corporation (Newmont) in the quarter in relation to agreements with Worsley Alumina. The
agreements will enable Worsley Alumina and Newmont's Boddington gold mine to safely operate in close proximity and compensate Worsley
Alumina for impacts on its priority access to small areas containing resource. We expect to recognise a gain of approximately US$94M (pre-tax) in
FY25, which will be excluded from Underlying earnings as a significant item.
• FY25 Operating unit cost guidance is unchanged, except for Cannington due to the volume impact of lower ore processed.
• FY25 capital expenditure guidance is unchanged.
• We simplified the Group's functional structures to appropriately support our portfolio following the divestment of Illawarra Metallurgical
Coal6. These changes are expected to reduce the Group's functional support costs by approximately US$30M from FY26.
• We received net distributions7 of US$36M (South32 share) from our Sierra Gorda equity accounted investment (EAI) in the quarter
(US$122M in the nine months ended March 2025).
• A further US$100M (100% basis) of external insurance payments were approved for Australia Manganese in the quarter in respect of the
impacts of Tropical Cyclone Megan (US$350M in the nine months ended March 2025, 100% basis). No funding was required to be provided
to Australia Manganese in the quarter8. We continue to work with our insurers to assess the timing and value of further recoveries.
• We sold our equity interest in Elemental Altus Royalties Corp.9 for US$11M in the quarter.
• We invested US$294M in Group capital expenditure (excluding EAIs and Hermosa) in the nine months ended March 2025, including US$57M at
Illawarra Metallurgical Coal prior to its divestment on 29 August 2024.
• We made Group tax payments of US$191M (excluding EAIs) in the nine months ended March 2025.
• We returned US$42M to shareholders via our on-market share buy-back in the nine months ended March 2025, purchasing 18M shares at
an average price of A$3.61 per share. Our US$2.5B capital management program is 94% complete with US$158M to be returned to shareholders
ahead of its extension or expiry on 12 September 202510.
• We incurred idle capacity and remediation related costs of approximately US$135M (South32 share) at Australia Manganese in the nine months
ended March 2025, which will be excluded from Underlying EBIT as an earnings adjustment. Our share of costs at Australia Manganese will be
included in Underlying earnings from the June 2025 quarter.
• Following the end of the March 2025 quarter, we paid a fully-franked interim ordinary dividend of US$154M in respect of the December
2024 half year.
DEVELOPMENT AND EXPLORATION UPDATE
Hermosa project
• We invested US$355M of growth capital expenditure at Hermosa in the nine months ended March 2025, as we progressed construction
of the Taylor zinc-lead-silver project and an exploration decline for the Clark battery-grade manganese deposit.
• At Taylor, we continued sinking the ventilation shaft and commissioned the hoisting system for the main shaft in the quarter. Sinking of the
main shaft and construction of the process plant is on track to commence in the June 2025 quarter.
• We directed US$26M to capitalised exploration in the nine months ended March 2025 as we continued to test the potential for a continuous
copper system connecting the Peake copper deposit and Taylor Deeps.
Greenfield exploration
• We invested US$26M in our greenfield exploration opportunities in the nine months ended March 2025 as we progressed multiple exploration
programs targeting base metals in Australia, USA, Canada, Argentina, Namibia and Ireland.
Other exploration
• We invested US$48M (US$41M capitalised) in exploration programs at our existing operations and development options in the nine months
ended March 2025, including US$26M at the Hermosa project (noted above, all capitalised), US$11M for our Sierra Gorda EAI (all capitalised)
and US$4M for our manganese EAI (nil capitalised).
WORSLEY ALUMINA (86% SHARE)
South32 Quarterly Report March 2025 Page 2 of 9
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Alumina production (kt) 2,861 2,791 (2%) 927 1,000 941 2% (6%)
Alumina sales (kt) 2,793 2,699 (3%) 895 965 910 2% (6%)
Worsley Alumina saleable production decreased by 2% (or 70kt) to 2,791kt in the nine months ended March 2025, as we completed planned
calciner maintenance in the September 2024 and March 2025 quarters, and managed constrained bauxite supply to the refinery. We commenced
work on the Worsley Mine Development Project in the March 2025 quarter following the receipt of primary environmental approvals11, which
will provide improved access to bauxite and is expected to sustain production to at least FY362. FY25 production guidance remains unchanged at
3,750kt.
Sales decreased by 6% in the March 2025 quarter due to lower product availability. Our realised price for alumina sales in the March 2025 quarter
was in line with the Platts Alumina index12, following the annual reset of a cap and floor mechanism embedded in a legacy supply contract with
Mozal Aluminium.
BRAZIL ALUMINA (36% SHARE, NON-OPERATED)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Alumina production (kt) 953 1,006 6% 313 348 324 4% (7%)
Alumina sales (kt) 924 1,014 10% 277 365 323 17% (12%)
Brazil Alumina saleable production increased by 6% (or 53kt) to 1,006kt in the nine months ended March 2025 as improved plant availability
more than offset lower feed rates to the refinery due to wet weather in the March 2025 quarter. FY25 production guidance remains unchanged
at 1,350kt.
BRAZIL ALUMINIUM (40% SHARE, NON-OPERATED)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Aluminium production (kt) 76 100 32% 26 34 36 38% 6%
Aluminium sales (kt) 72 92 28% 32 36 31 (3%) (14%)
Brazil Aluminium saleable production increased by 32% (or 24kt) to 100kt in the nine months ended March 2025 as the smelter continued to
ramp-up all three potlines. FY25 production guidance remains unchanged at 130kt.
Sales decreased by 14% in the March 2025 quarter as an export shipment slipped to the June 2025 quarter due to weather related delays at port.
HILLSIDE ALUMINIUM (100% SHARE)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Aluminium production (kt) 540 537 (1%) 181 182 175 (3%) (4%)
Aluminium sales (kt) 536 538 0% 209 192 171 (18%) (11%)
Hillside Aluminium saleable production decreased by 1% (or 3kt) to 537kt in the nine months ended March 2025 as the smelter continued to
test its maximum technical capacity, despite the impact of load-shedding. FY25 production guidance remains unchanged at 720kt4.
Sales decreased by 11% in the March 2025 quarter following a planned drawdown of inventory in the prior quarter.
MOZAL ALUMINIUM (63.7% SHARE)
South32 Quarterly Report March 2025 Page 3 of 9
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Aluminium production (kt) 237 265 12% 71 90 87 23% (3%)
Aluminium sales (kt) 225 246 9% 58 88 72 24% (18%)
Mozal Aluminium saleable production increased by 12% (or 28kt) to 265kt in the nine months ended March 2025 as the operation delivered
its recovery plan and subsequently mitigated the impacts of civil unrest in Mozambique from the December 2024 quarter. Operating conditions
in Mozambique improved during the March 2025 quarter, enabling the smelter to approach nameplate production rates to finish the period. FY25
production guidance remains unchanged at 350kt4.
Sales decreased by 18% in the March 2025 quarter as the operation managed product availability following the decision in the prior quarter to
temporarily reduce amperage to the smelter to manage raw material stocks. We expect to drawdown inventory in the June 2025 quarter.
We continue to work with Eskom and the Government of the Republic of Mozambique to extend the smelter's hydro-electric power supply
beyond March 2026, as there are currently no viable alternative suppliers of renewable energy at the required scale. We remain focused on
finalising a new energy supply agreement during CY25 to enable the smelter to continue to operate and maintain its substantial contribution to
the economy of Mozambique.
SIERRA GORDA (45% SHARE, NON-OPERATED)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Payable copper equivalent production (kt)3 55.1 66.2 20% 16.7 24.3 19.8 19% (19%)
Payable copper production (kt) 45.5 53.7 18% 13.9 19.1 17.0 22% (11%)
Payable copper sales (kt) 45.6 54.8 20% 13.1 20.0 16.9 29% (16%)
Sierra Gorda payable copper equivalent production3 increased by 20% (or 11.1kt) to 66.2kt in the nine months ended March 2025 due to higher planned
copper grades and improved molybdenum recoveries. Production decreased by 19% in the March 2025 quarter as milling rates were impacted by planned
maintenance and a national power outage in February 2025, whilst molybdenum volumes declined as we mined an area with higher clay content.
FY25 production guidance remains unchanged at 84.8kt payable copper equivalent3 (copper 70.0kt, molybdenum 1.3kt, gold 25.0koz and silver
550koz).
CANNINGTON (100% SHARE)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Payable zinc equivalent production (kt)5 225.1 180.1 (20%) 68.8 79.2 50.2 (27%) (37%)
Payable silver production (koz) 9,601 7,714 (20%) 2,897 3,700 2,099 (28%) (43%)
Payable silver sales (koz) 8,739 7,963 (9%) 2,210 3,127 2,494 13% (20%)
Payable lead production (kt) 83.6 67.3 (19%) 24.8 30.3 17.7 (29%) (42%)
Payable lead sales (kt) 74.5 74.1 (1%) 17.9 29.2 19.8 11% (32%)
Payable zinc production (kt) 43.3 33.9 (22%) 14.3 10.8 11.0 (23%) 2%
Payable zinc sales (kt) 39.9 32.6 (18%) 11.6 10.4 9.6 (17%) (8%)
Cannington payable zinc equivalent production5 decreased by 20% (or 45.0kt) to 180.1kt in the nine months ended March 2025 as the operation
continued to manage increased underground activity and complexity.
Production decreased by 37% in the March 2025 quarter as challenging geotechnical conditions delayed access to higher grade stopes and
mining productivity was impacted by lower operator availability due to weather related disruptions. As a result, FY25 production guidance
has been revised lower by 10% to 239.2kt payable zinc equivalent5 (ore processed 1,900kdmt, silver 10,200koz, lead 90.0kt and zinc 45.0kt).
Looking forward, we are completing work to assess optimal underground mining rates and stope sequencing to manage continued geotechnical
challenges and unlock value over the remaining mine life at Cannington.
FY25 Operating unit cost guidance has been revised to US$195/t ore processed (from US$175/t) due to lower ore processed.
CERRO MATOSO (99.9% SHARE)
South32 Quarterly Report March 2025 Page 4 of 9
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Payable nickel production (kt) 29.1 27.4 (6%) 10.8 9.9 8.9 (18%) (10%)
Payable nickel sales (kt) 28.8 26.9 (7%) 10.8 8.9 9.2 (15%) 3%
Cerro Matoso payable nickel production decreased by 6% (or 1.7kt) to 27.4kt in the nine months ended March 2025 due to lower planned nickel
grades. FY25 production guidance remains unchanged at 35.0kt.
Sales increased by 3% in the March 2025 quarter. Price realisations for our ferronickel product in the nine months ended March 2025 reflected a
discount of ~16% to the LME Nickel Index13, as structural changes in the nickel market continued to place pressure on both nickel prices and
discounts for our ferronickel product.
We are continuing a process in relation to the potential divestment of Cerro Matoso. In parallel, we are targeting further cost efficiencies to
mitigate the impact of lower planned nickel grades.
AUSTRALIA MANGANESE (60% SHARE)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Manganese ore production (kwmt) 2,324 639 N/A 646 639 — N/A N/A
Manganese ore sales (kwmt) 2,573 — N/A 709 — — N/A N/A
Australia Manganese continued its operational recovery plan following the impacts of Tropical Cyclone Megan in the March 2024 quarter and
remains on track to resume export sales in the June 2025 quarter.
We continued a substantial dewatering program, and completed construction of a critical bridge that connects the northern pits of the Western
Leases mining area and the process plant during the quarter. Mining continued at limited rates in line with the operational recovery plan and
dewatering requirements. The primary concentrator was paused having established stockpiles ahead of the wet season. FY25 production guidance
remains unchanged at 1,000kwmt, with the primary concentrator to restart in the June 2025 quarter.
Construction of all major structures for the wharf was completed following the end of the quarter. Export sales are on track to recommence in May
2025, subject to no further impacts over the remainder of the wet season, and return to normalised rates over FY26.
SOUTH AFRICA MANGANESE (ORE 54.6% SHARE)
3Q25 3Q25
South32 share 9M YTD24 9M YTD25 YoY 3Q24 2Q25 3Q25 vs vs
3Q24 2Q25
Manganese ore production (kwmt) 1,641 1,558 (5%) 530 485 476 (10%) (2%)
Manganese ore sales (kwmt) 1,567 1,495 (5%) 485 498 407 (16%) (18%)
South Africa Manganese saleable production decreased by 5% (or 83kwmt) to 1,558kwmt in the nine months ended March 2025, following planned
maintenance at Mamatwan in the March 2025 quarter and a temporary shut at Wessels in the prior quarter. FY25 production guidance remains unchanged
at 2,000kwmt.
Sales decreased by 18% in the March 2025 quarter as port congestion impacted the timing of shipments.
NOTES
South32 Quarterly Report March 2025 Page 5 of 9
1. Net cash number is unaudited and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.
2. Subject to receipt of any necessary secondary approvals. The information in this announcement that refers to Production Target and forecast financial information for Worsley Alumina is based on Proved (87%) and
Probable (13%) Ore Reserves disclosed in South32 Annual report released on 29 August 2024 and is available to view on www.south32.net. The Ore Reserve estimate underpinning the Production Target has been
prepared by a Competent Person and reported in accordance with the JORC Code.
3. Payable copper equivalent production (CuEq) (kt) was calculated by aggregating revenues from copper, molybdenum, gold and silver, and dividing the total Revenue by the price of copper. FY24 realised prices for
copper (US$3.86/lb), molybdenum (US$20.60/lb), gold (US$2,129/oz) and silver (US$24.8/oz) have been used for FY24, FY25 and FY25e.
4. Production guidance for Hillside Aluminium and Mozal Aluminium does not assume any load-shedding impact on production.
5. Payable zinc equivalent production (ZnEg) (kt) was calculated by aggregating revenues from payable silver, lead and zinc, and dividing the total Revenue by the price of zinc. FY24 realised prices for zinc (US$2,230/t),
lead (US$2,002/t) and silver (US$24.8/oz) have been used for FY24, FY25 and FY25e.
6. On 29 August 2024, we completed the sale of Illawarra Metallurgical Coal (the Transaction) to an entity owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd, receiving upfront cash proceeds of US$964M less
transaction costs and cash disposed as part of the sale. A final adjustment to the purchase price is expected to be determined in H2 FY25. The total Transaction consideration includes deferred cash consideration of
US$250M, payable in March 2030, and contingent price-linked cash consideration of up to US$350M.
7. Net distributions from our material equity accounted investments (EAI) (manganese and Sierra Gorda) includes dividends, capital contributions and net repayments/drawdowns of shareholder loans, which are
unaudited and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.
8. South32 provided funding of US$63M to Australia Manganese in the September 2024 quarter.
9. South32 acquired an equity interest in Elemental Altus Royalties Corp. following the disposal of a portfolio of non-core precious metals royalties. Refer to media release "Agreement to Divest Select Precious Metal
Royalties" dated 24 November 2020.
10. Since inception of our capital management program, US$1.8B has been allocated to our on-market share buy-back (812M shares at an average price of A$3.06 per share) and US$525M returned in the form of special
dividends.
11. Refer to market releases "Worsley Mine Development Project Receives Federal Approval" dated 12 February 2025 and "Worsley Mine Development Project Receives State Approval" dated 20 December 2024.
12. The sales volume weighted average of the Platts Alumina index (FOB) on the basis of a one-month lag to published pricing (Month minus one or "M-1") was US$612/t in the March 2025 quarter.
13. Our realised price for nickel sales in the nine months ended March 2025 was US$6.09/lb, which represented a ~16% discount to the average LME Nickel Index price of US$7.24/lb.
14. Reflects the period from 1 July 2024 to completion of the Transaction on 29 August 2024.
15. Illawarra Metallurgical Coal sales are adjusted for moisture and will not reconcile directly to Illawarra Metallurgical Coal production.
The following abbreviations have been used throughout this report: US$ million (US$M); US$ billion (US$B); grams per tonne (g/t); tonnes (t); thousand tonnes (kt); thousand tonnes per annum (ktpa); million tonnes
(Mt); million tonnes per annum (Mtpa); ounces (oz); thousand ounces (koz); million ounces (Moz); thousand wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million wet metric tonnes per annum (Mwmt
pa); dry metric tonne unit (dmtu); thousand dry metric tonnes (kdmt).
Figures in Italics indicate that an adjustment has been made since the figures were previously reported. The denotation (e) refers to an estimate or forecast year.
OPERATING PERFORMANCE
South32 Quarterly Report March 2025 Page 6 of 9
South32 share 9M YTD24 9M YTD25 3Q24 4Q24 1Q25 2Q25 3Q25
Worsley Alumina (86% share)
Alumina hydrate production (kt) 2,860 2,803 926 919 932 940 931
Alumina production (kt) 2,861 2,791 927 916 850 1,000 941
Alumina sales (kt) 2,793 2,699 895 974 824 965 910
Brazil Alumina (36% share)
Alumina production (kt) 953 1,006 313 333 334 348 324
Alumina sales (kt) 924 1,014 277 358 326 365 323
Brazil Aluminium (40% share)
Aluminium production (kt) 76 100 26 28 30 34 36
Aluminium sales (kt) 72 92 32 30 25 36 31
Hillside Aluminium (100% share)
Aluminium production (kt) 540 537 181 180 180 182 175
Aluminium sales (kt) 536 538 209 184 175 192 171
Mozal Aluminium (63.7% share)
Aluminium production (kt) 237 265 71 77 88 90 87
Aluminium sales (kt) 225 246 58 101 86 88 72
Sierra Gorda (45% share)
Ore mined (Mt) 15.0 17.5 3.1 4.9 6.4 6.2 4.9
Ore processed (Mt) 16.4 16.3 5.5 5.5 5.6 5.5 5.2
Copper ore grade processed (%, Cu) 0.36 0.42 0.34 0.37 0.41 0.44 0.42
Payable copper equivalent production (kt)3 55.1 66.2 16.7 18.4 22.1 24.3 19.8
Payable copper production (kt) 45.5 53.7 13.9 15.3 17.6 19.1 17.0
Payable copper sales (kt) 45.6 54.8 13.1 15.3 17.9 20.0 16.9
Payable molybdenum production (kt) 0.7 1.1 0.2 0.2 0.4 0.5 0.2
Payable molybdenum sales (kt) 1.1 1.0 0.4 0.2 0.2 0.5 0.3
Payable gold production (koz) 18.7 21.6 5.3 5.9 7.7 8.2 5.7
Payable gold sales (koz) 19.0 22.2 5.2 5.9 7.8 8.4 6.0
Payable silver production (koz) 448 432 153 159 151 150 131
Payable silver sales (koz) 441 447 141 164 157 160 130
South32 Quarterly Report March 2025 Page 7 of 9
Cannington (100% share)
Ore mined (kwmt) 1,679 1,456 529 573 438 561 457
Ore processed (kdmt) 1,664 1,409 525 557 440 542 427
Silver ore grade processed (g/t, Ag) 208 197 200 199 163 241 176
Lead ore grade processed (%, Pb) 5.9 5.6 5.6 5.9 5.1 6.5 5.0
Zinc ore grade processed (%, Zn) 3.5 3.3 3.8 4.1 3.7 2.8 3.4
Payable zinc equivalent production (kt)5 225.1 180.1 68.8 77.3 50.7 79.2 50.2
Payable silver production (koz) 9,601 7,714 2,897 3,065 1,915 3,700 2,099
Payable silver sales (koz) 8,739 7,963 2,210 3,054 2,342 3,127 2,494
Payable lead production (kt) 83.6 67.3 24.8 28.8 19.3 30.3 17.7
Payable lead sales (kt) 74.5 74.1 17.9 27.9 25.1 29.2 19.8
Payable zinc production (kt) 43.3 33.9 14.3 17.4 12.1 10.8 11.0
Payable zinc sales (kt) 39.9 32.6 11.6 20.2 12.6 10.4 9.6
Cerro Matoso (99.9% share)
Ore mined (kwmt) 3,669 3,724 1,486 1,526 1,338 1,310 1,076
Ore processed (kdmt) 2,028 2,071 711 746 664 732 675
Ore grade processed (%, Ni) 1.57 1.48 1.61 1.70 1.46 1.49 1.48
Payable nickel production (kt) 29.1 27.4 10.8 11.5 8.6 9.9 8.9
Payable nickel sales (kt) 28.8 26.9 10.8 12.1 8.8 8.9 9.2
Australia Manganese (60% share)
Manganese ore production (kwmt) 2,324 639 645 — — 639 —
Manganese ore sales (kwmt) 2,573 — 709 — — — —
Ore grade sold (%, Mn) 42.5 — 42.2 — — — —
South Africa Manganese (54.6% share)
Manganese ore production (kwmt) 1,641 1,558 530 534 597 485 476
Manganese ore sales (kwmt) 1,567 1,495 485 549 590 498 407
Ore grade sold (%, Mn) 38.7 39.0 38.7 39.1 38.9 39.1 38.9
Illawarra Metallurgical Coal (100% share)14
Total coal production (kt) 3,450 766 1,405 1,488 766 — —
Total coal sales (kt)15 3,334 540 1,238 1,537 540 — —
Metallurgical coal production (kt) 3,031 676 1,244 1,274 676 — —
Metallurgical coal sales (kt) 2,812 507 1,053 1,360 507 — —
Energy coal production (kt) 419 90 161 214 90 — —
Energy coal sales (kt) 522 33 185 177 33 — —
Forward-looking statements
This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand
for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated
productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations
at the date of this release, however they are not guarantees or predictions of future performance. They involve known and unknown risks,
uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those
expressed in the statements contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except
as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking
South32 Quarterly Report March 2025 Page 8 of 9
statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
South32 cautions against reliance on any forward-looking statements or guidance.
FURTHER INFORMATION
INVESTOR RELATIONS MEDIA RELATIONS
Ben Baker Jamie Macdonald
M +61 403 763 086 M +61 408 925 140
E Ben.Baker@south32.net E Jamie.Macdonald@south32.net
Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
17 April 2025
South32 Quarterly Report March 2025 Page 9 of 9
Date: 17-04-2025 08:26:00
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