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Worsley Alumina Approvals Update
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
22 July 2024
Worsley Alumina Approvals Update
South32 Limited (ASX, LSE, JSE: S32, ADR: SOUHY) (South32) provides the following update in relation to regulatory approvals for
new mining areas at Worsley Alumina.
In 2019, Worsley Alumina commenced the environmental approval process with the Western Australian Environmental Protection
Authority (WA EPA) for the Worsley Mine Development Project to enable access to bauxite to sustain production. Over the past
five years, Worsley Alumina has undertaken extensive environmental assessment and consultation with a range of stakeholders on
its proposal for the Project.
On 8 July 2024, the WA EPA published its recommendation that the proposal may be implemented, subject to conditions. If
imposed in their current form, several conditions recommended by the WA EPA create significant operating challenges for Worsley
Alumina and impact its long-term viability. In Worsley Alumina's view, several of the recommended conditions go beyond
reasonable measures for managing environmental risks of the proposal based on scientific assessment and decades of operating
experience.
Following what has been a long and protracted process, Worsley Alumina intends to lodge an appeal in relation to the WA EPA
assessment report, and to work collaboratively with the Western Australian Government to enable Worsley Alumina to continue to
meet the State's robust environmental standards and to continue the significant contribution Worsley Alumina has made to the
South West for the past 40 years. Worsley Alumina aims to secure environmental approvals for the proposal by the end of CY2024.
We have undertaken a carrying value assessment of Worsley Alumina having regard to the increased uncertainty created by the
WA EPA's recommended conditions and associated challenging operating conditions. As a result, we will recognise an impairment
expense of ~US$554M (~US$389M post-tax) for Worsley Alumina with our FY24 financial results. The impairment reduces Worsley
Alumina's carrying value to ~US$2,027M, with the impairment expense to be excluded from FY24 Underlying earnings, in
accordance with our accounting policies.
About Worsley Alumina
Worsley Alumina is an integrated bauxite mining and alumina refining operation in the South West of Western Australia, and is
recognised as one of the largest alumina refineries in the world.
It is one of the region's largest private sector employers, supporting thousands of jobs and making a significant contribution to the
local economy through salaries, local suppliers and community investment.
Worsley Alumina's bauxite is mined near the town of Boddington, 130 kilometres south-east of Perth. It is then transported by
overland conveyor to the alumina refinery near Collie and turned into alumina powder, before being exported to smelters around
the world.
The bauxite mined and alumina produced at Worsley Alumina are vital components in the production of aluminium, a commodity
critical to a low-carbon future.
Registered Office Level 35 108 St Georges Terrace Perth WA 6000 Australia
ABN 84 093 732 597 Registered in Australia
About us
South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources,
improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of
their resources. We produce commodities including bauxite, alumina,
aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from our operations in Australia, Southern Africa and
South America. We also have a portfolio of high-quality development projects and options,
and exploration prospects, consistent with our strategy to reshape our portfolio toward commodities that are critical for a low-
carbon future.
Investor Relations
Ben Baker
T +61 8 9324 9363
M +61 403 763 086
E Ben.Baker@south32.net
Media Relations
Jamie Macdonald Miles Godfrey
T +61 8 9324 9000 T +61 8 9324 9000
M +61 408 925 140 M +61 415 325 906
E Jamie.Macdonald@south32.net E Miles.Godfrey@south32.net
Further information on South32 can be found at www.south32.net.
Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
22 July 2024
Date: 22-07-2024 07:15:00
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