21st Oct 2024 07:44
(Alliance News) - South32 Ltd on Monday reported mixed production performance for the first quarter of its financial year, and maintained its annual guidance.
The Perth-based mining group said its aluminium production rose 3.5% to 298,000 tonnes for the first three months that ended September 30, from 288,000 tonnes a year earlier. Compared to the fourth quarter that ended June 30, output was up 4.6% from 285,000 tonnes.
Aluminium output increased at the Hillside asset continued to test its maximum technical capacity, and low-carbon aluminium production from Brazil Aluminium and Mozal Aluminium grew by 12%.
On an annual basis, alumina production fell 8.5% to 1.18 million tonnes from 1.29 million tonne, while it dropped 5.6% from 1.25 million tonnes in the fourth quarter.
Copper production for the first three months rose 10% to 17,600 tonnes from 16,000 tonnes in the same quarter for the 2024 financial year. But output declined 15% from 15,300 tonnes in the fourth quarter.
Silver production slumped 39% to 2,066 ounces year-on-year from 3,375 ounces, and was down 36% from 3,224 ounces on-quarter.
Lead production was 32% lower on-year at 19,300 tonnes from 28,500 tonnes, and dropped 33% from 28,800 tonnes on-quarter. Zinc production decreased 8.3% to 12,100 tonnes on-year from 13,200 tonnes, and declined 30% from 17,400 tonnes on-quarter.
Nickel production was up 3.6% to 8,600 tonnes on-year from 8,300 tonnes, but fell by a quarter from 11,500 tonnes in the fourth quarter.
Manganese ore production plunged 61% to 597,000 wet tonnes on-year, from 1.52 million wet tonnes, and output was down 12% from 534,000 wet tonnes.
South32 said the sale of Illawarra Metallurgical Coal in New South Wales has lowered its sustaining capital intensity and strengthened its financial position, enabling it to self fund its growth in base metals and deliver returns to shareholders via its on-market share buy-back.
Late in August, South32 completed the disposal of Illawarra Metallurgical.
South32 maintained its production guidance for all operations for the 2025 financial year.
At Hermosa in the US, construction of the Taylor zinc-lead-silver project is progressing as planned, the diversified miner said.
By Artwell Dlamini, Alliance News reporter
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