S32 Analysis: September 2025 Quarterly Report

Published 22 Oct 2025 • 3 min • s32

Event: September 2025 Quarterly Report | Date: 2025-10-21 | Source: South32 News and Media

Strong Volumes and Guidance Reaffirmation Despite Mozal Uncertainty

South32 released its September 2025 quarterly report on 21 October 2025, highlighting strong operating performance with a 12% increase in payable copper equivalent production at Sierra Gorda and a 33% uplift in manganese volumes at Australia Manganese. Key production figures included 934kt of alumina at Worsley (unchanged QoQ), 354kt at Brazil Alumina (up 6% QoQ), 181kt of aluminium at Hillside (unchanged), and 93kt at Mozal (up 3% QoQ). Manganese production rose to 854kwmt at Australia Manganese (up 83% QoQ) and 551kwmt at South Africa Manganese (down 7% QoQ), while Cannington saw payable zinc equivalent production of 48.3kt (down 19% QoQ). FY26 production guidance remains unchanged across all operations, with net cash declining US$59M to US$64M amid US$160M invested in Hermosa growth capex. The report also noted ongoing electricity supply risks at Mozal Aluminium, potentially leading to care and maintenance after March 2026, and progress on divestments and exploration. Source: South32 September 2025 Quarterly Report.