Half Year 2025 South32 Ltd Earnings Call - UK and South Africa Transcript
Key Points
- South32 Ltd (SHTLF) reported a 44% increase in underlying EBITDA to USD 1 billion, showcasing strong financial performance.
- The company achieved a 21% increase in copper equivalent production at Sierra Gorda, indicating improved operational efficiency.
- South32 Ltd (SHTLF) reduced net debt by USD 715 million to USD 47 million, emphasizing its focus on maintaining a strong balance sheet.
- The company announced a fully franked interim ordinary dividend of USD 154 million, reflecting its commitment to shareholder returns.
- Environmental approvals for the Worsley Mine Development Project were received, ensuring sustained production until at least FY '36.
- A tragic incident at Cerro Matoso resulted in the loss of a colleague, highlighting ongoing safety challenges.
- Production guidance for Mozal Aluminium was updated due to civil unrest in Mozambique, indicating operational disruptions.
- The company faces potential impacts from the wet season on GEMCO's phased restart of mining activities.
- South32 Ltd (SHTLF) increased its cost guidance for Worsley by USD 5 per tonne due to revised conditions, impacting profitability.
- The company has a limited exposure to the US market, with only 9% of group revenue coming from the region, which could limit growth opportunities.
Thank you for standing by, and welcome to the South32 H1 F 25 Financial Results Announcement Investor and Analysts Teleconference. (Operator Instructions)
I'd now like to hand the conference over to Mr. Graham Kerr, Chief Executive Officer. Please go ahead.
Thank you. Good afternoon, everyone. Thanks for joining us today. On the call with me is our Chief Financial Officer, Sandy; Chief Operating Officers for Australia, Vanessa; and Noel who covers Africa and also Colombia.
Look, I'll give a short summary of the financial results and outlook for the first half of FY 25 before taking questions.
First, I'd like to talk about safety. In September, we tragically lost our colleague, Jose Luis Perez, who was fatally injured in an incident at Cerro Matoso. An investigation into the incident was completed during December 2024. Key learnings have been shared across our organization and improvement actions are underway to prevent a similar incident
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