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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| South32 Limited | LSE:S32 | London | Ordinary Share | AU000000S320 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.50 | -0.88% | 168.40 | 168.20 | 168.50 | 168.80 | 162.70 | 162.70 | 323,369 | 16:35:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 7.77B | -173M | -0.0376 | -84.04 | 14.52B |
From Apr 2019 to Apr 2024
TIDMS32
RNS Number : 0055N
South32 Limited
20 October 2016
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX, LSE, JSE Share Code: S32
ISIN: AU000000S320
20 OCTOBER 2016
South32 Limited
QUARTERLY REPORT SEPTEMBER 2016
-- Net cash position increased by US$239M in the September 2016 quarter to US$551M. -- Production and unit cost guidance remains unchanged for the majority of operations.
-- Strong domestic demand underpinned a 2% increase in South Africa Energy Coal production, while an expected decline in ore grades and scheduled maintenance led to a 9%, 7% and 5% reduction in nickel, silver and zinc production, respectively.
-- Restarted production in 22 pots at South Africa Aluminium as power availability continued to improve and the operation maintained leading rates of current efficiency.
-- Illawarra Metallurgical Coal sales of 9.3Mt now expected in FY17 as the operation has recovered from challenging ground conditions at Appin and inventory has been reduced by 300kt.
-- Illawarra Metallurgical Coal's unit cost guidance of US$71/t (including sustaining capital expenditure) now expected to be achieved in the June 2017 half year, with costs to be US$4/t higher in the December 2016 half year given the operation's high fixed cost base.
-- South Africa Manganese mines now operating at the optimised 2.9Mwmt pa rate (100% basis) following the decision to stop work at the Wessels underground mine in June 2016.
Graham Kerr, South32 CEO said:
"Stronger commodity prices and cost saving initiatives delivered a further US$239M increase in our net cash position to US$551M, despite the impact of annual payments that followed year end and the typical lag in commodity pricing.
"We entered into an agreement with Alcoa to access bauxite in close proximity to our Worsley Alumina mining infrastructure. While subject to government and regulatory approvals, this agreement has the potential to defer capital expenditure required to develop new mining areas.
"The combination of a strong balance sheet and operating leverage ensures we are well positioned to deliver superior performance as we optimise our operations, unlock their potential and identify opportunities beyond our current portfolio."
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Production summary
YTD YTD
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 QoQ
========================= ===== ===== ===== ===== ===== ===== =====
Alumina production
(kt) 1,364 1,293 (5%) 1,364 1,296 1,293 (0%)
========================= ===== ===== ===== ===== ===== ===== =====
Aluminium production
(kt) 244 243 (0%) 244 238 243 2%
========================= ===== ===== ===== ===== ===== ===== =====
Energy coal production
(kt) 8,698 8,191 (6%) 8,698 8,021 8,191 2%
========================= ===== ===== ===== ===== ===== ===== =====
Metallurgical coal
production (kt) 2,079 1,437 (31%) 2,079 2,119 1,437 (32%)
========================= ===== ===== ===== ===== ===== ===== =====
Manganese ore production
(kwmt) 1,437 1,180 (18%) 1,437 1,231 1,180 (4%)
========================= ===== ===== ===== ===== ===== ===== =====
Manganese alloy
production (kt) 65 59 (9%) 65 45 59 31%
========================= ===== ===== ===== ===== ===== ===== =====
Payable nickel
production (kt) 8.7 8.7 0% 8.7 9.6 8.7 (9%)
========================= ===== ===== ===== ===== ===== ===== =====
Payable silver
production (koz) 6,278 4,694 (25%) 6,278 5,037 4,694 (7%)
========================= ===== ===== ===== ===== ===== ===== =====
Payable lead production
(kt) 49.1 38.4 (22%) 49.1 38.8 38.4 (1%)
========================= ===== ===== ===== ===== ===== ===== =====
Payable zinc production
(kt) 19.6 17.7 (10%) 19.6 18.7 17.7 (5%)
========================= ===== ===== ===== ===== ===== ===== =====
Unless otherwise noted: percentage variance relates
to performance during the September 2016 quarter
compared with the June 2016 quarter (QoQ); production
and sales volumes are reported on an attributable
basis.
--------------------------------------------------------------------------
CORPORATE UPDATE
Net cash(1) increased by US$239M to US$551M in
the September 2016 quarter, despite the impact
of annual payments that followed year end, the
typical lag in commodity pricing and a foreign
exchange related increase in finance lease liabilities,
which rose to US$615M (US$601M 30 June 2016).
We remain on track to achieve unit cost guidance(2)
for the majority of our upstream operations in
FY17 should stated exchange rate assumptions and
commodity prices prevail. The temporary disruption
to production at Appin and the operation's high
fixed cost base does, however, mean that Illawarra
Metallurgical Coal unit cost guidance of US$71/t
(including sustaining capital)(2) will not be achieved
until the June 2017 half year, with costs to be
US$4/t higher in the December 2016 half year.
Guidance for capital expenditure(3) of US$450M
in FY17 is predicated on several assumptions including
an average AUD:USD exchange rate of 0.72 and an
average USD:ZAR exchange rate of 16.57. The rate
of expenditure expressed in US dollars therefore
remains contingent on directional changes in US
dollar cross rates.
We have entered into an agreement with Alcoa of
Australia Ltd. (Alcoa) to access ground directly
to the west of our existing Marradong mining area
at Worsley Alumina. This agreement, which is subject
to government and regulatory approvals, has the
potential to unlock value by deferring capital
expenditure required to develop new mining areas.
A final development decision remains subject to
the delineation of a Mineral Resource with the
characteristics of the refinery's existing feed.
In the September 2016 quarter, we invested US$2.5M
in exploration of which US$0.3M was capitalised.
Exploration drilling for Cu-Ni-PGE mineralisation
commenced at Huckleberry in the Labrador Trough,
Canada, while our existing operations focussed
on metallurgical coal and silver in Australia,
and nickel in Colombia. Exploration for manganese,
at GEMCO's Southern Areas, and bauxite, west of
our existing Marradong mining area at Worsley Alumina,
is expected to commence in the December 2016 quarter.
Our Underlying effective tax rate (ETR)(4) largely
reflects the geographic distribution of the Group's
profit. The corporate tax rates applicable to South32
include: Australia 30%; South Africa 28%; Colombia
40%; and Brazil 34%. Permanent differences have
a disproportionate effect on the Group's tax rate
when the Group's profit margins are compressed.
Upstream production FY16 3M FY17e
and FY17 guidance YTD17
(South32's share)
Worsley Alumina
============================= ======= ======= ===========
Alumina production
(kt) 3,961 967 3,965
============================= ======= ======= ===========
Brazil Alumina
============================= ======= ======= ===========
Alumina production
(kt) 1,335 326 1,320
============================= ======= ======= ===========
South Africa Energy
Coal(5)
============================= ======= ======= ===========
Domestic coal production
(kt) 16,825 4,424 17,000
============================= ======= ======= ===========
Export coal production
(kt) 14,856 3,320 13,850
============================= ======= ======= ===========
Illawarra Metallurgical
Coal
============================= ======= ======= ===========
Metallurgical coal Revised
production (kt) 7,059 1,437 7,550
============================= ======= ======= ===========
Energy coal production Revised
(kt) 1,307 447 1,450
============================= ======= ======= ===========
Australia Manganese
============================= ======= ======= ===========
Manganese ore production
(kwmt) 3,071 763 3,120
============================= ======= ======= ===========
South Africa Manganese
============================= ======= ======= ===========
Manganese ore production(6) Subject
(kwmt) 1,711 417 to demand
============================= ======= ======= ===========
Cerro Matoso
============================= ======= ======= ===========
Payable nickel production
(kt) 36.8 8.7 36.0
============================= ======= ======= ===========
Cannington
============================= ======= ======= ===========
Payable silver production
(koz) 21,393 4,694 19,050
============================= ======= ======= ===========
Payable lead production
(kt) 173 38 163
============================= ======= ======= ===========
Payable zinc production
(kt) 79 18 80
============================= ======= ======= ===========
WORSLEY ALUMINA
(86% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Alumina production
(kt) 1,031 967 (6%) 1,031 960 967 (6%) 1%
=================== ===== ===== ==== ===== ==== ==== ===== =====
Alumina sales (kt) 930 960 3% 930 959 960 3% 0%
=================== ===== ===== ==== ===== ==== ==== ===== =====
Worsley Alumina saleable production remained steady in the September 2016 quarter at 967kt as hydrate production remained in excess of an annualised rate of 4.5Mt (100% basis). A calciner outage is scheduled for the December 2016 quarter and excess hydrate production will be converted into saleable alumina in the subsequent period. FY17 saleable alumina production guidance remains unchanged at 4.0Mt.
SOUTH AFRICA ALUMINIUM
(100%)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Aluminium production
(kt) 178 175 (2%) 178 172 175 (2%) 2%
===================== ===== ===== ==== ==== ==== ==== ===== =====
Aluminium sales
(kt) 185 178 (4%) 185 184 178 (4%) (3%)
===================== ===== ===== ==== ==== ==== ==== ===== =====
South Africa Aluminium saleable production increased by 2% (or 3kt) to 175kt in the September 2016 quarter as the smelter continued to achieve leading rates of current efficiency and the prevalence of load-shedding events continued to decline. Given improved power availability, we have restarted production in the 22 pots that were suspended in September 2015 and will ramp-up to full production during the December 2016 quarter. The number of pots scheduled for relining in FY17 is unchanged at 72 (FY16: 183 pots).
MOZAL ALUMINIUm
(47.1% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Aluminium production
(kt) 66 68 3% 66 66 68 3% 3%
===================== ===== ===== === ==== ==== ==== ===== =====
Aluminium sales
(kt) 53 64 21% 53 69 64 21% (7%)
===================== ===== ===== === ==== ==== ==== ===== =====
Mozal Aluminium saleable production increased by 3% (or 2kt) to 68kt in the September 2016 quarter as current efficiency continued to improve and the prevalence of load-shedding events continued to decline. The timing of shipments at the end of the quarter led to a marginal shortfall in sales volumes.
Brazil Alumina
(Refinery 36% share, Smelter 40% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Alumina production
(kt) 333 326 (2%) 333 336 326 (2%) (3%)
=================== ===== ===== ==== ==== ==== ==== ===== =====
Alumina sales (kt) 320 299 (7%) 320 338 299 (7%) (12%)
=================== ===== ===== ==== ==== ==== ==== ===== =====
Brazil Alumina saleable production decreased by 3% (or 10kt) to 326kt in the September 2016 quarter as planned maintenance was undertaken at the refinery and port. This maintenance and timing differences led to a temporary reduction in sales volumes that will be recovered over the remainder of the year. FY17 saleable alumina production guidance remains unchanged at 1.3Mt.
South Africa Energy Coal
(100%)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Energy coal production
(kt) 8,292 7,744 (7%) 8,292 7,610 7,744 (7%) 2%
======================= ===== ===== ===== ===== ===== ===== ===== =====
Domestic sales
(kt) 4,246 4,446 5% 4,246 4,089 4,446 5% 9%
======================= ===== ===== ===== ===== ===== ===== ===== =====
Export sales (kt) 4,132 2,904 (30%) 4,132 3,561 2,904 (30%) (18%)
======================= ===== ===== ===== ===== ===== ===== ===== =====
South Africa Energy Coal saleable production increased by 2% (or 134kt) to 7.7Mt in the September 2016 quarter, underpinned by a 9% increase in domestic sales. The reduction in export sales coincided with Transnet's annual rail maintenance cycle. FY17 saleable coal production guidance remains unchanged at 30.9Mt (domestic coal 17.0Mt, export coal 13.9Mt).
illawarra metallurgical coal
(100%)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Metallurgical coal
production (kt) 2,079 1,437 (31%) 2,079 2,119 1,437 (31%) (32%)
======================= ===== ===== ===== ===== ===== ===== ===== =====
Metallurgical coal
sales (kt) 1,986 1,723 (13%) 1,986 2,257 1,723 (13%) (24%)
======================= ===== ===== ===== ===== ===== ===== ===== =====
Energy coal production
(kt) 406 447 10% 406 411 447 10% 9%
======================= ===== ===== ===== ===== ===== ===== ===== =====
Energy coal sales
(kt) 391 470 20% 391 360 470 20% 31%
======================= ===== ===== ===== ===== ===== ===== ===== =====
Illawarra Metallurgical Coal saleable production decreased by 26% (or 646kt) to 1.9Mt in the September 2016 quarter as challenging geological conditions were encountered at the Appin Area 9 longwall and the step around at Appin Area 7 was extended by 22 days. No longwall moves are planned for the December 2016 quarter, with two moves scheduled for the March 2017 quarter.
Illawarra Metallurgical Coal sales of 9.3Mt are now expected in FY17 as the operation has recovered from challenging ground conditions at Appin and finished goods inventory has been reduced by 300kt. Accordingly, FY17 production guidance is reduced to 9.0Mt, with the operation expected to attain the previously targeted 9.5Mtpa rate across the remainder of the year.
Illawarra Metallurgical Coal's unit cost guidance of US$71/t (including sustaining capital expenditure)(2) is now expected to be achieved in the June 2017 half year, with costs to be US$4/t higher in the December 2016 half year given the operation's high fixed cost base.
australia manganese
(60% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Manganese ore production
(kwmt) 857 763 (11%) 857 739 763 (11%) 3%
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese ore sales
(kwmt) 722 757 5% 722 775 757 5% (2%)
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
production (kt) 44 38 (14%) 44 22 38 (14%) 73%
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
sales (kt) 38 54 42% 38 30 54 42% 80%
========================= ===== ===== ===== ==== ==== ==== ===== =====
Australia Manganese saleable ore production increased by 3% (or 24kwmt) to 763kwmt in the September 2016 quarter. FY17 production guidance of 3.1Mwmt remains unchanged. Saleable manganese alloy production increased by 73% (or 16kt) to 38kt in the September 2016 quarter as power availability improved and the two suspended furnaces were brought back online.
SOUTH AFRICA manganese
(60% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Manganese ore production
(kwmt) 580 417 (28%) 580 492 417 (28%) (15%)
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese ore sales
(kwmt) 518 417 (19%) 518 489 417 (19%) (15%)
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
production (kt) 21 21 0% 21 23 21 0% (9%)
========================= ===== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
sales (kt) 25 20 (20%) 25 40 20 (20%) (50%)
========================= ===== ===== ===== ==== ==== ==== ===== =====
South Africa Manganese saleable ore production decreased by 15% (or 75kwmt) to 417kwmt in the September 2016 quarter. Our mines are now operating at the optimised 2.9Mwmt pa rate (100% basis) following the decision to stop work at the Wessels underground mine following a fatality on 6 June 2016. The Wessels Central Block project remains on track to be completed in the March 2017 quarter, consistent with the previously revised schedule.
Manganese alloy saleable production decreased by 9% (or 2kt) to 21kt in the September 2016 quarter as Metalloys continued to operate one of its four furnaces.
cerro matoso
(99.9% share)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Payable nickel
production (kt) 8.7 8.7 0% 8.7 9.6 8.7 0% (9%)
================= ===== ===== ==== ==== ==== ==== ===== =====
Payable nickel
sales (kt) 8.7 8.2 (6%) 8.7 10.0 8.2 (6%) (18%)
================= ===== ===== ==== ==== ==== ==== ===== =====
Cerro Matoso payable nickel production decreased by 9% (or 0.9kt) to 8.7kt in the September 2016 quarter as ore grades declined, consistent with the mine plan, and processing rates were temporarily affected by scheduled maintenance. FY17 payable nickel production guidance remains unchanged at 36kt.
cannington
(100%)
1Q16 4Q16
YTD YTD vs vs
South32's share FY16 FY17 YoY 1Q16 4Q16 1Q17 1Q17 1Q17
Payable silver
production (koz) 6,278 4,694 (25%) 6,278 5,037 4,694 (25%) (7%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable silver
sales (koz) 6,203 5,063 (18%) 6,203 4,590 5,063 (18%) 10%
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable lead production
(kt) 49.1 38.4 (22%) 49.1 38.8 38.4 (22%) (1%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable lead sales
(kt) 48.7 40.1 (18%) 48.7 37.2 40.1 (18%) 8%
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable zinc production
(kt) 19.6 17.7 (10%) 19.6 18.7 17.7 (10%) (5%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable zinc sales
(kt) 19.0 18.5 (3%) 19.0 22.8 18.5 (3%) (19%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable silver and zinc production decreased by 7% and 5%, respectively, in the September 2016 quarter as ore grades and recoveries declined, consistent with the mine plan. A scheduled mill outage in August 2016 also affected production in the quarter. The next outage is scheduled for December 2016 in accordance with the mill relining cycle. FY17 payable silver, lead and zinc production guidance remains unchanged at 19.05Moz, 163kt and 80kt, respectively.
Notes:
1. Provisional unaudited net cash balance as at 30 September 2016.
2. Unit cost guidance as provided in the FY16 Financial Results and Outlook, 25 August 2016. Operating unit cost targets, including Sustaining capital expenditure, include royalties (where appropriate) and the influence of exchange rate assumptions, and are based on: an alumina price of US$259/t; an average blended coal price of US$83/t for Illawarra Metallurgical Coal; a manganese ore price of US$3.23/dmtu for 44% manganese product; a nickel price of US$3.95/lb; a thermal coal price of US$54/t (API4) for South Africa Energy Coal; a silver price of US$17.50/troy oz; a lead price of US$1,723/t; a zinc price of US$1,907/t; an AUD:USD exchange rate of 0.72; a USD:ZAR exchange rate of 16.57; and a USD:COP exchange rate of 3,025; all of which reflect forward markets as at May 2016 or our internal expectations.
3. Includes equity accounted investments capital expenditure, but excludes expenditure related to the purchase of intangibles and capitalised exploration expenditure.
4. The ETR calculation excludes equity accounted investments as they are recorded on an after tax basis.
5. 8% of South Africa Energy Coal is owned by a Broad-Based Black Economic Empowerment (B-BBEE) consortium. The interests owned by the
B-BBEE consortium were acquired using vendor finance, with the loans repayable to South32 via distributions attributable to these parties, pro rata to their share in South Africa Energy Coal. Until these loans are repaid, South32's interest in South Africa Energy Coal is accounted at 100%.
6. Consistent with the presentation of South32's segment information, South Africa Manganese ore production and sales have been reported at 60%. The Group's financial statement will continue to reflect a 54.6% interest in South Africa Manganese ore.
7. Figures in italics indicate that an adjustment has been made since the figures were previously reported.
8. The following abbreviations have been used throughout this report: grams per tonne (g/t); tonnes (t); thousand tonnes (kt); thousand tonnes per annum (ktpa); million tonnes (Mt); million tonnes per annum (Mtpa); thousand ounces (koz); million ounces (Moz); thousand wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million wet metric tonnes per annum (Mwmt pa); thousand dry metric tonnes (kdmt); Australian Securities Exchange (ASX); London Stock Exchange (LSE); and Johannesburg Stock Exchange (JSE).
operating performance
YTD YTD
South32's share FY16 FY17 1Q16 2Q16 3Q16 4Q16 1Q17
=========================== ===== ===== ===== ===== ===== ===== =====
Worsley Alumina
(86% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Alumina hydrate production
(kt) 990 980 990 980 989 946 980
=========================== ===== ===== ===== ===== ===== ===== =====
Alumina production
(kt) 1,031 967 1,031 962 1,008 960 967
=========================== ===== ===== ===== ===== ===== ===== =====
Alumina sales (kt) 930 960 930 968 1,017 959 960
=========================== ===== ===== ===== ===== ===== ===== =====
South Africa Aluminium
(100%)
=========================== ===== ===== ===== ===== ===== ===== =====
Aluminium production
(kt) 178 175 178 174 173 172 175
=========================== ===== ===== ===== ===== ===== ===== =====
Aluminium sales (kt) 185 178 185 178 162 184 178
=========================== ===== ===== ===== ===== ===== ===== =====
Mozal Aluminium
(47.1% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Aluminium production
(kt) 66 68 66 67 67 66 68
=========================== ===== ===== ===== ===== ===== ===== =====
Aluminium sales (kt) 53 64 53 68 64 69 64
=========================== ===== ===== ===== ===== ===== ===== =====
Brazil Alumina
(alumina 36% share,
aluminium 40% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Alumina production
(kt) 333 326 333 340 326 336 326
=========================== ===== ===== ===== ===== ===== ===== =====
Alumina sales (kt) 320 299 320 341 360 338 299
=========================== ===== ===== ===== ===== ===== ===== =====
South Africa Energy
Coal
(100%)
=========================== ===== ===== ===== ===== ===== ===== =====
Energy coal production
(kt) 8,292 7,744 8,292 8,087 7,692 7,610 7,744
=========================== ===== ===== ===== ===== ===== ===== =====
Domestic sales (kt) 4,246 4,446 4,246 4,834 4,000 4,089 4,446
=========================== ===== ===== ===== ===== ===== ===== =====
Export sales (kt) 4,132 2,904 4,132 3,889 3,575 3,561 2,904
=========================== ===== ===== ===== ===== ===== ===== =====
Illawarra Metallurgical
Coal
(100%)
=========================== ===== ===== ===== ===== ===== ===== =====
Metallurgical coal
production (kt) 2,079 1,437 2,079 1,219 1,642 2,119 1,437
=========================== ===== ===== ===== ===== ===== ===== =====
Metallurgical coal
sales (kt) 1,986 1,723 1,986 1,146 1,595 2,257 1,723
=========================== ===== ===== ===== ===== ===== ===== =====
Energy coal production
(kt) 406 447 406 252 238 411 447
=========================== ===== ===== ===== ===== ===== ===== =====
Energy coal sales (kt) 391 470 391 218 364 360 470
=========================== ===== ===== ===== ===== ===== ===== =====
Australia Manganese
(60% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese ore production
(kwmt) 857 763 857 732 743 739 763
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese ore sales
(kwmt) 722 757 722 735 852 775 757
=========================== ===== ===== ===== ===== ===== ===== =====
Ore grade sold (%,
Mn) 47.8 46.7 47.8 47.5 47.1 47.0 46.7
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese alloy production
(kt) 44 38 44 41 26 22 38
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese alloy sales
(kt) 38 54 38 38 44 30 54
=========================== ===== ===== ===== ===== ===== ===== =====
South Africa Manganese
(60% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese ore production
(kwmt) 580 417 580 177 462 492 417
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese ore sales
(kwmt) 518 417 518 361 466 489 417
=========================== ===== ===== ===== ===== ===== ===== =====
Ore grade sold (%,
Mn) 40.2 39.7 40.2 39.9 40.4 39.2 39.7
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese alloy production
(kt) 21 21 21 25 22 23 21
=========================== ===== ===== ===== ===== ===== ===== =====
Manganese alloy sales
(kt) 25 20 25 25 20 40 20
=========================== ===== ===== ===== ===== ===== ===== =====
YTD YTD
South32's share FY16 FY17 1Q16 2Q16 3Q16 4Q16 1Q17
=========================== ===== ===== ===== ===== ===== ===== =====
Cerro Matoso
(99.9% share)
=========================== ===== ===== ===== ===== ===== ===== =====
Ore mined (kwmt) 1,531 1,238 1,531 1,486 1,512 1,480 1,238
=========================== ===== ===== ===== ===== ===== ===== =====
Ore processed (kdmt) 639 645 639 673 704 683 645
=========================== ===== ===== ===== ===== ===== ===== =====
Ore grade processed
(%, Ni) 1.55 1.52 1.55 1.52 1.53 1.55 1.52
=========================== ===== ===== ===== ===== ===== ===== =====
Payable nickel production
(kt) 8.7 8.7 8.7 8.8 9.7 9.6 8.7
=========================== ===== ===== ===== ===== ===== ===== =====
Payable nickel sales
(kt) 8.7 8.2 8.7 8.8 9.3 10.0 8.2
=========================== ===== ===== ===== ===== ===== ===== =====
Cannington
(100%)
=========================== ===== ===== ===== ===== ===== ===== =====
Ore mined (kt) 910 780 910 833 727 819 780
=========================== ===== ===== ===== ===== ===== ===== =====
Ore processed (kt) 838 828 838 819 673 819 828
=========================== ===== ===== ===== ===== ===== ===== =====
Silver ore grade processed
(g/t, Ag) 272 216 272 260 258 230 216
=========================== ===== ===== ===== ===== ===== ===== =====
Lead ore grade processed
(%, Pb) 6.9 5.7 6.9 7.1 6.7 5.9 5.7
=========================== ===== ===== ===== ===== ===== ===== =====
Zinc ore grade processed
(%, Zn) 3.4 3.2 3.4 4.0 4.1 3.6 3.2
=========================== ===== ===== ===== ===== ===== ===== =====
Payable silver production
(koz) 6,278 4,694 6,278 5,600 4,478 5,037 4,694
=========================== ===== ===== ===== ===== ===== ===== =====
Payable silver sales
(koz) 6,203 5,063 6,203 5,695 4,364 4,590 5,063
=========================== ===== ===== ===== ===== ===== ===== =====
Payable lead production
(kt) 49.1 38.4 49.1 48.4 36.9 38.8 38.4
=========================== ===== ===== ===== ===== ===== ===== =====
Payable lead sales
(kt) 48.7 40.1 48.7 46.8 37.0 37.2 40.1
=========================== ===== ===== ===== ===== ===== ===== =====
Payable zinc production
(kt) 19.6 17.7 19.6 22.2 18.5 18.7 17.7
=========================== ===== ===== ===== ===== ===== ===== =====
Payable zinc sales
(kt) 19.0 18.5 19.0 22.2 18.6 22.8 18.5
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Forward-looking statements
This release contains forward-looking statements, including statements about currency exchange rates, commodity prices, production forecasts, plans, development decisions, exploration and capital expenditure. 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, South32 Limited does not undertake to publicly update or review any forward looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
Further information
INVESTOR RELATIONS Alex Volante Rob Ward T +61 8 9324 9029 T +61 8 9324 9340 M +61 403 328 M +61 431 596 408 831 E Alex.Volante@south32.net E Robert.Ward@south32.net MEDIA RELATIONS Diana Wearing James Clothier Smith T +61 8 9324 9697 T +61 8 9324 9198 M +61 413 319 M +61 436 482 031 290 E James.Clothier@south32.net E Diana.Smith@south32.net
20 October 2016
JSE Sponsor: UBS South Africa (Pty) Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 20, 2016 02:00 ET (06:00 GMT)
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