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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.70 | 0.99% | 172.80 | 172.70 | 173.20 | 173.90 | 167.70 | 167.70 | 82,744 | 10:44:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 7.77B | -173M | -0.0376 | -88.03 | 15.21B |
From Apr 2019 to Apr 2024
TIDMS32
RNS Number : 0984C
South32 Limited
17 January 2018
South32 Limited
(Incorporated in Australia under the Corporations Act 2001)
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32 ADR: SOUHY
ISIN: AU000000S320
south32.net
South32 Limited
QUARTERLY REPORT DECEMBER 2017
Graham Kerr, South32 CEO said:
"A record quarter of performance and supportive market dynamics have allowed us to increase FY18 production guidance at South Africa Manganese byeight per cent, while production guidance for all other operations remains unchanged.
"At the Appin colliery, we successfully restarted one underground longwall on 13 October and remain committed to our ramp-up plan as we seek to reset the operation's culture and drive productivity to an acceptable level.
"We are also actively reshaping our portfolio with South Africa Energy Coal to be managed as a stand-alone business from April 2018. This strategic initiative will significantly simplify our organisation and unlock additional value for shareholders.
"In accordance with our disciplined capital management framework we distributed US$333M in shareholder dividends during the December 2017 half year and purchased a further 37M shares for a cash consideration of US$93M."
Hot Features
Premium
* Maintained FY18 guidance for all operations with the
exception of South Africa Manganese where strong
market demand and record performance has underpinned
an eight per cent increase to our prior estimate.
* Achieved record ore production at Australia Manganese
in the December 2017 half year as the performance of
our high grade circuit improved and the PC02 circuit
continued to operate at capacity.
* Delivered another production record at Mozal
Aluminium in the December 2017 half year while South
Africa Aluminium remains on track to increase
production in FY18, despite an electric arc incident
which impacted 36 pots on 30 November 2017.
* Established a substantial alumina hydrate inventory
position as the Worsley Alumina input circuit
continued to operate at a rate of 4.5Mtpa (100%
basis) and scheduled calciner maintenance was
undertaken.
* Increased payable nickel production at Cerro Matoso
by 23% in the December 2017 half year as ore grades
improved with the successful ramp-up of La Esmeralda.
* Restarted a single longwall at the Appin colliery on
13 October and remain on track to produce 4.5Mt of
coal at Illawarra Metallurgical Coal in FY18.
* Commenced the process to manage South Africa Energy
Coal as a stand-alone business from April 2018(1) and
approved 4.3 billion South African Rand (US$301M)
investment to extend the life of the Klipspruit
colliery by at least 20 years(2) .
Production summary
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 QoQ
========================= ====== ====== ===== ===== ===== ===== =====
Alumina production
(kt) 2,613 2,541 (3%) 1,320 1,279 1,262 (1%)
========================= ====== ====== ===== ===== ===== ===== =====
Aluminium production
(kt) 492 495 1% 249 249 246 (1%)
========================= ====== ====== ===== ===== ===== ===== =====
Energy coal production
(kt) 15,709 14,001 (11%) 7,518 7,014 6,987 (0%)
========================= ====== ====== ===== ===== ===== ===== =====
Metallurgical coal
production (kt) 2,829 1,282 (55%) 1,392 494 788 60%
========================= ====== ====== ===== ===== ===== ===== =====
Manganese ore production
(kwmt) 2,433 2,830 16% 1,253 1,304 1,526 17%
========================= ====== ====== ===== ===== ===== ===== =====
Manganese alloy
production (kt) 115 118 3% 56 56 62 11%
========================= ====== ====== ===== ===== ===== ===== =====
Payable nickel
production (kt) 17.7 21.8 23% 9.0 11.7 10.1 (14%)
========================= ====== ====== ===== ===== ===== ===== =====
Payable silver
production (koz) 8,729 5,175 (41%) 4,035 2,763 2,412 (13%)
========================= ====== ====== ===== ===== ===== ===== =====
Payable lead production
(kt) 73.9 49.4 (33%) 35.5 25.8 23.6 (9%)
========================= ====== ====== ===== ===== ===== ===== =====
Payable zinc production
(kt) 42.1 20.2 (52%) 24.4 11.0 9.2 (16%)
========================= ====== ====== ===== ===== ===== ===== =====
Unless otherwise noted: percentage variance relates to performance during the half year ended December 2017 compared with the half year ended December 2016 (HoH) or the December 2017 quarter compared with the September 2017 quarter (QoQ); production and sales volumes are reported on an attributable basis.
CORPORATE UPDATE
* Industry cost curves steepened during the December
2017 half year as a result of US dollar weakness,
rising commodity prices and the environmental policy
response in China. As highlighted in our December
2017 strategy and business update, our unit costs are
being affected by these external factors despite
generally good cost control across our operations.
This pressure is most notable in our smelters and
refineries as a result of broad-based strength in
commodity markets (price-linked power, alumina, pitch
and coke), of which we are a net beneficiary. Updated
unit cost guidance for FY18 will be provided with our
December 2017 half year results.
* Timing differences for receivables and rising
commodity prices have also contributed to a further
build in working capital from the US$284M increase
reported for the four months to 31 October 2017 in
our December 2017 strategy and business update. We
expect the component related to timing differences to
unwind in the March 2018 quarter.
* We received net distributions of US$238M(3) (South32
share) from our equity accounted investments in the
December 2017 half year and our strong balance sheet
was recognised by both Standard & Poor's and Moody's
when they reaffirmed their respective BBB+ and Baa1
credit ratings.
* In accordance with our disciplined capital management
framework we paid our US$333M final dividend in
respect of FY17 in October 2017 and purchased a
further 37M shares for a cash consideration of US$93M
during the December 2017 half year. To 31 December
2017, we have purchased 143M shares at an average
price of A$2.80 per share for a cash consideration of
US$305M, representing 41% of our approved US$750M
capital management program.
* In the December 2017 half year we made tax payments
totalling US$180M (net, excluding equity accounted
investments) across the various jurisdictions in
which we operate. Our Underlying Effective Tax Rate
(ETR), which excludes tax associated with equity
accounted investments, largely reflects the
geographic distribution of the Group's profit. The
corporate tax rates applicable to the Group for the
December 2017 half year include: Australia 30%, South
Africa 28%, Colombia 40% and Brazil 34%. Permanent
differences have a disproportionate effect on the
Group's tax rate when profit margins are low.
* We invested US$23.9M in brownfield and greenfield
exploration programs during the December 2017 half
year (US$1.1M capitalised). This included US$1.1M for
our equity accounted investments (US$0.6M
capitalised) and expenditure associated with our
portfolio of high quality, early stage exploration
opportunities.
Production guidance FY17 H1 FY18 FY18e Comments
(South32's share)
============================= ======= ======== ======= ===============
Worsley Alumina
============================= ======= ======== ======= ===============
Alumina production
(kt) 3,892 1,865 3,975
============================= ======= ======== ======= ===============
South Africa Aluminium
============================= ======= ======== ======= ===============
Aluminium production
(kt) 714 358 720
============================= ======= ======== ======= ===============
Mozal Aluminium
============================= ======= ======== ======= ===============
Aluminium production
(kt) 271 137 269
============================= ======= ======== ======= ===============
Brazil Alumina
============================= ======= ======== ======= ===============
Alumina production
(kt) 1,329 676 1,345
============================= ======= ======== ======= ===============
South Africa Energy
Coal(4)
============================= ======= ======== ======= ===============
Energy coal production
(kt) 28,913 13,423 27,500
============================= ======= ======== ======= =============== Domestic coal production Subject to (kt) 16,717 7,426 16,000 market demand ============================= ======= ======== ======= =============== Export coal production (kt) 12,196 5,997 11,500 ============================= ======= ======== ======= =============== Illawarra Metallurgical Coal ============================= ======= ======== ======= =============== Total coal production (kt) 7,073 1,860 4,500 ============================= ======= ======== ======= =============== Metallurgical coal production (kt) 5,697 1,282 3,350 ============================= ======= ======== ======= =============== Energy coal production (kt) 1,376 578 1,150 ============================= ======= ======== ======= =============== Australia Manganese ============================= ======= ======== ======= =============== Manganese ore production Subject to (kwmt) 2,994 1,701 3,125 market demand ============================= ======= ======== ======= =============== South Africa Manganese ============================= ======= ======== ======= =============== Manganese ore production(5) Subject to (kwmt) 2,038 1,129 2,040 market demand ============================= ======= ======== ======= =============== Cerro Matoso ============================= ======= ======== ======= =============== Payable nickel production (kt) 36.5 21.8 41.6 ============================= ======= ======== ======= =============== Cannington ============================= ======= ======== ======= =============== Payable silver production (koz) 15,603 5,175 14,360 ============================= ======= ======== ======= =============== Payable lead production (kt) 132 49 115 ============================= ======= ======== ======= =============== Payable zinc production (kt) 70 20 45 ============================= ======= ======== ======= ===============
WORSLEY ALUMINA
(86% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Alumina production
(kt) 1,940 1,865 (4%) 973 942 923 (5%) (2%)
=================== ===== ===== ==== ==== ==== ==== ===== =====
Alumina sales (kt) 1,909 1,886 (1%) 949 966 920 (3%) (5%)
=================== ===== ===== ==== ==== ==== ==== ===== =====
Worsley Alumina hydrate production was largely unchanged at 1.95Mt in the December 2017 half year as the refinery's input circuit continued to operate at a rate of 4.5Mtpa (100% basis). In contrast, calcined alumina production declined by 4% (or 75kt) to 1.87Mt in the December 2017 half year as scheduled calciner maintenance was undertaken and a substantial hydrate inventory position was established. FY18 production guidance remains unchanged at 4.0Mt with additional calciner maintenance scheduled for the March 2018 quarter.
SOUTH AFRICA ALUMINIUM
(100%)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Aluminium production
(kt) 356 358 1% 181 180 178 (2%) (1%)
===================== ==== ==== ==== ==== ==== ==== ===== =====
Aluminium sales
(kt) 347 344 (1%) 169 162 182 8% 12%
===================== ==== ==== ==== ==== ==== ==== ===== =====
South Africa Aluminium saleable production increased by 1% (or 2kt) to 358kt in the December 2017 half year and remains on track to increase in FY18 despite an electric arc incident which impacted 36 pots on 30 November 2017. The pots are being progressively returned to service during the March 2018 quarter. A temporary increase in finished goods inventory related to our shipping schedule is expected to unwind in the March 2018 quarter.
MOZAL ALUMINIUm
(47.1% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Aluminium production
(kt) 136 137 1% 68 69 68 0% (1%)
===================== ==== ==== === ==== ==== ==== ===== =====
Aluminium sales
(kt) 134 147 10% 70 65 82 17% 26%
===================== ==== ==== === ==== ==== ==== ===== =====
Mozal Aluminium saleable production increased by 1% (or 1kt) to a record 137kt in the December 2017 half year as the smelter continued to operate at its maximum technical capability. Aluminium sales increased by 10% as our inventory position returned to more normal levels, however the timing of those sales ensures that our aluminium working capital position remained elevated at 31 December 2017. FY18 production guidance remains unchanged at 269kt.
Brazil Alumina
(36% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Alumina production
(kt) 673 676 0% 347 337 339 (2%) 1%
=================== ==== ==== === ==== ==== ==== ===== =====
Alumina sales (kt) 638 649 2% 339 333 316 (7%) (5%)
=================== ==== ==== === ==== ==== ==== ===== =====
Brazil Alumina saleable production increased by 3kt to 676kt in the December 2017 half year as the refinery continued to operate at capacity. FY18 production guidance remains unchanged at 1.3Mt with Phase I of the refinery debottlenecking project nearing completion.
South Africa Energy Coal
(100%)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Energy coal production
(kt) 14,825 13,423 (9%) 7,081 6,689 6,734 (5%) 1%
======================= ====== ====== ===== ===== ===== ===== ===== =====
Domestic sales
(kt) 8,918 7,334 (18%) 4,472 3,788 3,546 (21%) (6%)
======================= ====== ====== ===== ===== ===== ===== ===== =====
Export sales (kt) 5,856 5,865 0% 2,952 2,748 3,117 6% 13%
======================= ====== ====== ===== ===== ===== ===== ===== =====
As anticipated, South Africa Energy Coal saleable production decreased by 9% (or 1.4Mt) to 13.4Mt in the December 2017 half year. Export coal production exceeded expectations as productivity lifted at both the Klipspruit mine and the export oriented areas of the Wolvekrans-Middelburg Complex (WMC). In contrast, domestic production was impacted by a reduction in demand from the Duvha power station and scheduled maintenance in the domestically focused areas of the WMC. The continued build of inventory across the December 2017 half year reflects ongoing constraint in the supply chain and weather related delays at Richards Bay Coal Terminal (RBCT).
While the development of new mining areas at the WMC is progressing according to plan and FY18 production guidance remains unchanged at 27.5Mt (11.5Mt export; 16.0Mt domestic), the potential for weaker demand to persist in the June 2018 half year does imply a degree of downside risk for loss making domestic volumes.
During the period, we also commenced the process to manage South Africa Energy Coal as a stand-alone business from April 2018(1) and approved a 4.3 billion South African Rand (US$301M) investment to extend the life of the Klipspruit colliery by at least 20 years(2) .
illawarra metallurgical coal
(100%)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Total coal production
(kt) 3,713 1,860 (50%) 1,829 819 1,041 (43%) 27%
======================= ===== ===== ===== ===== ==== ===== ===== =====
Total coal sales
(kt) 3,605 1,660 (54%) 1,412 778 882 (38%) 13%
======================= ===== ===== ===== ===== ==== ===== ===== =====
Metallurgical coal
production (kt) 2,829 1,282 (55%) 1,392 494 788 (43%) 60%
======================= ===== ===== ===== ===== ==== ===== ===== =====
Metallurgical coal
sales (kt) 2,788 1,057 (62%) 1,065 403 654 (39%) 62%
======================= ===== ===== ===== ===== ==== ===== ===== =====
Energy coal production
(kt) 884 578 (35%) 437 325 253 (42%) (22%)
======================= ===== ===== ===== ===== ==== ===== ===== =====
Energy coal sales
(kt) 817 603 (26%) 347 375 228 (34%) (39%)
======================= ===== ===== ===== ===== ==== ===== ===== =====
Illawarra Metallurgical Coal saleable production decreased by 50% (or 1.9Mt) to 1.9Mt in the December 2017 half year as the Appin colliery recovered from an extended outage and the Dendrobium longwall progressed through a faulted zone. FY18 production guidance of 4.5Mt remains unchanged with a longwall move scheduled for Dendrobium in the March 2018 quarter. The depreciation and amortisation charge for Illawarra Metallurgical Coal is expected to decline by approximately 15% from the prior period (H1 FY17: US$93M) as a result of the lower extraction rates.
Our average realised price in the December 2017 half year will reflect a modest premium to the low-volatile hard coking coal index(6) on a volume weighted M-1 basis. The timing of shipments and a higher proportion of sales with pricing linked to the month of shipment (i.e. M) combined to offset a temporary product quality discount associated with a higher proportion of Dendrobium product in the sales mix. Sales volumes were impacted by the deferral of one shipment at the end of the period.
Australia manganese
(60% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Manganese ore production
(kwmt) 1,499 1,701 13% 736 808 893 21% 11%
========================= ===== ===== ==== ==== ==== ==== ===== =====
Manganese ore sales
(kwmt) 1,500 1,612 7% 743 790 822 11% 4%
========================= ===== ===== ==== ==== ==== ==== ===== =====
Manganese alloy
production (kt) 78 82 5% 40 39 43 8% 10%
========================= ===== ===== ==== ==== ==== ==== ===== =====
Manganese alloy
sales (kt) 82 78 (5%) 28 36 42 50% 17%
========================= ===== ===== ==== ==== ==== ==== ===== =====
Australia Manganese achieved record performance in the December 2017 quarter and half year as saleable ore production increased to 893kwmt and 1,701kwmt, respectively. Lower than expected rainfall in the December 2017 quarter underpinned higher throughput in the primary circuit while favourable market conditions allowed the PC02 circuit to operate at full capacity. The PC02 circuit contributed 8% of total manganese ore production in the December 2017 half year (5% H1 FY17; 6% FY17). FY18 production guidance remains unchanged at 3,125kwmt with the wet season expected to impact production across the remainder of the financial year.
Our low cost PC02 fines product has a manganese content of approximately 40%, which leads to both grade and
product-type discounts when referenced to the high grade 44% manganese lump ore index. Given the contribution of the PC02 circuit to our sales profile, our average realised price for external ore sales in the December 2017 half year will reflect the high grade 44% manganese lump ore index(7) on a volume weighted M-1 basis. Internal sales continue to occur on commercial terms.
Saleable Manganese alloy production increased by 5% (4kt) to 82kt in the December 2017 half year.
SOUTH AFRICA manganese
(60% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Manganese ore production
(kwmt) 934 1,129 21% 517 496 633 22% 28%
========================= ==== ===== ===== ==== ==== ==== ===== =====
Manganese ore sales
(kwmt) 928 1,067 15% 511 528 539 5% 2%
========================= ==== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
production (kt) 37 36 (3%) 16 17 19 19% 12%
========================= ==== ===== ===== ==== ==== ==== ===== =====
Manganese alloy
sales (kt) 40 28 (30%) 20 14 14 (30%) 0%
========================= ==== ===== ===== ==== ==== ==== ===== =====
South Africa Manganese achieved record performance in the December 2017 quarter as saleable ore production increased by 22% to 633kwmt. A continuation of higher cost trucking and the sale of lower quality fines products enabled us to take advantage of favourable market conditions while the Wessels central block, which was successfully commissioned in the March 2017 quarter, also operated at maximum capacity ahead of planned maintenance in the June 2018 quarter. Given the record start to the year, we have increased FY18 ore production guidance by 8% to 2,040kwmt with this projection remaining subject to continued strong market demand. The increase in ore inventory in the December 2017 quarter is also expected to unwind in the June 2018 half year.
The average realised price for external ore sales in the December 2017 half year is expected to reflect the medium grade 37% manganese lump ore index(8) on a volume weighted M-1 basis. Wessels concentrate and other fines products receive a substantial discount when referenced to index prices and accounted for 17% of sales across the December 2017 half year (15% H1 FY17; 9% FY17). Favourable negotiated price outcomes for our primary products, as well as a temporary increase in the proportion of sales priced in the month of shipping (i.e. M, as opposed to M-1) offset the impact of these discounts. Internal sales continue to occur on commercial terms.
Manganese alloy saleable production decreased by 3% (or 1kt) to 36kt in the December 2017 half year as Metalloys continued to operate one of its four furnaces.
cerro matoso
(99.9% share)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Payable nickel
production (kt) 17.7 21.8 23% 9.0 11.7 10.1 12% (14%)
================= ==== ==== === ==== ==== ==== ===== =====
Payable nickel
sales (kt) 17.6 21.3 21% 9.4 11.4 9.9 5% (13%)
================= ==== ==== === ==== ==== ==== ===== =====
Cerro Matoso payable nickel production increased by 23% (or 4.1kt) to 21.8kt in the December 2017 half year as ore grades improved following the ramp-up of production at La Esmeralda. Production was 14% lower in the December 2017 quarter as planned maintenance was undertaken in the furnace. FY18 production guidance remains unchanged at 41.6kt with additional maintenance planned for the furnace in the March 2018 quarter.
cannington
(100%)
2Q18 2Q18
vs vs
South32's share 1H17 1H18 HoH 2Q17 1Q18 2Q18 2Q17 1Q18
Payable silver
production (koz) 8,729 5,175 (41%) 4,035 2,763 2,412 (40%) (13%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable silver
sales (koz) 8,860 5,429 (39%) 3,797 2,926 2,503 (34%) (14%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable lead production
(kt) 73.9 49.4 (33%) 35.5 25.8 23.6 (34%) (9%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable lead sales
(kt) 73.3 48.6 (34%) 33.2 25.9 22.7 (32%) (12%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable zinc production
(kt) 42.1 20.2 (52%) 24.4 11.0 9.2 (62%) (16%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
Payable zinc sales
(kt) 40.8 25.7 (37%) 22.3 13.6 12.1 (46%) (11%)
======================== ===== ===== ===== ===== ===== ===== ===== =====
As anticipated, Cannington silver, lead and zinc payable production decreased by 41%, 33% and 52% in the December 2017 half year, respectively, due to lower ore grades and a reduction in mill throughput. Mining rates remained constrained in the December 2017 quarter as additional underground development was prioritised in preference to the planned replenishment of above ground stocks. Throughput is expected to improve with the ramp-up of the replacement underground crusher which is on schedule to be commissioned in March 2018. FY18 production guidance (silver 14,360koz, lead 115kt, zinc 45kt) remains unchanged and is predicated on a significant improvement in silver and lead ore grades as determined by the sequence of stope extraction with production weighted towards the June 2018 quarter.
We remain focussed on the safe extraction of the remaining underground ore reserves at Cannington with the optimal stope sequence designed to reduce geotechnical risk and maximise value. A significant increase in underground activity and complexity will drive greater variability of mine performance as the underground mine progresses towards the end of its life.
Finalisation adjustments and the provisional pricing of Cannington concentrates will increase Underlying EBIT(9) by US$5.5M in the December 2017 half year (US$4.1M FY17; US$0.5M H1 FY17). Outstanding concentrate sales (containing 1.8Moz of silver, 21.1kt of lead and 3.9kt of zinc) were revalued at 31 December 2017. The final price of these sales will be determined in the June 2018 half year.
Notes:
1. Refer to market announcement dated 27 November
2017 "South Africa Energy Coal to Become a Stand-alone
Business".
2. Refer to market announcement dated 27 November
2017 "South32 Approves Klipspruit Life Extension
Project".
3. Net distributions from equity accounted investments
includes net debt movements and dividends.
4. 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%.
5. 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.
6. Platts Low-Vol Hard Coking Coal Index FOB
Australia
7. Metal Bulletin 44% manganese lump ore index
(CIF Tianjin, China).
8. Metal Bulletin 37% manganese lump ore index
(FOB Port Elizabeth, South Africa).
9. Underlying EBIT is earnings before net finance
costs, taxation and any earnings adjustments.
Underlying EBIT is reported net of South32's
share of net finance costs and taxation of equity
accounted investments.
10. 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).
operating performance
South32's share 1H17 1H18 2Q17 3Q17 4Q17 1Q18 2Q18 =========================== ====== ====== ===== ===== ===== ============ ======= Worsley Alumina (86% share) =========================== ====== ====== ===== ===== ===== ============ ======= Alumina hydrate production (kt) 1,946 1,947 966 993 959 974 973 =========================== ====== ====== ===== ===== ===== ============ ======= Alumina production (kt) 1,940 1,865 973 964 988 942 923 =========================== ====== ====== ===== ===== ===== ============ ======= Alumina sales (kt) 1,909 1,886 949 1,018 920 966 920 =========================== ====== ====== ===== ===== ===== ============ ======= South Africa Aluminium (100%) =========================== ====== ====== ===== ===== ===== ============ ======= Aluminium production (kt) 356 358 181 178 180 180 178 =========================== ====== ====== ===== ===== ===== ============ ======= Aluminium sales (kt) 347 344 169 163 203 162 182 =========================== ====== ====== ===== ===== ===== ============ ======= Mozal Aluminium (47.1% share) =========================== ====== ====== ===== ===== ===== ============ ======= Aluminium production (kt) 136 137 68 67 68 69 68 =========================== ====== ====== ===== ===== ===== ============ ======= Aluminium sales (kt) 134 147 70 66 73 65 82 =========================== ====== ====== ===== ===== ===== ============ ======= Brazil Alumina (36% share) =========================== ====== ====== ===== ===== ===== ============ ======= Alumina production (kt) 673 676 347 324 332 337 339 =========================== ====== ====== ===== ===== ===== ============ ======= Alumina sales (kt) 638 649 339 356 322 333 316 =========================== ====== ====== ===== ===== ===== ============ ======= South Africa Energy Coal (100%) =========================== ====== ====== ===== ===== ===== ============ ======= Energy coal production (kt) 14,825 13,423 7,081 6,675 7,413 6,689 6,734 =========================== ====== ====== ===== ===== ===== ============ ======= Domestic sales (kt) 8,918 7,334 4,472 4,056 3,948 3,788 3,546 =========================== ====== ====== ===== ===== ===== ============ ======= Export sales (kt) 5,856 5,865 2,952 2,873 3,068 2,748 3,117 =========================== ====== ====== ===== ===== ===== ============ ======= Illawarra Metallurgical Coal (100%) =========================== ====== ====== ===== ===== ===== ============ ======= Total coal production (kt) 3,713 1,860 1,829 1,614 1,746 819 1,041 =========================== ====== ====== ===== ===== ===== ============ ======= Total coal sales (kt) 3,605 1,660 1,412 1,980 1,711 778 882 =========================== ====== ====== ===== ===== ===== ============ ======= Metallurgical coal production (kt) 2,829 1,282 1,392 1,431 1,437 494 788 =========================== ====== ====== ===== ===== ===== ============ ======= Metallurgical coal sales (kt) 2,788 1,057 1,065 1,694 1,470 403 654 =========================== ====== ====== ===== ===== ===== ============ ======= Energy coal production (kt) 884 578 437 183 309 325 253 =========================== ====== ====== ===== ===== ===== ============ ======= Energy coal sales (kt) 817 603 347 286 241 375 228 =========================== ====== ====== ===== ===== ===== ============ ======= Australia Manganese (60% share) =========================== ====== ====== ===== ===== ===== ============ ======= Manganese ore production (kwmt) 1,499 1,701 736 719 776 808 893 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese ore sales (kwmt) 1,500 1,612 743 749 838 790 822 =========================== ====== ====== ===== ===== ===== ============ ======= Ore grade sold (%, Mn) 46.4 46.0 46.1 46.0 46.2 46.1 46.0 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese alloy production (kt) 78 82 40 28 41 39 43 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese alloy sales (kt) 82 78 28 37 36 36 42 =========================== ====== ====== ===== ===== ===== ============ ======= South Africa Manganese (60% share) =========================== ====== ====== ===== ===== ===== ============ ======= Manganese ore production (kwmt) 934 1,129 517 566 538 496 633 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese ore sales (kwmt) 928 1,067 511 554 542 528 539 =========================== ====== ====== ===== ===== ===== ============ ======= Ore grade sold (%, Mn) 40.3 40.3 40.8 40.1 39.8 40.7 39.9 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese alloy production (kt) 37 36 16 19 17 17 19 =========================== ====== ====== ===== ===== ===== ============ ======= Manganese alloy sales (kt) 40 28 20 14 20 14 14 =========================== ====== ====== ===== ===== ===== ============ ======= South32's share 1H17 1H18 2Q17 3Q17 4Q17 1Q18 2Q18 =================================== ====== ===== ===== ===== ===== ===== ===== Cerro Matoso (99.9% share) =================================== ====== ===== ===== ===== ===== ===== ===== Ore mined (kwmt) 2,347 2,087 1,109 1,044 1,056 1,051 1,036 =================================== ====== ===== ===== ===== ===== ===== ===== Ore processed (kdmt) 1,289 1,340 644 648 624 696 644 =================================== ====== ===== ===== ===== ===== ===== ===== Ore grade processed (%, Ni) 1.53 1.83 1.55 1.60 1.69 1.91 1.75 =================================== ====== ===== ===== ===== ===== ===== =====
Payable nickel production (kt) 17.7 21.8 9.0 9.1 9.7 11.7 10.1 =================================== ====== ===== ===== ===== ===== ===== ===== Payable nickel sales (kt) 17.6 21.3 9.4 9.2 9.8 11.4 9.9 =================================== ====== ===== ===== ===== ===== ===== ===== Cannington (100%) =================================== ====== ===== ===== ===== ===== ===== ===== Ore mined (kwmt) 1,639 1,209 859 675 595 647 562 =================================== ====== ===== ===== ===== ===== ===== ===== Ore processed (kdmt) 1,669 1,168 841 739 628 593 575 =================================== ====== ===== ===== ===== ===== ===== ===== Silver ore grade processed (g/t, Ag) 198 165 182 183 196 175 155 =================================== ====== ===== ===== ===== ===== ===== ===== Lead ore grade processed (%, Pb) 5.5 5.1 5.2 5.3 5.2 5.2 4.9 =================================== ====== ===== ===== ===== ===== ===== ===== Zinc ore grade processed (%, Zn) 3.7 2.6 4.2 3.0 3.1 2.8 2.3 =================================== ====== ===== ===== ===== ===== ===== ===== Payable silver production (koz) 8,729 5,175 4,035 3,548 3,326 2,763 2,412 =================================== ====== ===== ===== ===== ===== ===== ===== Payable silver sales (koz) 8,860 5,429 3,797 3,544 3,866 2,926 2,503 =================================== ====== ===== ===== ===== ===== ===== ===== Payable lead production (kt) 73.9 49.4 35.5 31.3 26.9 25.8 23.6 =================================== ====== ===== ===== ===== ===== ===== ===== Payable lead sales (kt) 73.3 48.6 33.2 32.5 32.3 25.9 22.7 =================================== ====== ===== ===== ===== ===== ===== ===== Payable zinc production (kt) 42.1 20.2 24.4 15.1 13.2 11.0 9.2 =================================== ====== ===== ===== ===== ===== ===== ===== Payable zinc sales (kt) 40.8 25.7 22.3 16.8 9.8 13.6 12.1 =================================== ====== ===== ===== ===== ===== ===== =====
Forward-looking statements
This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. 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, the South32 Group 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 +44 20 7798 T +61 8 9324 9340 1778 M +61 431 596 M +44 74 6853 831 3005 E Robert.Ward@south32.net E Alex.Volante@south32.net MEDIA RELATIONS Hayley Cardy James Clothier T +61 8 9324 9008 T +61 8 9324 9697 M +61 409 448 M +61 413 319 288 031 E Hayley.Cardy@south32.net E James.Clothier@south32.net
Further information on South32 can be found at www.south32.net
17 January 2018
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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January 17, 2018 02:00 ET (07:00 GMT)
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