CANBERA (dpa-AFX) - South32 Ltd. (SOUHY, S32.AX), an Australian mining and metals company, reported Monday lower copper and zinc equivalent production in the first quarter. Further, the firm maintained fiscal 2027 production guidance across all operations.
In Australia, South32 shares closed Monday's trading 2.59% lower at A$4.51.
In the first quarter, Sierra Gorda payable copper equivalent production was 22.4 kt, down 10 percent from last year's 24.8 kt. Sequentially, production increased 11 percent, as higher planned copper grades more than offset temporary wet weather impacts during the quarter.
Payable copper production grew 2 percent from last year to 18.7 kt, and payable copper sales edged up 15 go 17.3 kt.
Cannington payable zinc equivalent production decreased 13 percent to 59.2 kt from 67.9 kt last year, and the drop was 27 percent sequentially. The company said temporary reduction in paste backfill availability delayed access to planned stopes, while it maintained ore processed by supplementing mill feed with lower-grade stockpiles.
Payable silver production dropped 13 percent and silver sales fell 10 percent year-over year.
South32 Chief Executive Officer, Matt Daley, stated, 'We've made a positive start to FY27, maintaining production guidance across all our operations and achieving key development milestones for our copper and zinc growth projects.'
Looking ahead for fiscal 2027, Sierra Gorda payable copper equivalent production guidance remains unchanged at 91.8 kt, and Cannington payable zinc equivalent production guidance remains unchanged at 290.0kt.
Last week, South32 shareholders approved the sale of aluminium value chain assets to Alcoa. The transaction remains on track for completion in the June 2027 half year, subject to relevant regulatory approvals.
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