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AL CIRCLE

South32 expects to double its low-carbon aluminium production: Graham Kerr

EDITED BY : 2MINS READ

The diversified miner and metal producer, South32, has maintained its outlook for a few commodities over the longer term, despite the decrease in base metal prices.

South32 expects to double its low-carbon aluminium production

Following the company's annual general meeting (AGM), Graham Kerr, the CEO, said, "In the company's longer-term, commodities such as copper, nickel, zinc and silver would pursue to play an essential role in decarbonising the world."

"That demand will be super strong, and the reality is that supply over the last five or six years has been shrinking, and there has been a severe lack of investment and exploration. So we will see higher prices in the long-term, which will make the industry very attractive."

Regarding South32’s outlook on further acquisitions in the base metals sector, Kerr pointed out that there were few opportunities for valuable acquisitions, and there was a high competition to acquire these assets.

South32 expects to double its low-carbon aluminium production

Kerr said, "While the company maintained that it would grow the organisation in terms of returns for shareholders, there was no dire need to add to its portfolio, given the nature of its existing asset base. The company would continue to 'watch and look' for opportunities."

Kerr, while speaking to shareholders at the AGM, said, "Over the past seven years, South32 has transformed our portfolio to focus on increasing its exposure to the commodities critical to a low-carbon future, and that transformation continued in the 2022 financial year.

"We acquired immediate copper exposure through our 45% stake in Chile's Sierra Gorda copper mine. We grew our exposure to low-carbon aluminium through our increased shareholding in Mozambique's hydro-powered Mozal Aluminium smelter. We participated in the restart of the 100% renewable powered Brazil Aluminium smelter.

Future of Global Aluminium Castings Industry

"Through these investments, we expect to double our share of low-carbon aluminium production capacity," Kerr said.

As for the next financial year, Kerr said South32 would continue to focus on cost management and expects to see the benefits of production growth, which the firm expects will mitigate inflationary costs across the industry.

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