South32 Limited (ASX:S32) continues to navigate through a period of transition, demonstrating resilience amid operational challenges and market fluctuations. In its latest quarterly report, the company highlighted a 2.87% dip in revenue for FY2024 to $5.59 billion, compared to $5.75 billion in the previous year. This decline is largely attributed to impairment charges related to the Worsley Alumina and Cerro Matoso projects.
Despite these setbacks, South32 has maintained strong production guidance, especially in its aluminium and base metals divisions. A key highlight was the sale of its Illawarra Metallurgical Coal business, a move that has “unlocked significant value and streamlined our business towards commodities critical for a low-carbon future,” according to CEO Graham Kerr.
The company also made strides in sustainability, with its Hermosa project receiving a $166 million grant from the U.S. Department of Energy. This funding supports the development of battery-grade manganese production, a critical material for electric vehicles.