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Australian mining group South32 has released its quarterly report for performance in April-June 2023, highlighting robust growth in metallurgical coal production, along with notable achievements in other commodities.
In the fourth quarter of FY 2023, its metallurgical coal production totaled 1.5 million tonnes, soaring 21% from the previous quarter and achieving a 9% rise compared with the same period last year, demonstrating improved longwall performance at Illawarra Metallurgical Coal. The company successfully met its revised FY23 production guidance for metallurgical coal, further solidifying its position in the market.
Total production of metallurgical coal, the company's biggest revenue-generating commodity, totaled 5.5 million tonnes throughout the full fiscal, despite a 4% slip from the previous year.
Additionally, its thermal coal production rose to 1 million tonnes over the full year, compared with 797,000 tonnes a year ago.
While metallurgical coal took center stage, South32 also reported remarkable achievements in other areas.
Copper equivalent production saw a significant 9% increase during the June 2023 quarter, and aluminium production witnessed an impressive 14% rise in FY23. Base metals production experienced a notable 17% boost in FY23, supported by the addition of the Sierra Gorda copper operation to the portfolio.
Furthermore, South32 achieved annual production records at Hillside Aluminium, Australia Manganese, and South Africa Manganese, indicating the company's dedication to excellence across various commodities.
Graham Kerr, South32 CEO, expressed satisfaction with the strong finish to the year, attributing the growth in copper equivalent production to stable operations following adverse weather and other temporary impacts in the previous quarter.
The increase in aluminium production was attributed to record production at Hillside Aluminium and strategic investments in low-carbon aluminium capacity at Mozal Aluminium and Brazil Aluminium.
While alumina production experienced a 4% decline in FY23 due to temporary outages, both refineries have returned to nameplate production rates, and FY24 guidance remains unaffected.
Manganese production saw a 4% increase in FY23, with Australia Manganese and South Africa Manganese achieving annual production records.
As part of its commitment to sustainable development, South32 made significant strides in its projects, with the Hermosa project in Arizona becoming the first mining project in the United States to be covered by the FAST-41 process. The company also advanced study work for its Taylor zinc-lead-silver and Clark battery-grade manganese development option.
In terms of future production, the upgrade to the Mineral Resource estimate for the Taylor deposit, featuring a 41% increase in the Measured Mineral Resource, provides a strong foundation for growth.
South32 also shared progress on its greenfield exploration programs, exercising its earn-in right to acquire a 50.1% interest in the Chita Valley copper exploration project located in Argentina's highly prospective San Juan mineral belt.
(Writing by Alex Guo Editing by Harry Huo)
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