South32 Reports Strong FY26 Earnings Growth and Announces Aluminium Asset Sale
South32 reported a significant improvement in earnings for fiscal year 2026, with underlying EBITDA rising by 28% to $2.5 billion and underlying earnings increasing by 55% to $1 billion. The company ended the period with net cash of $283 million after returning $327 million to shareholders through a fully franked dividend of 5.4 cents per share. South32 is restructuring its business around base metals, having agreed to sell its aluminium assets to Alcoa for up to $5.6 billion plus assumed rehabilitation liabilities exceeding $1 billion. The transaction is expected to close in the second half of FY27 and will refocus South32 on copper and zinc operations. The company highlighted growth from key projects, including a 61% increase in reserves at Sierra Gorda to 1.1 billion tons and progress on the Hermosa project in Arizona.
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Topics: commodities dividend M&A metals