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South32 says its FY22 copper equivalent production was 99% of current guidance

Kitco Media
By Vladimir Basov
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(Kitco News) - South32 (ASX / LSE: S32) announced Monday that in FY22 (the company’s fiscal year ended 30 June 2022), its copper equivalent production was 99% of current guidance.

In FY22, South32 produced 13,199 koz of silver (FY21: 13,655 koz), 120.6 ktonnes of lead (FY21: 131.8 ktonnes), 64.5 ktonnes of zinc (FY21: 67.7 ktonnes), 41.7 ktonnes of nickel (FY21: 34.1 ktonnes), 5,712 ktonnes of metallurgical coal (FY21: 6,170 ktonnes), 5,288 ktonnes of alumina (FY21: 5,361 ktonnes), 992 ktonnes of aluminium (FY21: 982 ktonnes), and 25.3 ktonnes of copper.

The company also produced 5,432 kwmt of manganese ore in FY22, which is a decrease of 3% over 5,589 kwmt produced in FY21.

In its press-release, South32 said that the majority of the company’s operations delivered to revised plans, despite impacts from weather and labor availability caused by the COVID-19 pandemic.

The company added that Worsley Alumina achieved record annual production in FY22, exceeding guidance and operating above nameplate capacity, as it realized the benefit of embedded improvement initiatives.

Importantly, South32 noted that Cannington beat its previously upgraded FY22 zinc equivalent production guidance by 2%, successfully transitioning to a 100% truck haulage operation in the June 2022 quarter.

The company also pointed out that Cerro Matoso achieved a 22% increase in payable nickel production, despite unplanned maintenance and weather-related disruptions impacting the operation during H2 FY22.

South32 also announced it expects to report FY22 Operating unit costs in-line with its previously updated guidance at the majority of the company’s operations, with lower than anticipated producer currencies providing a benefit in the June 2022 quarter.

South32 is a globally diversified mining and metals company producing bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead, copper and zinc in Australia, Southern Africa and South America.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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