Sydney, January 29, 2026, 17:16 (AEDT) — The market has closed.
Shares of South32 Ltd closed Thursday’s ASX trading 2.6% higher, reaching A$4.68 and marking a new 52-week peak.
The surge coincided with a strong rally in base metals. Copper reached record levels in both London and Shanghai, while aluminium climbed as well, boosted by a softer U.S. dollar and rising geopolitical tensions. (Reuters)
South32’s exposure to copper, aluminium, and alumina makes this a key moment. The real question is if rising prices will boost margins and shape guidance when the company reports in February.
A regulatory filing on Thursday revealed AustralianSuper boosted its South32 stake to 7.20% from 6.08%, now holding 323,022,923 shares.
In Australia, anyone holding over 5% of a listed company must file a “substantial holder” notice to disclose shifts in their voting power. These notices often hint at institutional interest, but they don’t reveal why the buyer is making the move.
Broker calls are on the move. UBS bumped South32 up to “buy” from “neutral,” while Ord Minnett downgraded it to “accumulate” from “buy,” FNArena’s broker call tracker shows. (Fnarena)
The recent surge leaves little margin for error. Should the metals rally lose steam or Chinese demand falter, momentum trades could unwind fast.
Mozambique presents a bigger wildcard for South32. Last month, the company announced plans to put the Mozal aluminium smelter into care and maintenance—essentially mothballing the operation—by March 2026 after power negotiations broke down. It also flagged a one-off charge of $60 million. “The parties remained deadlocked on an appropriate electricity price,” CEO Graham Kerr said at the time. (Reuters)
Investors are closely eyeing any updates from South32 on Mozal’s timeline and costs, since the smelter accounts for a significant chunk of the group’s aluminium production. Changes on that front usually dominate the entire Q&A session.
South32 is set to release its half-year results for the period ending Dec. 31 on Feb. 12. On the same day, the board will determine the interim dividend. The stock is expected to trade ex-dividend on March 5 on the ASX, with payments scheduled for around April 2, the company confirmed. (Investegate)
