Sydney, January 29, 2026, 17:16 (AEDT) — Trading has ended for the day.
South32 Ltd shares climbed 2.6% to close Thursday’s session on the ASX at A$4.68, hitting a fresh 52-week high.
The jump came alongside a powerful rally in base metals. Copper hit record highs in both London and Shanghai. Aluminium also gained traction, helped by a weaker U.S. dollar and escalating geopolitical tensions. 1
South32’s stake in copper, aluminium, and alumina puts it front and center right now. The big question: will higher prices lift margins and influence guidance when the company reports in February?
A regulatory filing on Thursday showed AustralianSuper increased its South32 stake to 7.20% from 6.08%, now owning 323,022,923 shares.
In Australia, investors owning more than 5% of a listed company are required to file a “substantial holder” notice, disclosing any changes in their voting power. While these notices can signal institutional interest, they don’t explain the buyer’s motives.
Broker calls are shifting. UBS upgraded South32 from “neutral” to “buy,” but Ord Minnett cut it back to “accumulate” from “buy,” according to FNArena’s broker call tracker. 2
The recent surge leaves almost no room for mistakes. If the metals rally stalls or Chinese demand dips, momentum trades might unwind quickly.
Mozambique remains a major uncertainty for South32. The company revealed last month it plans to put the Mozal aluminium smelter into care and maintenance—effectively mothballing it—by March 2026 after talks over power prices collapsed. South32 also warned of a one-off $60 million charge. “The parties remained deadlocked on an appropriate electricity price,” CEO Graham Kerr said then. 3
Investors are fixated on South32’s updates regarding Mozal’s timeline and costs, given the smelter makes up a large portion of the group’s aluminium output. Any shifts there tend to dominate the whole Q&A session.
South32 plans to announce its half-year results for the period ending Dec. 31 on Feb. 12. That day, the board will also set the interim dividend. The stock is slated to go ex-dividend on March 5 on the ASX, with payments expected around April 2, the company confirmed. 4
