Sydney, Feb 10, 2026, 17:43 AEDT — The session wrapped up with the market closed.
- South32 ended the session roughly 0.9% higher, with the stock touching A$4.70 at its peak.
- Mozambique’s energy minister insists the government is doing “everything that is required” to keep the Mozal aluminium smelter operating.
- Next up: South32’s half-year numbers land Feb. 12, with investors eyeing any new word on the Mozal March deadline.
South32 Ltd picked up ground Tuesday, finishing at A$4.59 for a 0.04 gain. Shares moved within a A$4.55 to A$4.70 band as investors took in new signals from Mozambique’s government backing continued operations at the Mozal aluminium smelter. 1
Why it matters now: South32 has been getting ready to shut down Mozal by March, following stalled power negotiations. The site is a significant piece of its aluminium operations, so any progress on electricity supply could quickly alter forecasts for earnings, costs, and the company’s short-term production lineup.
The update arrives just ahead of South32’s half-year results—a point when investors usually get fresh guidance, updates on cash returns, and any big operational risks. Power isn’t a sidebar in mining, especially not for an aluminium smelter; it goes right to the core of the business.
Speaking to reporters at a Cape Town conference, Mozambique’s mineral resources and energy minister Estevao Pale said the government is taking all necessary steps to keep Mozal running. “Everything that is required,” Pale emphasized when asked about efforts to keep the plant open. 2
Back in December, South32 announced plans to move the Mozal plant into “care and maintenance” by March—a process that effectively mothballs the facility but keeps it ready to restart—after it couldn’t nail down a long-term power deal. The company put the one-off cost at roughly $60 million. South32 controls 63.7% of the smelter, which made up just over 29% of its aluminium output for fiscal 2025. 3
Traders are watching to see if Mozambique can hash out a viable power agreement soon enough to shift the timeline, or if South32 will just proceed with the shutdown as planned and take the hit from transition costs.
Not much movement in the broader market. The S&P/ASX 200 in Australia closed with a slim 0.03% dip, landing at 8,867.40. Investors steered toward single-stock stories instead of leaning into any broad risk shifts. 4
South32 has a key date on the horizon: its FY26 half-year results are slated for release on Feb. 12, per the company’s financial calendar. 5
Investors are set to scrutinize any fresh details on Mozal—timing, projected costs, plus what an extended shutdown might spell for aluminium production and margins. The interim dividend decision and overall outlook will also be in focus.
The risk cuts both ways here. Officials might press for a deal, but there’s no certainty a new power price or supply framework arrives soon enough. Lengthy talks could leave the company facing two stark choices: either keep the smelter running under workable terms, or shut it down and pay to maintain its safety.
The Feb. 12 results statement comes next. Then focus turns to March, when the company has flagged Mozal for a potential update. Investors will be watching for any official word from South32 or Mozambique about the status of the smelter’s “care and maintenance” plan.
