South32 (ASX: S32) Stock on 4 December 2025: Share Price, Cerro Matoso Exit, New ESG Director and 2026

South32 Limited (ASX/LSE/JSE: S32; ADR: SOUHY) enters December 2025 amid a burst of corporate news: completion of a major nickel divestment, a new director with heavyweight ESG credentials, fresh buy‑back activity and a portfolio increasingly geared to energy‑transition metals. Here’s where the South32 share price, forecasts and fundamentals stand today.

South32 share price today (4 December 2025)

On 4 December 2025, South32 shares are trading around A$3.53 on the ASX, up roughly 4–5% intraday from the previous close of A$3.38, giving the diversified miner a market capitalisation of just under A$16 billion. ^[1]

Recent trading highlights:

Last week’s range (ASX) – Over the past several sessions, the stock has moved between about A$3.16 and A$3.44, with closes of A$3.22 (28 Nov), A$3.31 (1 Dec), A$3.34 (2 Dec) and A$3.38 (3 Dec). ^[2]
London and Johannesburg listings – In London, South32 last closed at 159.6p, while in Johannesburg the stock recently traded around ZAR 37.12. ^[3]

For context, when South32 released its FY25 results on 28 August 2025, the ASX share price was about A$2.91. ^[4] Today’s ~A$3.53 level is just over 20% higher than that late‑August reference point.

The big December 2025 headlines: Cerro Matoso sale and a new ESG‑centric director

Cerro Matoso divestment completed

On 1 December 2025, South32 confirmed it has completed the sale of its Cerro Matoso nickel refinery in Colombia to a subsidiary of CoreX Holding BV. ^[5]

Key points:

The transaction is worth up to US$100 million (roughly R1.8 billion), depending on conditions and contingent payments. ^[6]
Cerro Matoso had already been classified as a discontinued operation in South32’s FY25 accounts, with the sale agreement first announced in July 2025. ^[7]
The sale fits a broader strategy of exiting lower‑return and non‑core assets to free capital for higher‑return growth projects linked to the energy transition. ^[8]

Operationally, Cerro Matoso was a mature laterite nickel business. Strategically, it is less central to South32’s push into copper, zinc and higher‑margin aluminium, so the exit is widely seen as a portfolio simplification rather than a retreat from transition‑related metals.

New independent director Geoff Healy joins the board

From 2 December 2025, South32 has added Geoff Healy as an independent Non‑Executive Director. ^[9]

Why the market cares:

Healy has a long track record across climate, sustainability, legal and external affairs, including senior roles at BHP, Boston Consulting Group and major law firm Herbert Smith Freehills. ^[10]
Commentary from Simply Wall St and other outlets frames the appointment as strengthening ESG and risk governance just as South32 leans harder into energy‑transition projects. ^[11]
South32 has confirmed he will stand for election by shareholders at the 2026 AGM. ^[12]

The board change is attracting attention because it lines up with South32’s climate change action plan and a multi‑year shift in capital toward base metals and low‑carbon growth projects. ^[13]

Strategy check: from coal spin‑off to energy‑transition miner

South32 was demerged from BHP in 2015 and is now a globally diversified miner producing alumina, aluminium, manganese, copper, metallurgical coal, lead, nickel, silver and zinc across operations in Australia, southern Africa and the Americas. ^[14]

Over the past decade, management has been systematically tilting the portfolio toward “future‑facing” metals:

The company states that it has “repositioned our portfolio toward minerals and metals critical to the energy transition”, while exiting lower‑returning businesses. ^[15]
South32’s FY25 reporting emphasises a transformation in which base metals are expected to make up roughly 90% of revenue over time, up from about 50% at demerger. ^[16]
The FY25 year saw copper production rise 20% and aluminium output grow 6%, comfortably ahead of guidance, as South32 increased exposure to key transition commodities. ^[17]

Projects and assets central to this pivot include:

Hermosa (Taylor zinc‑lead‑silver) in Arizona, where construction is advancing as a cornerstone base‑metals growth project. ^[18]
Sierra Gorda in Chile, where South32 holds a significant stake in a large copper‑molybdenum operation. ^[19]
Worsley Alumina in Western Australia, a huge alumina refinery whose mine‑life was extended to at least FY2036 after federal environmental approvals earlier in 2025, albeit with a sizeable impairment related to environmental conditions. ^[20]

Combined with the divestments of Illawarra Metallurgical Coal (completed 2024) and now Cerro Matoso, this leaves South32 with a leaner but more “transition‑heavy” portfolio. ^[21]

FY25 results: higher earnings, lower underlying revenue, bigger dividends

South32’s FY25 financial results (year ended 30 June 2025) mark a turning point after a difficult FY24:

Revenue from continuing operations rose 17% to US$5.78 billion (from US$4.92 billion). ^[22]
Underlying revenue, which includes discontinued operations such as Illawarra Metallurgical Coal and Cerro Matoso, fell 8% to US$7.61 billion, mainly because those assets contributed less revenue. ^[23]
Underlying earnings surged 75% to US$666 million, helped by stronger commodity prices and better margins in aluminium and base metals. ^[24]
Profit after tax attributable to shareholders swung from a US$203 million loss in FY24 to a US$213 million profit in FY25, despite impairments at Cerro Matoso and Mozal Aluminium. ^[25]
Underlying EBITDA climbed to about US$1.9 billion, with margin improving to 26.3% from 22.8% in FY24. ^[26]

Capital management and balance sheet:

South32 ended FY25 with net cash of US$123 million, maintaining balance‑sheet flexibility. ^[27]
The board declared a final dividend of 2.6 US cents per share, bringing total ordinary dividends to 6.0 US cents for the year (up from 3.5 US cents in FY24). ^[28]
The capital management program was extended by 12 months, with US$144 million still to be returned to shareholders. ^[29]

Market reaction to the FY25 release was initially cautious. Commentary at the time noted that, despite stronger EBITDA and cash flow, investors focused on the headline decline in underlying revenue, and the stock briefly fell from about A$2.91 to A$2.77 on the day of the announcement. ^[30]

With the benefit of several more months of strong copper and aluminium prices, plus operational delivery, South32’s share price has since rebounded well above those August levels.

2025 operational challenges: Mozal and manganese disruptions

The FY25 narrative is not all smooth sailing. Several assets underscore the operational and political risk that comes with a global mining footprint:

Mozal Aluminium (Mozambique) – South32 recognised a US$372 million impairment and signalled plans to place the smelter into care and maintenance from March 2026, unless a sustainable power‑price solution can be found. Output is projected to fall from 355 kt in FY25 to 240 kt in FY26. ^[31]
Australia Manganese – Weather events, including Tropical Cyclone Megan, disrupted operations and contributed to lower manganese revenue and margins in FY25, although management says recovery plans are largely complete. ^[32]

These issues matter for valuation: they are capital‑intensive assets in jurisdictions where power reliability, environmental conditions and community expectations can materially affect returns.

Fresh buy‑back activity on 4 December 2025

On 4 December 2025, a new market update highlighted ongoing capital management:

South32 disclosed the purchase of around 556,000 shares as part of its on‑market buy‑back program. ^[33]

This is modest relative to the group’s 4.5 billion shares on issue, ^[34] but it reinforces the message from August’s results: surplus cash is being directed back to shareholders while South32 keeps a net cash position and funds its growth pipeline.

Analyst ratings and price targets: modest upside on ASX, downside in London

ASX and global analyst consensus

Across major data providers, the analyst view on South32 remains broadly constructive:

Investing.com shows a “Buy” consensus rating from 14 analysts, split between Buy and Hold recommendations, with an average 12‑month target price around A$3.32 (or equivalent), based on its compiled estimates. ^[35]
TipRanks aggregates 11 analysts on the ASX line, with a “Moderate Buy” consensus and an average price target of about A$3.45, implying roughly 4% upside from a reference price of A$3.31 at the start of December. ^[36]
Recent narrative analysis from Simply Wall St suggests a fair value around A$3.38, based on long‑term forecasts of revenue rising to about US$6.8 billion and earnings to US$1.1 billion by 2028, implying mid‑single‑digit annualised revenue growth from current levels. ^[37]

In broad terms, these forecasts describe a stock that no longer screens as obviously cheap, but is still priced for moderate growth and improving returns from its transition‑metal portfolio.

London‑listed S32: very different valuation signals

On the London Stock Exchange, where South32 also trades under ticker S32, analysts see a less generous outlook:

MarketBeat reports an average 12‑month target of 125p, with a high of 130p and low of 120p – significantly below the current 159.6p share price, implying double‑digit downside from here. ^[38]

The disparity between ASX‑ and LSE‑based targets largely reflects:

Different currency baselines and investor bases, and
A view among some UK‑focused analysts that the recent rebound has already priced in much of the near‑term commodity and capital‑management upside.

Valuation snapshot: earnings multiple, cash flow and energy‑transition premium

On standard valuation metrics, South32 trades at a richer multiple than its own history, reflecting both improved earnings and expectations around energy‑transition exposure:

As of early December, a share price near A$3.38–3.53 and trailing 12‑month EPS of roughly A$0.11 equate to a price‑to‑earnings ratio around 30x, compared with a long‑run median near 13x. ^[39]

Supportive factors:

Strong free‑cash‑flow generation in FY25 (around US$270 million according to some analyses), even after elevated capex on growth projects. ^[40]
A net cash balance sheet and ongoing buy‑backs and dividends. ^[41]
A portfolio increasingly leveraged to copper, zinc, alumina and battery‑grade manganese, all central to electrification, grid expansion and low‑carbon infrastructure. ^[42]

Offsetting factors:

The high P/E multiple is exposed to commodity volatility. A correction in copper, aluminium or manganese prices could quickly compress earnings and test that valuation. TS2 Tech+1
Several key projects and assets – from Mozal Aluminium to US base‑metals developments like Hermosa – carry material execution and regulatory risk. ^[43]

Long‑term growth story: copper, governance and a CEO transition

Looking out to 2026–2028, the investment case increasingly revolves around three themes.

1. Copper and base‑metals growth

South32’s growth strategy aims to push even deeper into copper and zinc, widening its footprint through exploration and joint ventures:

The company highlights 20% copper output growth in FY25, with further upside as projects and options progress. ^[44]
Its exploration pipeline targets “highly prospective regions” for base metals, adding longer‑dated options beyond Hermosa and Sierra Gorda. ^[45]

Global demand projections for copper – driven by data centres, EVs, renewable power and grid upgrades – provide a supportive backdrop for these moves, even if price volatility is intense. ^[46]

2. ESG and climate strategy

South32’s Climate Change Action Plan 2025 sets a target to halve operational greenhouse‑gas emissions by 2035 and continues to reposition the portfolio away from thermal coal and high‑emission, low‑return operations. ^[47]

The appointment of Geoff Healy reinforces this:

Analysts and governance specialists see his arrival as signalling tighter board oversight of climate, litigation, community relations and ESG risks, which can influence both project approvals and cost of capital. ^[48]

3. Leadership change and succession

Earlier in 2025, South32 announced that Anglo American executive Matthew Daley will succeed Graham Kerr as CEO in February 2026, with a transition period where both work together. ^[49]

Daley’s background in copper and base‑metals operations is consistent with South32’s strategic pivot. Investors will be watching:

How he reallocates capital across Hermosa, Sierra Gorda and other pipeline assets.
Whether the buy‑back and dividend profile is maintained, expanded or re‑balanced toward growth once the current program is completed. ^[50]

Key risks investors are watching

Analysts and institutional investors following South32 commonly flag several risk clusters:

Commodity‑price swings – Revenues and margins remain heavily tied to global prices for copper, aluminium, manganese and metallurgical coal. A downturn in any of these markets could pressure earnings and compress the current valuation multiple. TS2 Tech+1
Project and regulatory risk – From environmental approvals at Worsley Alumina to power‑pricing negotiations at Mozal, South32 operates in jurisdictions where regulatory shifts can lead to impairments, delays or capex blow‑outs. ^[51]
Cost inflation and supply‑chain pressure – Higher labour and input costs, particularly in Australia and North America, can erode the benefits of strong commodity prices if not offset by productivity gains. ^[52]
Execution risk at Hermosa and other growth projects – Major base‑metals developments are capital‑intensive and technically complex; schedule slippage or budget overruns could dull the expected uplift in cash flow. ^[53]

South32 stock outlook: balanced near term, leveraged to the energy transition long term

Pulling the December 2025 picture together:

Near‑term
- The stock has recovered strongly from mid‑2025 lows as FY25 earnings, copper/aluminium prices and the Cerro Matoso exit improved sentiment. ^[54]
- Consensus price targets on the ASX now pencil in only modest upside from current levels, suggesting much of the short‑term good news (higher earnings, buy‑backs, Cerro Matoso completion, board refresh) is already reflected. ^[55]
Medium‑ to long‑term (2026–2028)
- If management executes on Hermosa and other base‑metals projects, and if copper and zinc markets remain tight, South32 could see growing cash flow and a rising share of earnings from transition‑aligned metals. ^[56]
- On the other hand, the stock’s elevated P/E and project risk mean disappointments—whether from commodity prices, regulatory hurdles or project delays—could trigger sharp de‑ratings. ^[57]

For investors and traders watching South32 on 4 December 2025, the story is now less about “recovery from a bad year” and more about how much energy‑transition growth is already priced in – and whether the new board composition and upcoming CEO change will unlock that growth without sacrificing capital discipline.

References

South32 (ASX: S32) Stock on 4 December 2025: Share Price, Cerro Matoso Exit, New ESG Director and 2026–2028 Outlook