Sydney, Jan 23, 2026, 17:34 AEDT — Market closed
- South32 shares slipped on Friday following a strong jump in the quarterly update released the previous day.
- The miner maintained its FY26 outlook for operated assets, highlighting manganese as the main variable in the latest report.
- All eyes are on South32’s half-year results and interim dividend decision, set for Feb. 12.
South32 Ltd shares slipped a bit on Friday, easing back after a sharp rally that took them to a multi-year high the day before. The stock last changed hands at A$4.39.
The pause is significant since the miner’s December-quarter report offered one of the earliest clear looks at how quickly its Australian manganese operations have recovered from disruptions. It also intensified scrutiny on a string of immediate challenges — costs, cash returns, and the next steps at Mozal in Mozambique.
The stock is hovering around prices not seen since 2023. Traders now want to see consistent volumes during northern Australia’s wet season and steady guidance as reporting season begins.
South32 reported a 26% jump in Australia Manganese output, reaching 806,000 kwmt in the December quarter. South Africa Manganese production nudged up 4% to 506,000 kwmt. The company also posted Worsley Alumina production of 959,000 tonnes for the same period and left its fiscal 2026 production guidance for operated assets unchanged.
Chief Executive Officer Graham Kerr said the company “continued to deliver consistent operating results” and highlighted “strengthening market conditions” as it maintained a strong balance sheet while investing and rewarding shareholders. The report noted that guidance for non-operated Brazil Aluminium is currently under review. It also revealed Mozal Aluminium has halted pot relining ahead of a shift to care and maintenance — effectively a temporary shutdown — starting March 2026. South32 returned US$152 million to shareholders in H1, including US$117 million in fully-franked dividends, which come with Australian tax credits, plus US$35 million through an on-market buyback. MarketScreener
Thursday’s action caught the eye. South32 shares surged almost 5% to A$4.38, marking their top level since mid-April 2023. The boost followed the company’s robust manganese output report and its decision to maintain full-year guidance.
Friday felt like a day of traders securing profits and bracing for the upcoming data. The report gave bulls just enough to keep their ground, yet the more uncomfortable details remained.
However, several risks could derail this outlook. A fresh weather setback in Australia, delays in boosting Brazil’s aluminium output, or a bumpier-than-anticipated handover at Mozal might all trigger a revision of forecasts and valuations.
The next major event is Feb. 12, when South32 will release its half-year results for the period ending Dec. 31, 2025, and announce its interim dividend. According to the company’s calendar, the stock is set to go ex-dividend on March 5, with the payout scheduled for April 2.
Next week, all eyes will be on South32 to see if it can maintain its recent rally. Investors are also waiting on the half-year results and any updates on Mozambique power deals ahead of the March quarter.
