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South32 (ASX: $S32) announces interim dividend and major investment

South32 (ASX: $S32) Half-Year Financial Results Overview


South32 Limited (ASX: $S32) has reported its unaudited consolidated results for the half year ended 31 December 2023. The company announced an interim dividend of US 0.4 cents per share for the half year, with a record date of 8 March 2024 and a payment date of 4 April 2024. South32 also announced a major investment in the Taylor zinc-lead-silver deposit at its Hermosa project in Arizona, with first production expected in H2 FY27. The company's net tangible assets per ordinary share were US$1.99 as at 31 December 2023. The announcement also highlighted the company's safety program, financial results, outlook, and operational analysis.

Executive Commentary on Financial Performance and Strategic Investments


The company's safety program, Safety Improvement Program, is focused on enhancing safety performance. Despite a decrease in statutory profit after tax and Underlying EBITDA, South32 returned US$180M to shareholders during H1 FY24 and announced the cancellation of its on-market share buy-back. The company's net debt at the end of the period was US$1.1B, and it retained access to significant liquidity. South32 announced the final investment approval for the Taylor deposit at its Hermosa project and entered into a binding agreement to divest its 50% interest in the Eagle Downs metallurgical coal project. The company expects a 7% increase in Group payable copper equivalent production in H2 FY24 and a 3% growth in FY25. Operating unit cost guidance has been lowered or maintained across the majority of the company's operations. The Group's capital expenditure guidance has been revised, with a focus on growth capital expenditure at the Hermosa project.

South32 (S32) Half-Year Financial Results Summary and Outlook


South32 Limited has released its half-year consolidated financial statements for the period ended 31 December 2023. The company announced an interim dividend of US 0.4 cents per share and a major investment in the Taylor zinc-lead-silver deposit at its Hermosa project in Arizona. Despite the decrease in statutory profit after tax and Underlying EBITDA, the company returned US$180M to shareholders during H1 FY24 and announced the cancellation of its on-market share buy-back. South32's net debt at the end of the period was US$1.1B, and it retained access to significant liquidity. The company also provided an operational outlook, including production guidance, cost guidance, and capital expenditure guidance. The release contains forward-looking statements and non-IFRS financial information, and it emphasizes that it does not provide financial or investment advice. For further information, the company has provided contact details for its Investor Relations and Media Relations teams.

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