Quarterly Report

South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX, LSE, JSE Share Code: S32 ADR: SOUHY
ISIN: AU000000S320

QUARTERLY REPORT
SEPTEMBER 2021

• Maintained FY22 production guidance with our operations continuing to deliver to plan,
taking advantage of rising commodity prices
• Delivered a US$254M increase in our net cash position to US$660M[note 1] with higher
commodity prices and third party logistics disruptions resulting in a build in working
capital
• Achieved a 7% increase in manganese production, with a quarterly record at South Africa
Manganese and a strong start to the year at Australia Manganese
• Maintained production above nameplate capacity at Worsley Alumina, with the operation
continuing to benefit from improvement initiatives
• Restored production to normalised rates at Brazil Alumina in October, following an
incident that damaged one of the bauxite unloaders at the refinery in July 2021
• Increased production at Mozal Aluminium, with smelter productivity benefitting from our
investment in the AP3XLE energy efficiency technology
• Recorded sequentially lower base metals production, with Cerro Matoso impacted by a
temporary equipment outage, while Cannington extracted a planned series of lower
grade stopes
• Entered into binding conditional agreements to acquire a 45% interest in Sierra Gorda,
an operating copper mine in Chile which is expected to deliver copper equivalent
production of 214kt in CY21e (100% basis)[note 2]
• Exercised our pre-emptive rights to acquire an additional interest in our hydro powered
aluminium smelter, Mozal Aluminium[note 3]

“Our operations continue to perform well, achieving record production at South Africa
Manganese and maintaining production above nameplate capacity at Worsley Alumina.
Production at Mozal Aluminium was higher, with the smelter benefitting from our
investment in the AP3XLE energy efficiency technology.
“Our teams continue to achieve strong operating results, despite the ongoing challenges
of COVID-19 across the globe.
“Our operating performance has further strengthened our financial position, supporting
the continuation of our on-market share buy-back, and subsequent to the end of the period,
payment of our US$256M fully franked ordinary and special dividends in respect of the June
2021 half year.
“We continue to actively reshape our portfolio for a low carbon future, and last week entered
into binding conditional agreements to acquire a 45 per cent interest in Sierra Gorda, a long
life, open pit copper mine in Chile. We have also recently exercised our pre-emptive rights to
acquire an additional interest in Mozal Aluminium. These initiatives, and our ongoing work with
Alcoa in Brazil to investigate the Alumar smelter’s potential restart using renewable power,
will see us increase our leverage to the metals critical to the green energy transition.”

Graham Kerr, South32 CEO

Production summary
South32 share YTD FY21 YTD FY22 YoY 1Q21 4Q21 1Q22 QoQ

Alumina production (kt) 1,315 1,278 (3%) 1,315 1,427 1,278 (10%)
Aluminium production (kt) 248 248 0% 248 246 248 1%
Metallurgical coal production (kt) 1,863 1,575 (15%) 1,863 1,340 1,575 18%
Energy coal production (kt) 508 313 (38%) 508 385 313 (19%)
Manganese ore production (kwmt) 1,461 1,565 7% 1,461 1,464 1,565 7%
Payable nickel production (kt) 10.0 9.6 (4%) 10.0 10.9 9.6 (12%)
Payable silver production (koz) 2,863 3,493 22% 2,863 4,178 3,493 (16%)
Payable lead production (kt) 26.4 31.9 21% 26.4 41.2 31.9 (23%)
Payable zinc production (kt) 12.4 15.4 24% 12.4 19.5 15.4 (21%)
Unless otherwise noted: percentage variance relates to performance during September 2021
quarter compared with the June 2021 (QoQ); production and sales volumes are reported on an
attributable basis.

CORPORATE UPDATE
• Our net cash balance[note 1] increased by US$254M to US$660M during the quarter.
Notwithstanding our strong cash generation, which included net distributions[note 4] of
US$45M (South32 share) from our manganese equity accounted investments (EAI), we have
experienced a build in working capital as a result of higher commodity prices and third party
logistics disruptions at many ports across our geographic footprint.
• We exercised our pre-emptive rights to acquire an additional shareholding in Mozal Aluminium
from MCA Metals Holding GmbH (Mitsubishi) during the quarter[note 3]. Subsequent to the end
of the period, the Industrial Development Corporation of South Africa (IDC) also notified
Mitsubishi of its intention to trigger their pre-emptive rights. Accordingly our shareholding
is expected to increase by a minimum of 16.6% to 63.7% for a headline purchase price of US$166M.
Completion of the transaction is subject to the satisfaction of customary conditions.
• Subsequent to the end of the period, we entered into two binding conditional agreements with
Sumitomo Metal Mining and Sumitomo Corporation (collectively Sumitomo) to acquire a 45%
interest in the Sierra Gorda copper mine in Chile for an upfront cash consideration of US$1.55B
and a contingent price-linked consideration of up to US$500M[note 2]. The upfront consideration
is expected to be funded from cash on hand and a US$1B acquisition debt facility. Completion of
the transaction is expected around the end of calendar year 2021, subject to the waiver or
non-exercise of pre-emption rights held by 55% joint venture partner KGHM Polska Miedz, and
competition and regulatory approvals.
• Our strong financial position also supported the purchase of a further 10M shares via our
on-market share buy-back at an average price of A$2.95 per share in the September 2021 quarter.
Subsequent to the end of the period, we also paid a fully franked ordinary dividend of US$163M
and a fully franked special dividend of US$93M in respect of the June 2021 half year. Our US$2B
capital management program is 88% complete with US$231M remaining to be returned to
shareholders ahead of its extension or expiry on 2 September 2022[note 5].
• Subsequent to the end of the quarter and consistent with our commitment to maintain an investment
grade credit rating, S&P and Moody’s reaffirmed their respective BBB+ and Baa1 credit ratings
for the Group.
• During the quarter the Colombian government passed legislation to increase the country’s
corporate tax rate to 35% from 1 January 2022 (it was previously scheduled to reduce from
31% to 30% on this date). Notwithstanding this increase, our FY22 Group Underlying effective
tax rate is expected to return to normalised levels that reflect the corporate tax rates of the
geographies where the Group operates which include: Australia 30%, South Africa 28%, Colombia
31%[note 6], Mozambique 0%[note 6] and Brazil 34%.
• We have commenced a process to investigate the potential divestment of our interest in the Eagle
Downs Metallurgical Coal development option.

DEVELOPMENT AND EXPLORATION UPDATE
• We continued work on our Taylor Deposit pre-feasibility study (PFS) at our Hermosa project,
while making progress with our scoping study for the Clark Deposit. We expect to report the
outcomes for the Taylor PFS around the end of the calendar year.
• Subsequent to the end of the period, we completed the summer exploration season at our Ambler
Metals Joint Venture. Although total drilling metres and productivity were impacted by adverse
weather and challenges in fully staffing the program, sufficient material was recovered to
complete planned metallurgical work and geotechnical drilling at the Arctic Deposit.
• We invested US$7M during the September 2021 quarter in our early stage greenfield exploration
opportunities. With COVID-19 restrictions generally diminishing across jurisdictions, activity
continues to ramp-up with multiple programs targeting base and precious metals underway in
Australia, USA, Canada, Argentina, Peru and Ireland.
• We directed US$15M towards exploration programs at our existing operations and development
options during the September 2021 quarter (US$11M capitalised), including US$0.5M for our EAI
(US$0.1M capitalised), US$4M at the Hermosa project (all capitalised) and US$6M at Ambler
Metals (all capitalised).

PRODUCTION SUMMARY
Production guidance
(South32 share)

FY21 3M YTD FY22 FY22e[note a]
Worsley Alumina
Alumina production (kt) 3,963 1,006 3,965
Brazil Alumina
Alumina production (kt) 1,398 272 1,300
Hillside Aluminium[note 7]
Aluminium production (kt) 717 180 720
Mozal Aluminium[note 7]
Aluminium production (kt) 265 68 273
Illawarra Metallurgical Coal
Total coal production (kt) 7,645 1,888 7,300
Metallurgical coal production (kt) 6,170 1,575 6,300
Energy coal production (kt) 1,475 313 1,000
Australia Manganese
Manganese ore production (kwmt) 3,529 897 3,500
South Africa Manganese
Manganese ore production[note 8] (kwmt) 2,264 668 2,200
Cerro Matoso
Payable nickel production (kt) 34.1 9.6 43.8
Cannington
Payable zinc equivalent
production[note 9] (kt) 319.0 78.2 278.3
Payable silver production (koz) 13,655 3,493 11,647
Payable lead production (kt) 131.8 31.9 112.6
Payable zinc production (kt) 67.7 15.4 63.9

a. The denotation (e) refers to an estimate or forecast year. All guidance is subject to further
potential impacts from COVID-19.

WORSLEY ALUMINA (86% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Alumina production (kt) 963 1,006 4% 963 1,078 1,006 4% (7%)
Alumina sales (kt) 1,001 924 (8%) 1,001 1,086 924 (8%) (15%)

Worsley Alumina saleable production decreased by 7% (or 72kt) to 1,006kt in the September 2021
quarter. Following the prior period’s drawdown of hydrate inventory, the refinery continued to
operate above nameplate capacity with calcination rates now normalised. FY22 production guidance
remains unchanged at 3,965kt with the refinery continuing to benefit from improvement initiatives.
Notwithstanding the continued strong operating performance, elevated caustic soda prices are
expected to further impact the refinery’s Operating unit cost guidance for FY22 of US$241/t.
Sales decreased by 15% during the September 2021 quarter as our shipping schedule was impacted by
adverse weather and COVID-19 quarantine requirements.
We realised a circa 15% premium to the Platts Alumina Index [note 10] on a volume weighted
M-1 basis for alumina sales in the September 2021 quarter, with our realised prices benefitting
from a legacy supply contract with Mozal Aluminium, and elevated global freight rates which are
also reflected in Operating unit costs.

BRAZIL ALUMINA (36% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Alumina production (kt) 352 272 (23%) 352 349 272 (23%) (22%)
Alumina sales (kt) 340 247 (27%) 340 333 247 (27%) (26%)

Brazil Alumina saleable production decreased by 22% (or 77kt) to 272kt in the September 2021
quarter following an incident in July that damaged one of the two bauxite unloaders at the
refinery.
The operation took immediate action to mitigate the disruption through the installation of
temporary loading infrastructure and returned to full capacity in October. With the ramp-up of
the refinery meeting prior expectations, FY22 production guidance remains unchanged at 1,300kt.
Separately, we are working with our partner Alcoa to investigate a potential restart of the
Alumar aluminium smelter in H2 FY22 using 100% renewable energy from 2024. We expect to make a
decision on the potential restart by the end of the calendar year.

HILLSIDE ALUMINIUM (100%)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Aluminium production (kt) 180 180 0% 180 180 180 0% 0%
Aluminium sales (kt) 175 160 (9%) 175 169 160 (9%) (5%)

Hillside Aluminium saleable production remained at 180kt in the September 2021 quarter as the
smelter continued to test its maximum technical capacity, despite the impact of further
load-shedding. FY22 production guidance[note 7] remains unchanged at 720kt.
Sales decreased by 5% in the September 2021 quarter as port congestion impacted the timing of
shipments.
In August we finalised a new agreement with Eskom which secures the smelter’s energy supply
until 2031. The new tariff is South African rand based, with a rate of escalation linked to the
South Africa Producer Price Index.

MOZAL ALUMINIUM (47.1% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Aluminium production (kt) 68 68 0% 68 66 68 0% 3%
Aluminium sales (kt) 64 55 (14%) 64 68 55 (14%) (19%)

Mozal Aluminium saleable production increased by 3% (or 2kt) to 68kt in the September 2021
quarter as the smelter’s productivity benefitted from our investment in the AP3XLE energy
efficiency project. Notwithstanding the further impact of load-shedding, the smelter continues
to test its maximum technical capacity, and FY22 production guidance[note 7] of 273kt remains
unchanged.
Sales decreased by 19% in the September 2021 quarter as port congestion impacted the timing of
shipments.
The smelter sources alumina from our Worsley Alumina refinery with approximately 50% priced as
a percentage of the LME aluminium index under a legacy contract and the remainder linked to the
Platts alumina index on an M-1 basis, with caps and floors embedded within specific contracts.
As a result of these contracts the smelter paid a premium to the Platts index on an M-1 basis
for alumina sourced during the September 2021 quarter.

ILLAWARRA METALLURGICAL COAL (100%)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Total coal production (kt) 2,371 1,888 (20%) 2,371 1,725 1,888 (20%) 9%

Total coal sales[note 11] (kt) 1,940 1,708 (12%) 1,940 1,766 1,708 (12%) (3%)

Metallurgical coal production (kt) 1,863 1,575 (15%) 1,863 1,340 1,575 (15%) 18%

Metallurgical coal sales (kt) 1,468 1,490 1% 1,468 1,367 1,490 1% 9%

Energy coal production (kt) 508 313 (38%) 508 385 313 (38%) (19%)

Energy coal sales (kt) 472 218 (54%) 472 399 218 (54%) (45%)

Illawarra Metallurgical Coal saleable production increased by 9% (or 163kt) to 1,888kt in the
September 2021 quarter with longwall productivity improving, following challenging strata conditions
and a longwall move in the prior period. Notwithstanding, energy coal production declined as no
sales of low-margin coal wash material were made in the quarter, with elevated freight rates making
them uneconomic.
While the lower total volumes are expected to adversely impact Operating unit costs, realised
prices will benefit due to fewer sales of the lower priced product and the current strong
metallurgical coal market. FY22 production guidance remains unchanged at 7.3Mt, with an extended
longwall move scheduled at the Dendrobium mine in the December 2021 quarter. Further longwall
moves are planned for the March 2022 and June 2022 quarters.

AUSTRALIA MANGANESE (60% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Manganese ore production (kwmt) 880 897 2% 880 866 897 2% 4%
Manganese ore sales (kwmt) 994 906 (9%) 994 891 906 (9%) 2%

Australia Manganese saleable production increased by 4% (or 31kwmt) to 897kwmt in the September
2021 quarter with the PC02 circuit continuing to operate above nameplate capacity, supported by
an improvement in product yield.
FY22 production guidance remains unchanged at 3,500kwmt.
We disclosed our updated Mineral Resource estimate in September to incorporate results from the
initial phase of our ongoing Southern Areas exploration program, adding a further 17Mt to GEMCO’s
Total Mineral Resource of 157Mt[note 12].

SOUTH AFRICA MANGANESE (60% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Manganese ore production[note 8] (kwmt) 581 668 15% 581 598 668 15% 12%
Manganese ore sales[note 8] (kwmt) 517 566 9% 517 636 566 9% (11%)

South Africa Manganese saleable production increased by 12% (or 70kwmt) to a record 668kwmt in the
September 2021 quarter, due to higher volumes of premium material from our Mamatwan mine. While
starting the year well ahead on an annualised basis, FY22 production guidance remains unchanged at
2,200kwmt as we monitor market conditions and our continued use of higher cost trucking.
Ore sales decreased by 11% during the September 2021 quarter as we established additional finished
goods inventory ahead of a planned shut. Notwithstanding the lower volumes, we achieved a premium
to the medium grade 37% manganese lump ore index[note 13] on a volume weighted M-1 basis as we
optimised our sales mix.

CERRO MATOSO (99.9% SHARE)

1Q22 1Q22
YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 vs vs
FY21 FY22
1Q21 4Q21

Payable nickel production (kt) 10.0 9.6 (4%) 10.0 10.9 9.6 (4%) (12%)
Payable nickel sales (kt) 10.4 10.4 0% 10.4 10.3 10.4 0% 1%

Cerro Matoso payable nickel production decreased by 12% (or 1.3kt) to 9.6kt in the September
2021 quarter as plant availability was impacted by an unplanned transformer outage. FY22 production
guidance remains unchanged at 43.8kt with the operation implementing mitigating actions to recover
volumes across the remainder of the year.
Our ferronickel product sells with reference to the LME Nickel index price on a M or M+1 basis.
While product discounts averaged 9% during the September 2021 quarter, these have reduced for
recently completed sales.

CANNINGTON (100% SHARE)

YTD YTD
South32 share YoY 1Q21 4Q21 1Q22 1Q22 1Q22
FY21 FY22
vs vs

1Q21 4Q21

Payable zinc equivalent production 64.1 78.2 22% 64.1 97.1 78.2 22% (19%)
[note 9] (kt)

Payable silver production (koz) 2,863 3,493 22% 2,863 4,178 3,493 22% (16%)

Payable silver sales (koz) 2,967 2,718 (8%) 2,967 4,460 2,718 (8%) (39%)

Payable lead production (kt) 26.4 31.9 21% 26.4 41.2 31.9 21% (23%)

Payable lead sales (kt) 29.5 25.3 (14%) 29.5 41.9 25.3 (14%) (40%)

Payable zinc production (kt) 12.4 15.4 24% 12.4 19.5 15.4 24% (21%)

Payable zinc sales (kt) 11.8 14.3 21% 11.8 21.3 14.3 21% (33%)

Cannington payable zinc equivalent production decreased by 19% (or 18.9kt) to 78.2kt in the
September 2021 quarter as planned surface maintenance lowered plant throughput, and average
grades declined following the prior period’s extraction of a higher grade mining sequence.
Ore mined increased by 8% as continued strong underground performance supported the establishment
of additional run of mine inventory during the surface outage.
The operation remains on-track to transition to 100% truck haulage from the June 2022 quarter,
with FY22 production guidance remaining unchanged (silver 11,647koz, lead 112.6kt and zinc 63.9kt).

NOTES
1. Net cash number is unaudited and should not be considered as an indication of or alternative to
an IFRS measure of profitability, financial performance or liquidity.
2. Refer to market release “South32 to acquire a 45% interest in the Sierra Gorda copper mine”
dated 14 October 2021. Upfront consideration subject to customary working capital and net debt
adjustments. Contingent price-linked consideration payable at threshold copper production rates
and prices in the years 2022-25.
3. Refer to market release “South32 to acquire up to an additional 25% of Mozal Aluminium” dated 30
September 2021.
4. Net distributions from equity accounted investments includes net debt movements and dividends,
which are unaudited and should not be considered as an indication of or alternative to an IFRS
measure of profitability, financial performance or liquidity.
5. Since inception, US$1.4B has been allocated to the on-market share buy-back (659M shares at
an average price of A$2.87 per share) and US$385M returned in the form of special dividends.
6. The Colombian corporate tax rate is 31% in CY21 and will increase to 35% from 1 January 2022
in accordance with recently passed legislation. The Mozambique operations are subject to a
royalty on revenues instead of income tax.
7. Production guidance for Hillside Aluminium and Mozal Aluminium does not assume any
load-shedding impact on production.
8. Consistent with the presentation of South32’s segment information, South Africa Manganese ore
production and sales have been reported at 60%. The Group’s financial statements will continue
to reflect a 54.6% interest in South Africa Manganese ore.
9. Payable zinc equivalent production (kt) was calculated by aggregating revenues from payable
silver, lead and zinc, and dividing the total Revenue by the price of zinc. FY21 realised prices
for zinc (US$2,357/t), lead (US$1,862/t) and silver (US$25.4/oz) have been used for FY21,
Q1 FY22 and FY22e.
10.The quarterly sales volume weighted average of the Platts Alumina Index (FOB Australia) on the
basis of a one month lag to published pricing (Month minus one or “M-1”) was US$293/t in the
September 2021 quarter.
11.Illawarra Metallurgical Coal sales are adjusted for moisture and will not reconcile directly to
Illawarra Metallurgical Coal production.
12.Information in this report that relates to Mineral Resource estimates for GEMCO was declared as
part of South32’s annual Resource and Reserve declaration in the FY21 Annual Report
(www.south32.net) issued on 3 September 2021 and prepared by Competent Person in accordance
with the requirements of the JORC Code. South32 confirms that it is not aware of any new
information or data that materially affects the information included in the original
announcements. All material assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not materially changed. South32
confirms that the form and context in which the Competent Person’s findings are presented have
not been materially modified from the original market announcement.
13.The quarterly sales volume weighted average of the Metal Bulletin 37% manganese lump ore index
(FOB Port Elizabeth, South Africa) on the basis of a one month lag to published pricing
(Month minus one or “M-1”) was US$3.11/dmtu in the September 2021 quarter.

The following abbreviations have been used throughout this report: US$ million (US$M); US$ billion
(US$B); grams per tonne (g/t); tonnes

OPERATING PERFORMANCE

South32 share YTD YTD
1Q21 2Q21 3Q21 4Q21 1Q22
FY21 FY22

Worsley Alumina (86% share)

Alumina hydrate production (kt) 1,010 997 1,010 1,002 977 992 997

Alumina production (kt) 963 1,006 963 1,047 875 1,078 1,006

Alumina sales (kt) 1,001 924 1,001 1,077 840 1,086 924

Brazil Alumina (36% share)

Alumina production (kt) 352 272 352 354 343 349 272

Alumina sales (kt) 340 247 340 334 384 333 247

Hillside Aluminium (100%)

Aluminium production (kt) 180 180 180 181 176 180 180

Aluminium sales (kt) 175 160 175 172 191 169 160

Mozal Aluminium (47.1% share)

Aluminium production (kt) 68 68 68 67 64 66 68

Aluminium sales (kt) 64 55 64 66 64 68 55

South Africa Energy Coal (100% share
divested)

Energy coal production (kt) 6,263 – 6,263 4,980 3,764 3,079 –

Domestic sales (kt) 3,607 – 3,607 2,920 2,025 1,823 –

Export sales (kt) 2,487 – 2,487 2,210 1,879 1,449 –

Illawarra Metallurgical Coal
(100%)

Total coal production (kt) 2,371 1,888 2,371 1,725 1,824 1,725 1,888

Total coal sales[note 11] (kt) 1,940 1,708 1,940 2,087 1,823 1,766 1,708

Metallurgical coal production (kt) 1,863 1,575 1,863 1,399 1,568 1,340 1,575

Metallurgical coal sales (kt) 1,468 1,490 1,468 1,697 1,542 1,367 1,490

Energy coal production (kt) 508 313 508 326 256 385 313

Energy coal sales (kt) 472 218 472 390 281 399 218

Australia Manganese (ore 60% share,
alloy 60%share divested)

Manganese ore production (kwmt) 880 897 880 954 829 866 897

Manganese ore sales (kwmt) 994 906 994 871 865 891 906

Ore grade sold (%, Mn) 44.3 44.2 44.3 44.5 44.4 44.5 44.2

Manganese alloy production (kt) 27 – 27 24 – – –

Manganese alloy sales (kt) 26 – 26 33 – – –

South Africa Manganese (60% share)

Manganese ore production
[note 8] (kwmt) 581 668 581 505 580 598 668

Manganese ore sales[note 8]
(kwmt) 517 566 517 586 497 636 566

South32 share YTD YTD
1Q21 2Q21 3Q21 4Q21 1Q22
FY21 FY22

Ore grade sold (%, Mn) 39.7 40.3 39.7 40.0 40.6 39.5 40.3

Manganese alloy production (kt) – – – – – – –

Manganese alloy sales (kt) 8 – 8 3 – – –

Cerro Matoso (99.9% share)

Ore mined (kwmt) 645 1,058 645 825 594 1,174 1,058

Ore processed (kdmt) 698 620 698 457 528 702 620

Ore grade processed (%, Ni) 1.58 1.76 1.58 1.55 1.60 1.76 1.76

Payable nickel production (kt) 10.0 9.6 10.0 6.1 7.1 10.9 9.6

Payable nickel sales (kt) 10.4 10.4 10.4 6.1 6.7 10.3 10.4

Cannington (100%)

Ore mined (kwmt) 700 750 700 709 714 696 750

Ore processed (kdmt) 630 687 630 672 724 720 687

Silver ore grade processed (g/t,Ag) 169 185 169 179 177 213 185

Lead ore grade processed (%, Pb) 5.0 5.5 5.0 5.2 5.8 6.6 5.5

Zinc ore grade processed (%, Zn) 2.9 3.2 2.9 3.7 3.5 3.9 3.2

Payable Zinc equivalent
64.1 78.2 64.1 76.4 81.4 97.1 78.2
production[note 9] (kt)

Payable silver production (koz) 2,863 3,493 2,863 3,130 3,484 4,178 3,493

Payable silver sales (koz) 2,967 2,718 2,967 3,359 2,950 4,460 2,718

Payable lead production (kt) 26.4 31.9 26.4 31.2 33.0 41.2 31.9

Payable lead sales (kt) 29.5 25.3 29.5 31.9 28.4 41.9 25.3

Payable zinc production (kt) 12.4 15.4 12.4 18.0 17.8 19.5 15.4

Payable zinc sales (kt) 11.8 14.3 11.8 20.0 15.9 21.3 14.3

Forward-looking statements
This release contains forward-looking statements, including statements about trends in commodity
prices and currency exchange rates; demand for commodities; production forecasts; plans,
strategies and objectives of management; capital costs and scheduling; operating costs; anticipated
productive lives of projects, mines and facilities; and provisions and contingent liabilities.
These forward-looking statements reflect expectations at the date of this release, however they are
not guarantees or predictions of future performance.
They involve known and unknown risks, uncertainties and other factors, many of which are beyond our
control, and which may cause actual results to differ materially from those expressed in the
statements contained in this release. Readers are cautioned not to put undue reliance on
forward-looking statements. Except as required by applicable laws or regulations, the South32 Group
does not undertake to publicly update or review any forward-looking statements, whether as a result
of new information or future events. Past performance cannot be relied on as a guide to future
performance. South32 cautions against reliance on any forward looking statements or guidance,
particularly in light of the current economic climate and the significant volatility, uncertainty
and disruption arising in connection with COVID-19.

FURTHER INFORMATION
INVESTOR RELATIONS MEDIA RELATIONS
Tom Gallop Miles Godfrey Jenny White
M +61 439 353 948 M +61 415 325 906 M +44 7900 046 758
E [email protected] E [email protected] E [email protected]

21 October 2021

Approved for release by Graham Kerr, Chief Executive Officer

JSE Sponsor: UBS South Africa (Pty) Ltd

Date: 21-10-2021 09:19:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
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