South32 Profits Hit Record 432% Jump

Perth-based miner South32 have recently recorded their 2021-2022 FY profits, driven largely by surging prices for metallurgical coal and aluminium. The profits represent a 432% jump from FY21 and sit at $3.76 billion.

South32’s strong financial position was very influential in the industry, by boosting its internal investment and increasing the exposure towards metals that are now critical for a low-carbon future. Chief executive officer Graham Kerr said the company was aware of the need to move towards more future-facing minerals such as these.

“We have repositioned our portfolio toward metals critical for a low-carbon future… we added copper to our portfolio through the acquisition of a 45% interest in Sierra Gorda and doubled our low-carbon aluminium capacity with an additional shareholding in the hydro-powered Mozal Aluminium smelter and the restart of our 100 per cent renewable powered Brazil Aluminium smelter.” Graham Kerr added.