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South32 Ltd

South32 Limited operates as a diversified metals and mining company. The company operates through Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium, Mozal Aluminium, Sierra Gorda, Cannington, Hermosa, Australia Manganese, and South Africa Manganese segments. It has a portfolio of assets producing bauxite, alumina, aluminum, copper, silver, lead, zinc, and manganese products. The company has operations in Australia, Bahrain, China, Japan, Italy, Mozambique, South Africa, the Netherlands, Brazil, South Korea, the United States, rest of Middle East, rest of Asia, rest of Europe, rest of North America, and rest of Oceania. South32 Limited was incorporated in 2000 and is headquartered in Perth, Australia.

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News & notes moving S32.LSE
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New York Copper Surges 3.34% on Tight Supply in China and Chile

New York copper futures surged 3.34% on Tuesday, buoyed by tight supply conditions in China and disruptions from major producers in Chile. COMEX copper for September delivery rose 21.15 cents to settle at 6.5525 dollars per pound. China's copper import premiums jumped to their highest since May of last year, as a crackdown on value-added tax fraud squeezed scrap copper availability and boosted demand for refined copper imports. Meanwhile, supply in Chile was hit by recent storms that affected output from major miners such as South32, Antofagasta, and Codelco. These supply concerns overshadowed ongoing market worries about the conflict between the United States and Iran.
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Alcoa outlines ~$900M NPV AliGroup synergies as it lowers 2026 alumina output to 9.5M-9.6M tons

Alcoa Corporation outlined approximately $900 million of net present value synergies from its planned acquisition of South32’s upstream aluminum value chain assets, known as AliGroup, while lowering its full-year 2026 alumina production and shipment expectations to 9.5 million to 9.6 million metric tons and 11.5 million to 11.6 million metric tons, respectively. CEO William Oplinger described the deal as the largest transaction in Alcoa’s history, with roughly $50 million of run-rate cost savings starting in the first year after closing, and said the acquisition is expected to be immediately accretive to earnings per share and cash flow. The consideration mix includes $3.1 billion in cash and $1 billion in stock, with a 5% annualized ticking fee on the cash portion and a contingent value right capped at $750 million over four years. CFO Molly Beerman attributed the alumina guidance cut primarily to operational challenges at the Pinjarra Refinery during the second quarter, including an oxalate outbreak and a natural gas supply disruption from Cyclone Narelle. The company reported second-quarter net income of $407 million, or $1.53 per share, with adjusted EBITDA of $901 million, and ended June with a cash balance of $1.4 billion after generating $422 million in free cash flow.
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Alcoa posts record quarterly revenue of $4 billion in second quarter 2026

Alcoa Corporation reported record quarterly revenue of $4 billion for the second quarter of 2026, a 24 percent sequential increase. Net income attributable to Alcoa was $407 million, or $1.53 per share, while adjusted net income rose 51 percent sequentially to $562 million, or $2.12 per share. Adjusted EBITDA excluding special items also climbed 51 percent to $901 million, driven by higher aluminum prices and shipments. The company generated $608 million in cash from operations and ended the quarter with a cash balance of $1.4 billion after redeeming the remaining $219 million of its 6.125% Senior Notes due 2028. Alcoa also announced a definitive agreement to acquire South32's interests in bauxite, alumina, and aluminum assets for upfront consideration of approximately $4.1 billion plus a contingent value right of up to $750 million.
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Shutterstock tumbles premarket; Intuitive Machines, Grindr rally

U.S. stock futures pointed lower on Wednesday as investors awaited remarks from Federal Reserve Chair Kevin Warsh and monitored peace talks between the United States and Iran. Shutterstock shares plunged 28% after Getty Images abandoned its planned merger, citing unacceptable regulatory conditions from the U.K.'s Competition and Markets Authority. Intuitive Machines climbed 7.4% after NASA awarded it a contract worth up to $148.3 million to deliver a Nova-C lunar lander by 2028, the company's sixth task order under the Commercial Lunar Payload Services program. Grindr surged 7.6% after Morgan Stanley upgraded the LGBTQ+ dating platform to Overweight and raised its price target to $18, citing strong user engagement. Klarna Group gained 6% after a Swedish court awarded its subsidiary PriceRunner approximately $1.97 billion in antitrust damages against Alphabet's Google. Oklo advanced 4.8% after the U.S. Department of Energy approved the Documented Safety Analysis for the Groves Isotope Test Reactor, moving it into final pre-startup review ahead of a July 2026 startup. ServiceNow rose 4% after Guggenheim upgraded the enterprise software company to Buy, citing durable recurring revenue growth. Nike fell nearly 4% after forecasting continued sales declines in the first half of fiscal 2027, overshadowing better-than-expected fourth-quarter revenue. Alcoa slipped 4.7% after agreeing to acquire South32's bauxite, alumina and aluminum assets for $4.1 billion.
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Nike, ServiceNow, Constellation Brands among stocks making biggest premarket moves

Nike fell more than 3% premarket after reporting a 12% sales decline in Greater China, despite beating earnings and revenue estimates for its fiscal fourth quarter. Constellation Brands rose about 1.5% after posting first-quarter earnings of $3.43 per share, above the $3.20 consensus, with revenue also topping expectations and full-year guidance roughly in line. Shutterstock plunged more than 30% and Getty Images dropped 4% after Getty called off their proposed merger due to demands from a U.K. regulator. Alcoa declined 4% after announcing a $4.1 billion deal to acquire South32's bauxite, alumina and aluminum portfolio. ServiceNow gained more than 5% and Salesforce nearly 4% after Guggenheim upgraded both to buy, citing attractive valuations and dismissing AI as a threat. Bloom Energy jumped over 7.5% on an expanded partnership with Brookfield to finance power for AI infrastructure projects. Kroger slipped 2% after agreeing to acquire Giant Eagle for $1.65 billion. Sandisk tumbled 3.5% and Micron Technology fell about 2.5% on the first trading day of the third quarter, following more than tripling in the prior quarter.
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South32 agrees conditional $5.6bn aluminium asset sale to Alcoa

South32 has entered a binding conditional agreement to sell its aluminium value chain assets to Alcoa in a deal with an implied enterprise value of up to $5.6 billion. The transaction includes South32's 86% interest in Worsley Alumina, full ownership of Hillside Aluminium, a 33% stake in the MRN bauxite mine, a 36% share in the Brazil Alumina refinery, and a 40% holding in the Brazil Aluminium smelter. Mozal Aluminium is not part of the sale and remains under care and maintenance while South32 explores divestment options. Total consideration comprises $3.1 billion in upfront cash, approximately $1 billion in Alcoa shares, up to $750 million in contingent cash payments linked to alumina and aluminium prices through 2030, and the assumption of around $750 million in net debt and lease liabilities plus roughly $1.2 billion in rehabilitation provisions. Completion is subject to South32 shareholder approval, Australian and South African regulatory clearances, and other customary conditions, with a long-stop date of 29 June 2027. South32 will receive a ticking fee of 5% per annum on the cash component from shareholder approval to closing. The company also announced that Matt Daley has started as CEO, with former CEO Graham Kerr staying on as a strategic advisor for the transaction.
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