FY24 full year financial results and annual reporting suite released

Despite facing challenges, including two extreme weather events that disrupted our GEMCO and Cannington operations, we delivered strong second half results and accelerated our portfolio transformation.

Our key performance and financial highlights include:

• Zero fatalities at our operations and a 14 per cent reduction in our total recordable injury frequency compared to FY23;
• Improved operating performance, disciplined cost management and higher prices for our key commodities lifted our financial results to finish the year. As a result, we recorded FY24 Underlying EBITDA of US$1.8 billion and Underlying earnings of US$380 million;
• Set consecutive annual production records at Hillside Aluminium and South Africa Manganese, and lifted production at Cannington by ten per cent year-on-year;
• Announced a fully-franked ordinary dividend of US$140 million in respect of the second half year of the financial year and we have resolved to allocate US$200 million to our capital management program, to be returned to shareholders via an on-market share buy-back, following completion of the Illawarra Metallurgical Coal sale; and
• Operational greenhouse gas (GHG) emissions (Scope 1 and 2) decreased by six per cent and value chain GHG emissions (Scope 3) decreased by 17 per cent year-on-year.

Watch: Graham Kerr, South32 CEO, discusses our full year financial results and milestones in the transformation of our portfolio

Portfolio update 

During the year, we achieved two key strategic milestones towards reshaping our portfolio to the commodities critical for a low-carbon future. 

At our Hermosa project, we announced final investment approval for the Taylor zinc-lead-silver deposit. Construction at Taylor has continued to track to plan, as we installed critical path infrastructure and progressed studies and permitting for both Taylor and our Clark battery-grade manganese deposit. 

We also agreed the sale of Illawarra Metallurgical Coal, which is expected to complete on 29 August 2024.  

>See our FY24 results and learn about the progress we've made in transforming our portfolio

See the full results and results presentation here.

See the annual reporting suite here.