South32 keeps FY27 production guidance unchanged, flags Australia Manganese update with FY26 results

• South32 flagged a ~US$200 million working-capital unwind in H2 FY26, reversing a US$130 million build in H1 FY26 as inventories fall.
• Expected FY26 Group and unallocated expense in Underlying EBIT of ~US$60 million, mainly from favorable inter-group inventory adjustments in aluminium.
• Forecast FY26 Group Underlying effective tax rate of ~33%, reflecting jurisdictional tax rates and the earnings mix.
• Costs tied to Mozal’s care-and-maintenance shift expected at US$33 million, with a non-cash inventory write-down of US$89 million, excluded from Underlying earnings.
• Taylor project outlook reaffirmed: first production expected in H2 FY28; growth capex set at US$3.3 billion; steady-state EBITDA ~US$650 million a year; NPV ~US$3.1 billion.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. South32 Ltd. published the original content used to generate this news brief via SENS, the regulatory disclosure system operated by the Johannesburg Securities Exchange (JSE) (Ref. ID: S524303), on July 20, 2026, and is solely responsible for the information contained therein.