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South32 - Hermosa project update
South32 Ltd. provided an update on its Hermosa project in Arizona, US, highlighting significant progress on the Taylor zinc-lead-silver deposit. The initial operating life has been extended to approximately 33 years, with first production now expected in H2 FY28 and full capacity by FY31, delayed due to contractor performance issues. Capital expenditure has increased to around USD3.3 billion, driven by scope changes and inflation. The project’s Mineral Resource has increased by 10% to 169Mt, and Ore Reserves by 52% to 99Mt, supporting higher production and longer mine life. Expected steady-state EBITDA is approximately USD650 million annually, with a post-tax NPV of about USD3.1 billion, rising to USD4.5 billion at spot prices. The project remains on track for US federal permits, with key infrastructure and underground development underway.
A conference call will be held on 30 April 2026 at 9:00 a.m. Australian Western Standard Time (11:00 a.m. Australian Eastern Standard Time) to provide an update on the Hermosa project.
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