Sydney, Feb 15, 2026, 18:02 (AEDT) — Market closed.
- South32 (ASX:S32) closed Friday at A$4.42, down 2.2%, after a choppy week around its half-year update
- The miner has extended its on-market buyback timetable to Feb. 26, 2027, and lifted its capital management plan by US$100 million
- Investors are watching buyback activity, big-holder filings and a planned March shift to “care and maintenance” at Mozal Aluminium
South32 shares ended Friday down 2.21% at A$4.42, extending a pullback from Thursday’s intraday high of A$4.91 as traders headed into the weekend. (Investing)
That matters heading into Monday because the stock has been moving on capital returns and a run of filings, not just the tape. A buyback can mop up supply. It can also disappoint if it slows.
The other live question is who is on the register. A notice lodged late on Friday showed Macquarie Group had ceased to be a “substantial holder” in South32, the Australian term for an investor above the 5% disclosure line.
South32 on Thursday updated its on-market buyback — buying shares on the exchange — saying it had increased the amount and extended the end date to Feb. 26, 2027. The Appendix 3C filing also named Royal Bank of Canada as broker and said the company could suspend or terminate the program at any time. (Company Announcements)
The buyback sits inside a broader capital management push. South32 said its capital management program has been lifted by US$100 million to US$2.6 billion, with US$209 million still to be returned to shareholders by Feb. 26, 2027, alongside a fully franked interim dividend of 3.9 U.S. cents a share payable on April 2. It also reiterated that “Mozal Aluminium will transition to care and maintenance in March 2026,” after failing to secure enough affordable power.
Governance news also landed earlier in the week. South32 said it had tapped former Rio Tinto executive Sinead Kaufman as a non-executive director from April 1, and chair Karen Wood described her as “an accomplished senior executive with a strong operational background and track record in leading complex operations.” (MarketScreener)
Late Friday, an exchange notice showed Macquarie Group had ceased to be a substantial holder in South32. In Australia, that status applies to holdings of 5% or more, and the filing can prompt fresh scrutiny of flows into and out of a stock. (Intelligent Investor)
The broader market was soft into the close. The S&P/ASX 200 fell 1.33% on Friday, with investors selling across sectors after a strong run earlier in the week. (ABC News)
At least one broker turned more cautious after the half-year print. Morgans cut its call on South32 to “accumulate” from “buy” and kept its A$5.00 target price, flagging a Hermosa budget increase as a near-term risk to watch. (Morgans)
There’s a clear downside path if cash gets tighter than expected. The planned Mozal shutdown reduces earnings capacity, and the company is spending heavily at Hermosa. If metal prices sag or capex runs hot, the buyback becomes more optional.
Next up, investors will be watching for further daily buyback disclosures, the March 6 record date for the interim dividend, and updates as Mozal approaches its mid-March transition to care and maintenance.
