Sydney, June 17, 2026, 06:21 (AEST)
- South32 shares slid Tuesday, down roughly 4.5% at about A$4.26 to A$4.27 before the ASX opens Wednesday.
- Macquarie downgraded South32 to neutral from outperform after a strong run this year. The broker raised its price target to A$4.60.
- South32 said it will report its June quarter numbers on July 20 and post full-year results August 27.
South32 Ltd. shares dropped again in Australia on Wednesday after a rough session Tuesday. The move followed a broker downgrade. Some parts of the mining sector kept a positive tone.
ASX futures traded up before the open. Regular cash-market hours start at about 09:59:45 Sydney time and finish at 16:00. The closing auction follows after.
South32 was at A$4.27 on Google Finance at 4:16 p.m. AEST Tuesday, dropping 4.47%. IG’s market report had it at A$4.26, down 4.59%. Broker notes cited the materials stock as affected.
South32 shares are up 26% so far this year at A$4.47, Macquarie said. The broker cut its rating to neutral from outperform, saying the stock is likely to move with the market now. Macquarie did, however, lift its price target by 2.2% to A$4.60.
Macquarie cut Rio Tinto to neutral from outperform after its latest read through, but the broker said it still prefers Rio over BHP. It also raised targets on the three biggest miners. BHP shares are up 43% for the year, Rio has gained 29%, according to Macquarie.
South32 didn’t get much of a lift from local stocks Tuesday, with the S&P/ASX 200 finishing flat as the Reserve Bank of Australia kept rates at 4.35%. RBA Governor Michele Bullock said “inflation remains too high.” IG’s Tony Sycamore saw “early pre-RBA nerves” but said “buyers stepped in on the dip.” News
South32 is keeping its focus on base metals and aluminium and moving new projects ahead. The company runs alumina plants in Australia and Brazil, while aluminium sites are based in Brazil, South Africa and Mozambique. South32 also operates manganese in Australia and South Africa, and controls the Cannington silver-lead-zinc mine in Queensland.
South32 is again betting on its Hermosa project in Arizona, expanding plans for zinc, lead and silver. The company lifted growth capital spending at the Taylor deposit to roughly US$3.3 billion in April, up nearly 50% from the previous US$2.2 billion green light. First production is now set for the back half of fiscal 2028. CEO Graham Kerr said Hermosa has the potential to yield “critical minerals over several decades.” Mining
South32 cut its 2026 Australia Manganese output target to 3 million wet metric tonnes in April after heavy rain and Cyclone Narelle hit its GEMCO operation in the Northern Territory. The company also flagged rising freight and input costs linked to Middle East tensions.
South32 reports June-quarter numbers on July 20, with investors eyeing steady manganese output and signs that stockpiles at Mozal and Cannington are coming down. Spending at the Hermosa project is also in focus as the company moves toward its full-year report in August.
South32’s downgrade could end up fueling more profit-taking, especially if commodity prices dip again or project costs start rising. The miner could still benefit if aluminium or base metals rally, but there’s little room for error. Management needs to keep Hermosa moving, stay alert on manganese and weather risks, and sort out Mozambique power at Mozal. Guidance will stay tight.
