Sydney, Feb 25, 2026, 18:44 AEDT — Market closed
- South32 finished Wednesday 1.6% higher, closing at A$4.58
- March 5 brings the next ex-dividend date on the calendar.
- Investors are eyeing Mozal’s planned shutdown in March as well.
South32 Ltd ended Wednesday at A$4.58, climbing 1.6%. Shares moved within a range of A$4.50 to A$4.59.
The key date up ahead: South32’s interim dividend schedule. Shares will go ex-div on March 5 on both the ASX and LSE, followed by the March 6 record date. Remember, if you pick up shares on or after the ex-dividend date, you miss the payout—it goes to the seller.
This trend is in focus, as investors are favoring miners that pay out cash, and with Australia’s reporting season underway, Fortescue has become the latest case in point. The company announced a profit and dividend update on Tuesday.
South32 is turning the spotlight once again on Mozambique. The miner said its Mozal aluminium smelter is set to enter “care and maintenance” — industry shorthand for mothballing — around March 15, after efforts to lock in a new power deal fell through. Source: Investegate (Mozal update)
Back then, Chief Executive Officer Graham Kerr said the two sides were “deadlocked on an appropriate electricity price” and confirmed the company would “turn our attention to safely placing the smelter on care and maintenance”. The company put the one-off costs for the move at around $60 million, with yearly ongoing expenses near $5 million, both calculated on a 100% basis.
That smelter question keeps hanging over South32, shaping how the market treats both earnings numbers and any forward guidance as March approaches. For the half-year to Dec. 31, underlying earnings landed at $435 million—beating forecasts—and the interim dividend was set at 3.9 cents per share.
During the update, South32 cut its Brazil aluminium production forecast, blaming operational setbacks, while Kerr told analysts the company was struggling to secure enough pitch and coke for Mozal.
At this point, traders are watching dividend mechanics closely, but they’re also alert for any last-minute power or logistics issues that could emerge before the March shutdown window. Any hiccup here might quickly shift cost assumptions.
But there’s risk on both sides here. Earnings leverage fades fast if aluminium or copper prices drop, and if the Mozal transition turns rough—think pricier separation, escalating contractor fees, or the care-and-maintenance phase dragging out longer than planned—the market’s patience could wear thin.
Attention turns to the March 5 ex-dividend date, while separately, investors are eyeing any update from the company before Mozal is expected to shift into care and maintenance in mid-March.
