South32 not in Any Acquisition Talks; Has Had Interest in Mozal

Dow Jones

Jul 01

South32 isn't currently in any detailed discussions to buy other assets, as it reshapes its portfolio with an up to $5.6 billion sale of its aluminum business, the miner's chief executive officer said in an interview.

Matt Daley said South32 will "be opportunistic at the right time" in pursuing acquisitions, but that the company already has a lot of growth potential in its existing assets and that any future deals will need to be weighed against other options, including increasing shareholder returns.

Daley, who on Wednesday succeeded South32's CEO of more than 11 years, Graham Kerr, was speaking after South32 announced the sale of most of its bauxite, alumina and aluminum assets to Pittsburgh-based Alcoa.

The miner also announced the final investment approval for a fourth grinding line to expand the Sierra Gorda copper mine in Chile.

"I can confirm that we have been very consumed by the aluminum value-chain transaction," Daley told The Wall Street Journal. "That's been the focus along with the fourth grinding line and running the business safely and stably, and we're currently in no other detailed discussions."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

July 01, 2026 01:58 ET (05:58 GMT)

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