Mining group South32 says half-year earnings down 44% on lower commodity prices and higher inflation

- Globally diversified mining group South32 said yesterday that its statutory profit after tax for the half year ended 31 December 2022 decreased by 34% to US$685M, while underlying earnings decreased by 44% to US$560M.

South32 added that group copper equivalent production increased by 12% in H1 FY23 as the company"delivered strong production results and realized the benefit of investments in Sierra Gorda and the expanded low-carbon aluminium capacity." South32 said that underlying EBITDA decreased by US$507M to US$1,364M, for a group operating margin of 32%"due to the aforementioned commodity price and uncontrollable cost impacts."

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