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S32
South32 Ltd
Metals and Mining
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About South32 Ltd
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FUND MANAGER
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Pendal Group continues to hold its position in South32 following a business update and investor visit to the Hermosa project, which demonstrated progress with mining operations on track to begin within 15 months. Despite roughly US$2 billion in remaining capital expenditure, Pendal came away reassured on costs and more positive on the project's upside, viewing an expansion to 5 million tonnes per annum as increasingly likely with a further expansion to 6Mtpa possible over time. The manager also notes South32's pivot toward a leaner, more agile operating structure, with cost and headcount reductions continuing alongside completion of the Alcoa transaction.
Newsletter
21 Sep 2026
.
Pendal Group
No Change
Newsletter
Commentary
§ Important Notice
The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
Frequently asked questions about South32 Ltd (ASX:S32)
Frequently asked questions
Who is investing in South32 Ltd (ASX:S32)?
Fund managers including Endeavor Asset Management, Wilson Asset Management, Pendal Group, Yarra Capital Management, Equity Trustees Asset Management, Oracle Advisory Group, Ten Cap, Solaris Investment Management, Antares Capital, Maple-Brown Abbott, Sage Capital and Perennial Partners have invested in South32 Ltd (ASX:S32).
What opportunities or catalysts do fund managers highlight for South32 Ltd?
Managers highlight the Alcoa divestment, which delivered cash and Alcoa shares and simplified the portfolio, as well as progress at the Hermosa zinc and manganese project. Maple-Brown Abbott values its diverse commodity exposure without iron ore, and Pendal noted an in-line FY26 result with EBITDA slightly ahead.
What are the key risks to the South32 Ltd investment thesis, according to fund managers?
Pendal notes Hermosa still requires around US$2 billion in capital expenditure before production, and South32 maintained a 40% payout ratio rather than lifting shareholder returns as many peers did. Maple-Brown Abbott observed the aluminium sale removes almost 40% of earnings.
What is the short interest in South32 Ltd (ASX:S32)?
The short interest in South32 Ltd (ASX:S32) is 0.43% which makes it the 298th most shorted stock on the ASX. Of the 4.5B shares that South32 Ltd has on issue, 19.4M have been sold short.
What does South32 Ltd (ASX:S32) do?
South32 Ltd., headquartered in Perth, Australia, is a diversified metals and mining company founded in 2000. It manages a global portfolio of assets across twelve operational segments: Worsley Alumina, Hillside Aluminium, Mozal Aluminium, Brazil Alumina, South Africa Energy Coal, Illawarra Metallurgical Coal, Eagle Downs Metallurgical Coal, Australia Manganese, South Africa Manganese, Cerro Matoso, Cannington, and Hermosa. The company produces bauxite, alumina, aluminium, energy and metallurgical coal, manganese, ferronickel, silver, lead, and zinc. These operations include mining, refining, and smelting activities across Australia, South Africa, Mozambique, Brazil, Colombia, and the United States.