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S32 Manganese Ore Quarterly Report June 2026
Manganese production exceeded FY26 guidance by 2%, with South Africa Manganese increasing quarterly production by 6%.
Australia Manganese continued to progress approvals, infrastructure investment and mine planning to manage elevated water volumes. Revised FY27 production guidance will be provided with our FY26 results, as this work is completed.
We received US$503M (South32 share) of net distributions8 from equity accounted investments (EAI) in FY26 (US$401M from Sierra Gorda and US$102M from our manganese business), including US$128M (South32 share) of net distributions in Q4 FY26 (US$86M from Sierra Gorda and US$42M from our manganese business).
We invested ~US$710M14 of growth capital expenditure at Hermosa in FY26, continuing construction of the Taylor zinc-lead-silver project (Taylor), and completing the exploration decline at the Clark battery-grade manganese deposit in Q2 FY26. In addition, lease payments for self generated power and other assets were ~US$50M in FY26.
Production summary
|
|
3Q26 |
4Q26 |
FY26 |
FY26e |
% of FY26e |
|
Australia Manganese (kwmt) |
589 |
782 |
3,031 |
3,000 |
101% |
|
South Africa Manganese (kwmt) |
500 |
528 |
2,085 |
2,000 |
104% |
MARKETING UPDATE
|
|
FY25 |
1H26 |
2H26 |
FY26 |
FY26 vs FY25 |
2H26 vs 1H26 |
|
Australia Manganese |
||||||
|
Manganese ore (US$/dmtu, FOB) |
3.68 |
3.81 |
4.66 |
4.23 |
15% |
22% |
|
South Africa Manganese |
||||||
|
Manganese ore (US$/dmtu, FOB) |
3.71 |
3.36 |
3.95 |
3.65 |
(2%) |
18% |
OPERATING UNIT COST UPDATE
|
|
Current Guidance FY26e |
FY26 Operating unit cost commentary |
|
Australia Manganese (US$/dmtu, FOB) |
2.40 |
FY26: expected to be ~10% above FY26 guidance, reflecting higher diesel prices and a stronger Australian dollar. |
|
South Africa Manganese (US$/dmtu, FOB) |
3.10 |
FY26: expected to be ~5% above FY26 guidance, with improved access to cost-efficient rail logistics more than offset by a stronger South African rand. |
AUSTRALIA MANGANESE (60% SHARE)
|
South32 share |
FY25 |
FY26 |
YoY |
4Q25 |
3Q26 |
4Q26 |
4Q26vs 4Q25 |
4Q26vs 3Q26 |
|
Manganese ore production (kwmt) |
1,106 |
3,031 |
174% |
467 |
589 |
782 |
67% |
33% |
|
Manganese ore sales (kwmt) |
253 |
3,598 |
— |
253 |
868 |
921 |
264% |
6% |
Australia Manganese saleable production was 3,031kwmt in FY26, in line with revised guidance, as the operation managed significant wet season impacts and elevated site water levels.
Water management remains a focus for the operation, with work ongoing to progress approvals, infrastructure investment and mine planning to manage elevated water volumes. Revised FY27 production guidance will be provided with our FY26 results, as this work is completed.
Sales were 3,598kwmt in FY26, as the operation drew down inventory.
SOUTH AFRICA MANGANESE (54.6% SHARE)
|
South32 share |
FY25 |
FY26 |
YoY |
4Q25 |
3Q26 |
4Q26 |
4Q26vs 4Q25 |
4Q26vs 3Q26 |
|
Manganese ore production (kwmt) |
2,151 |
2,085 |
(3%) |
593 |
500 |
528 |
(11%) |
6% |
|
Manganese ore sales (kwmt) |
2,096 |
2,181 |
4% |
601 |
501 |
586 |
(2%) |
17% |
South Africa Manganese saleable production was 2,085kwmt in FY26, exceeding guidance by 4%, with production increasing by 6% (or 28kwmt) in Q4 FY26 following planned maintenance in the prior quarter. FY27 production guidance remains unchanged at 2,000kwmt, subject to our continued use of higher cost trucking.
OPERATING PERFORMANCE
|
South32 share |
FY25 |
9M YTD26 |
4Q25 |
1Q26 |
2Q26 |
3Q26 |
4Q26 |
|
Australia Manganese (60% share) |
|||||||
|
Manganese ore production (kwmt) |
1,106 |
3,031 |
467 |
854 |
806 |
589 |
782 |
|
Manganese ore sales (kwmt) |
253 |
3,598 |
253 |
944 |
865 |
868 |
921 |
|
Ore grade sold (%, Mn) |
41.7 |
41.6 |
41.7 |
41.4 |
41.4 |
41.7 |
41.9 |
|
South Africa Manganese (54.6% share) |
|||||||
|
Manganese ore production (kwmt) |
2,151 |
2,085 |
593 |
551 |
506 |
500 |
528 |
|
Manganese ore sales (kwmt) |
2,096 |
2,181 |
601 |
548 |
546 |
501 |
586 |
|
Ore grade sold (%, Mn) |
38.9 |
38.5 |
38.7 |
38.3 |
38.4 |
38.8 |
38.5 |
- [Editor:tianyawei]
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