This report does not constitute a rating action. Overview Key strengths Key risks Diversified commodity portfolio, with operating assets across multiple countries Reduced scale and diversity following the sale of aluminum value chain assets Continuing portfolio repositioning to base metals Operations in the cyclical and capital-intensive mining industry Conservative balance sheet that provides resilience to volatile commodity prices and headroom for growth Exposure to operations in higher-risk jurisdictions South32 Ltd.'s proposed sale of its aluminum assets will weaken its scale and diversity. If the sale proceeds, South32’s portfolio will decline to five commodities, and it will no longer have downstream operations. The company had already disposed of its Cerro Matoso mine in 2025 and Illawarra metallurgical coal mines in 2024,
