South32's Manganese Plans in Focus as Aluminum Offloaded
Dow Jones
Aug 28
0240 GMT - Macquarie questions the role of manganese in South32's portfolio in the long term. As the miner sells its aluminum business, it is putting copper and zinc at the heart of growth plans. Alongside South32's FY results, management reiterated that copper and zinc are the preferred growth commodities, while the near-term focus for manganese is safe and stable operations, Macquarie says. "There was no update on potential portfolio action, leaving manganese's longer-term strategic fit unresolved as the aluminum divestment progresses," it says. Macquarie has a neutral rating on South32. It raises its target price by 16% to 5.00 Australian dollars a share, citing higher spot commodity prices, among other factors. Shares are unchanged at A$5.21.
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