South32 Ltd

S32: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.20	Mmwf	Vcmgcszq

South32's FVE Reduced by 6% Due to Lower Base Metals and Manganese Prices

Jon Mills

Sep 20, 2024

Business Strategy and Outlook

South32 is a diversified midtier global mining company spun out from BHP in 2015. It has commodity diversification and its operations are generally in the bottom half of their industry cost curves. However, they generally lack maintainable competitive advantage given relatively high capital intensity, a lack of barriers to entry, and in some cases, relatively short reserve life.

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