South32 Limited (DI) (S32)

Sector:

Mining

182.70p
   
  • Change Today:
    -2.10p
  • 52 Week High: 207.20p
  • 52 Week Low: 143.60p
  • Currency: UK Pounds
  • Shares Issued: 4,528.23m
  • Volume: 543,176
  • Market Cap: £8,273m

South32 exercises option to acquire 50pc interest in Trilogy joint venture

By Josh White

Date: Friday 20 Dec 2019

LONDON (ShareCast) - (Sharecast News) - South32 announced on Friday that it has exercised its option to acquire a 50% interest in a joint venture company with Trilogy Metals.
The London-listed firm said the venture would own the Upper Kobuk Mineral Projects (UKMP) in northwest Alaska.

Trilogy Metals would contribute all of its assets associated with the UKMP, and South32 would contribute $145m to the joint venture.

Establishment of the venture was expected in February 2020, and followed an initial exploration partnership between South32 and Trilogy Metals over three field seasons to advance both parties' geological understanding of the UKMP.

Following formation, the venture would retain $87.5m of the $145m subscription payment to fund its activities and exploration programmes, with the balance of $57.5m loaned back to South32.

The loan would be repaid in instalments, on notice by the joint venture as required to advance development studies, resource drilling and regional exploration programs.

"Investing in exploration to create shareholder value is integral to our group's strategy," said South32 chief executive officer Graham Kerr.

"Forming the UKMP Joint Venture will be another important milestone as we reshape and improve our portfolio, by adding high-quality copper and base metals development options."

Kerr said the decision to exercise the option followed a successful exploration partnership with Trilogy Metals, adding that it was an "exciting" step forward.

"We look forward to furthering our partnership with Trilogy Metals and NANA Regional Corporation, the Iñupiat-owned Alaska native corporation in the region, as we work together to advance the Arctic and Bornite deposits and further test the significant regional potential across the Ambler Mining District."

Trilogy Metals interim president and chief executive officer James Gowans added that having the support and partnership from a senior mining company such as South32, both in terms of its financial support and technical expertise, was "tremendous" for Trilogy Metals.

"The Ambler Mining District has great potential that we expect will finally be realised with the formation of the joint venture and when the Ambler Mining District Industrial Access Project, providing key infrastructure access, is approved.

"We are very excited to advance this partnership."

At 1504 GMT, shares in South32 were down 1.93% at 147.1p.

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S32 Market Data

Currency UK Pounds
Share Price 182.70p
Change Today -2.10p
% Change -1.14 %
52 Week High 207.20p
52 Week Low 143.60p
Volume 543,176
Shares Issued 4,528.23m
Market Cap £8,273m

S32 Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
48.87% above the market average48.87% above the market average48.87% above the market average48.87% above the market average48.87% above the market average
44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average
Price Trend
4.73% above the market average4.73% above the market average4.73% above the market average4.73% above the market average4.73% above the market average
90.00% above the sector average90.00% above the sector average90.00% above the sector average90.00% above the sector average90.00% above the sector average
Income
75.37% above the market average75.37% above the market average75.37% above the market average75.37% above the market average75.37% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
36.76% above the market average36.76% above the market average36.76% above the market average36.76% above the market average36.76% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average

What The Brokers Say

Strong Buy 3
Buy 5
Neutral 5
Sell 0
Strong Sell 0
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

S32 Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Sep-24 07-Mar-24
Paid 17-Oct-24 04-Apr-24
Amount 3.10¢ 0.40¢

Trades for 31-Oct-2024

Time Volume / Share Price
16:47 7,469 @ 182.56p
16:35 68,234 @ 182.70p
16:35 498 @ 182.70p
16:35 720 @ 182.70p
16:35 1,446 @ 182.70p

S32 Key Personnel

Chair Karen Wood

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