Latest news with #GrahamKerr
Yahoo
07-07-2025
- Business
- Yahoo
South32 to sell Cerro Matoso mine to CoreX Holding subsidiary
South32 has entered a binding agreement to divest its Cerro Matoso mine to a subsidiary of CoreX Holding, following a strategic review prompted by shifts in the nickel market. Located in Córdoba, Colombia, Cerro Matoso is an open-cut mine and smelter that produces ferronickel. The deal includes the assumption of the mine's economic and operational control by the buyer, along with all current and future liabilities. Upon completion of the transaction, the buyer will pay nominal consideration and make future cash payments of up to $100m, contingent on production, nickel prices, and permitting milestones for the Queresas and Porvenir North Project. These payments include up to $80m linked to nickel production and prices, and up to $20m in four equal payments tied to permitting milestones over the next five years. South32 CEO Graham Kerr said: 'The transaction is consistent with our strategy and will further streamline our portfolio toward higher margin businesses in minerals and metals critical to the world's energy transition. 'The transaction will deliver a clean separation of Cerro Matoso and provide additional balance sheet flexibility to support investment in our growth options in copper and zinc. 'Cerro Matoso has a long and proud history in Colombia. Over the coming months, we will work with the Buyer, our workforce, the local communities, government, customers and suppliers to support a successful transition of ownership.' The sale is contingent on several conditions, including international merger clearances and a reorganisation of the entity holding Cerro Matoso. The expected completion date for the transaction is late calendar year 2025, subject to these conditions being met or waived. The transaction will result in an impairment expense of approximately $130m in the Group's FY25 financial statements, which will be excluded from FY25 underlying earnings as per the Group's accounting policies. Goldman Sachs is serving as the financial adviser and Freshfields as legal adviser to South32. Furthermore, the Australian Renewable Energy Agency (ARENA) has granted South32 A$4.4m ($2.8m) to investigate steam electrification at the Worsley Alumina Refinery in Western Australia. This initiative is part of the A$400m Industrial Transformation Stream programme and aims to reduce greenhouse gas emissions from Australia's largest industrial process heat user. "South32 to sell Cerro Matoso mine to CoreX Holding subsidiary" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
West Australian
06-07-2025
- Business
- West Australian
South32 offloads Colombia nickel mine Cerro Matoso to global industrial conglomerate CoreX
South32 has entered into a binding agreement to sell the Cerro Matoso nickel mine in Colombia to a subsidiary of global industrial conglomerate CoreX for cash payments of up to $US100 million ($152.6m). The deal will see CoreX — established by Turkish billionaire Robert Yuksel Yildirim in 2024 — pay nominal consideration and assume economic and operating control of Cerro Matoso, including all current and future liabilities. Announcing the deal on Monday, WA-based South32 said the transaction followed a strategic review in response to structural changes in the nickel market. CoreX will make future cash payments of up to $US100m, including up to $US80m of price-linked consideration based on future production and nickel prices, as well as up to $US20m, in four equal payments, based on permitting milestones within the next five years for the Queresas and Porvenir North project. 'The transaction is consistent with our strategy and will further streamline our portfolio toward higher margin businesses in minerals and metals critical to the world's energy transition,' outgoing South32 chief executive Graham Kerr said. 'Cerro Matoso has a long and proud history in Colombia. Over the coming months we will work with the Buyer, our workforce, the local communities, government, customers and suppliers to support a successful transition of ownership.' More to come.
News24
12-05-2025
- Business
- News24
South32 announces new CEO
Diversified global miner South32 has announced the exit of its long-time CEO Graham Kerr who will step down during the course of next year. Anglo American's Matthew Daley will join South32 as deputy chief executive officer in February 2026, and will assume the role of CEO when Kerr steps down later in the year. Kerr has headed up South32 ever since it was spun out of BHP, the world's largest mining company, in mid-2015. Under Kerr's leadership, the company has transitioned to a sharper focus on future-facing metals. Having divested from the South Africa coal assets in 2021, the JSE-listed company operates manganese mines in the country and also continues to operate the Hillside Aluminium smelter in Richards Bay. It also operates the Mozal aluminium smelter in Mozambique. Daley is currently the technical and operations director and a member of the executive leadership team at Anglo American. He joined in 2017 as group head of mining, and prior to that, he was the executive general manager for Glencore's Canadian copper division. South32 chair Karen Wood recognised Kerr's 'outstanding contribution' made over a decade of service through the company's demerger from BHP and the subsequent transformation of its portfolio. 'As inaugural CEO, Graham has been instrumental in establishing South32's values-based culture, building a quality leadership team, and implementing our strategy, underpinned by a disciplined approach to capital allocation and cost management,' Wood said. Anglo American has meanwhile appointed Tom McCulley to replace Daley as technical director, with immediate effect. Anglo CEO Duncan Wanblad said McCulley brings decades-long experience across the extractives industry to lead the group's global technical disciplines from discovery through to processing, as well as its critical safety, health and environment work.
Yahoo
12-05-2025
- Business
- Yahoo
Australia's South32 names Anglo American executive Matthew Daley to become CEO in 2026
MELBOURNE (Reuters) - Australia's South32 on Monday named Matthew Daley to lead the diversified miner when long-serving CEO Graham Kerr steps down in 2026, with Daley in the interim joining as deputy chief executive officer early next year. Daley has more than 20 years of experience in the metals and mining industry and is expected to help the miner continue its base metals expansion. He will join South32 from Anglo American plc, where he is currently the technical and operations director, South32 said in a statement. He joined London-listed Anglo American in 2017 as group head of mining, and has previously served as the executive general manager for Glencore's Canadian copper division. South32, like other miners, wants to grow in energy transition metal copper, and Daley's background at Glencore may help further that ambition. That comes after criticism by some investors that South32 has been too timid on M&A. "What are we flagging, that they are going to buy some copper?" said Chief Investment Officer Simon Mawhinney of Allan Gray. "It might be a case of 'join the queue'." The appointment comes amid a generational change among the world's top miners with BHP's Mike Henry expected to step down in the coming year. "Matthew is a highly accomplished executive with extensive operational and leadership experience, including in copper and in the Americas, and the board is confident he is the right successor for Graham," South32 Chair Karen Wood said in the statement. Kerr has helmed South32 since its split from BHP 10 years ago, making him among the longest serving mining CEOs, except for the near 20-year reign of Glencore's Ivan Glasenberg. Over that time, South32 has sold out of coal and bought into copper and other base metals, adding value to a tough portfolio of assets, although some investors have said he could have done it faster. There is also a question mark about how successful his U.S. Hermosa base metals projects in Arizona will prove to be given a high capital cost. South32 approved $2.16 billion in capital investment last year. Kerr told Reuters he will remain focused on a copper expansion at its Sierra Gorda joint venture in Chile and derisking Hermosa's Taylor project. "We're still at that inflection point for the organisation where we're investing heavily in base metals," he said. Kerr said it was time to move on after 10 years at the helm, but he hadn't thought much about life after South32, beyond taking a break. "I can't imagine myself just playing golf, to be honest." Sign in to access your portfolio
Business Recorder
12-05-2025
- Business
- Business Recorder
Australia shares hit over two-month high on US-China trade deal hopes
Australian shares touched a more than two-month high on Monday, buoyed by positive investor sentiment after the US and China concluded their crucial trade talks over the weekend with a hopeful outcome, with further details due later in the day. The S&P/ASX 200 index rose 0.5% to 8,269.60, as of 0030 GMT, to hit its highest level since February 27. The benchmark ended 0.5% higher on Friday. Investors globally are closely watching for more information following the weekend trade discussions in Geneva, Switzerland, where US officials highlighted a 'deal' aimed at lowering the US trade deficit, while Chinese representatives stated that both sides had reached an 'important consensus' and agreed to initiate another new economic dialogue forum. As China is Australia's biggest trading partner, local investors are eagerly waiting for the details, after weeks of escalating tensions that saw counter tariffs soar well beyond 100%. On the local bourse, heavyweight miners gained 0.6%, with the world's largest listed miner BHP Group up 1.4%, and Rio Tinto trading 1.1% higher. South32 said mining industry veteran Matthew Daley will join the diversified miner as deputy chief executive officer early next year and will take over as CEO when Graham Kerr steps down from the role later in 2026. Shares of the miner rose as much as 1.8%. Financials were up 0.5%, with three of the country's 'big four' banks up between 0.8% and 1%, while National Australia Bank was down about 1.9% as it traded ex-dividend. Australian shares rise on trade optimism Energy stocks rose for a fifth straight session, up about 1.9% to their highest level since April 4, as oil prices rose on progress in US-China trade talks over the weekend. Meanwhile, New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,659.69.
