South32 to sell Cerro Matoso nickel business

** South32 has entered into a binding agreement to sell Cerro Matoso to CoreX Holding B.V., a global industrial conglomerate, in a move to focus on higher-margin businesses. While the Buyer will pay nominal consideration at closing and assume all liabilities, South32 will receive up to US$100M in future cash payments, contingent on production and nickel prices (up to US$80M) and permitting milestones for the Queresas & Porvenir North project (up to US$20M). The transaction, expected to close in late CY25, remains subject to customary conditions including regulatory approvals and entity reorganization. Cerro Matoso will be classified as a discontinued operation in South32's financial results until completion. The company anticipates recognizing an impairment expense of approximately US$130M in its FY25 financial statements, which will be excluded from Underlying earnings. Goldman Sachs is serving as financial advisor to South32 on the deal.