South32 curtails Mozal aluminium operations amid power uncertainty

South32 Limited will curtail its Mozal Aluminium operations due to lack of confidence in securing sufficient and affordable electricity beyond March 2026.

The company will stop pot relining and stand down contractors this month, with Mozal expected to be placed on care and maintenance when the current electricity agreement ends.

Mozal's FY26 production is anticipated to be approximately 240kt (South32 share), reflecting reduced operations.

South32 will recognise a US$372m post-tax impairment for Mozal in FY25 results, comprising US$339m for property, plant and equipment, US$7m for intangible assets, and US$26m for raw materials and consumables. This reduces Mozal's carrying value to US$68m.