In today’s briefing:
- SK Innovation – Why It Hasn’t Worked
- Reshaping South32’s Low-Carbon Footprint
SK Innovation – Why It Hasn’t Worked
- Has SK Innovation raised enough money for its longer term ambitions?
- What is the stock pricing in that is not apparent on the balance sheet?
- It seems really given their capex outlet, dilutive cap raising is the only solution
Reshaping South32’s Low-Carbon Footprint
- Since being spun out from BHP in 2015, South32 Ltd (S32 AU) has doggedly addressed its vast asset portfolio.
- This strategy has not been without issue, such as the US$1.3bn writedown in Hermosa base metals project (zinc, lead) earlier this year due to inflationary pressure from inputs (steel, cement).
- Not unlike other major miners, commodities tethered to the energy transition form a key cornerstone of South32’s forward objective, potentially leading to coal asset divestment and further copper (lithium?) acquisitions.
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