Arizona Mining Acquisition Improves South32’s Portfolio, FVE Increased to AUD 2.70
We raise our fair value estimate for no-moat-rated South32 to AUD 2.70 per share from AUD 2.30. Approximately 25% of the increase reflects the lower AUD/USD exchange rate. The rest is due to the proposed acquisition of Canadian-listed Arizona Mining. South32 has an agreed USD 1.3 billion bid for the 83% of Arizona Mining shares it does not own. It brings the Hermosa Project in Arizona, of which the high-grade Taylor deposit is the jewel.Acquisition of a likely low-cost, long life zinc, lead an...
South32 is engaged in mining and metal production from a portfolio of assets for the commodities of alumina, aluminium, bauxite, energy and metallurgical coal, manganese ore, manganese alloy, nickel, silver, lead and zinc. As of June 30 2016, Co. operated 10 segments, which were comprised of: Worsley Alumina, South Africa Aluminium, Brazil Alumina, Mozal Aluminium, South Africa Energy Coal, Illawarra Metallurgical Coal, Australia Manganese, South Africa Manganese, Cerro Matoso, and Cannington.
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