有色金属海外季报：South32 2025Q2 氧化铝产量同比增加 0.4%至 127.0 万吨，电解铝产量同比增长 3.7%至 30.9 万吨

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a year-on-year increase in alumina production by 0.4% to 1.27 million tons and a 3.7% growth in electrolytic aluminum production to 309,000 tons in Q2 2025 [1] - The Worsley alumina production for Q2 2025 was 936,000 tons, a 2% increase year-on-year, while the annual production for FY2025 is projected at 3.727 million tons, a 1% decrease from the previous year [1] - Brazilian alumina production remained stable at 334,000 tons in Q2 2025, with an annual production increase of 4% to 1.34 million tons [2] - Brazilian electrolytic aluminum production surged by 36% year-on-year to 38,000 tons in Q2 2025, with an annual production of 138,000 tons, reflecting a 33% increase [3] - Hillside electrolytic aluminum production for Q2 2025 was 181,000 tons, a 1% increase year-on-year, while annual production remained stable at 718,000 tons [4] Production and Sales Summary - Worsley alumina sales in Q2 2025 reached 1 million tons, a 3% increase year-on-year, while annual sales were 3.699 million tons, a 2% decrease [1] - Brazilian alumina sales in Q2 2025 were 335,000 tons, a 6% decrease year-on-year, with annual sales of 1.349 million tons, a 5% increase [2] - Brazilian electrolytic aluminum sales in Q2 2025 were 46,000 tons, a 53% increase year-on-year, with annual sales matching production at 138,000 tons [3] - Hillside electrolytic aluminum sales in Q2 2025 were 194,000 tons, a 5% increase year-on-year, with annual sales of 732,000 tons, a 2% increase [4] - Mozal electrolytic aluminum production in Q2 2025 was 90,000 tons, a 17% increase year-on-year, with annual production of 355,000 tons, a 13% increase [9] Cost and Operational Efficiency - The report indicates that the operating unit costs for FY2025 are expected to align with guidance due to strong operational performance and ongoing cost efficiency measures [16] - Specific cost expectations for various operations include Worsley alumina at $305 per ton and Brazil aluminum at approximately 5% below H1 FY2025 [23] Development Projects Update - The Hermosa project saw an investment of $517 million in growth capital expenditures for FY2025, focusing on the Taylor zinc-lead-silver project and Clark battery-grade manganese exploration [17] - The report notes that the environmental impact report for the Hermosa project is a significant milestone, with the final report expected in the second half of FY2026 [19] - Greenfield exploration investments for FY2025 totaled $35 million, targeting multiple base metal exploration projects [20]