有色金属海外季报：South322025Q4铝产量30.8万吨，氧化铝产量131.4万吨

Investment Rating - Industry rating: Recommended [8] Core Insights - The report highlights the production and sales performance of various aluminum and metal operations, indicating a mixed performance across different regions and products [2][4][6][7][9][10][11][15][17][18][20]. Production and Sales Summary - Worsley alumina production in Q4 2025 was 959,000 tons, a 10% decrease year-on-year but a 3% increase quarter-on-quarter, with sales of 985,000 tons, up 2% year-on-year and 12% quarter-on-quarter [2]. - Brazil alumina production in Q4 2025 was 355,000 tons, a 2% increase year-on-year and flat quarter-on-quarter, with sales of 387,000 tons, up 6% year-on-year and 17% quarter-on-quarter [4]. - Brazil electrolytic aluminum production in Q4 2025 was 37,000 tons, a 9% increase year-on-year and flat quarter-on-quarter, with sales of 45,000 tons, up 25% year-on-year and 55% quarter-on-quarter [6]. - Hillside electrolytic aluminum production in Q4 2025 was 181,000 tons, a 1% decrease year-on-year and flat quarter-on-quarter, with sales of 187,000 tons, down 3% year-on-year but up 11% quarter-on-quarter [7]. - Mozal electrolytic aluminum production in Q4 2025 was 90,000 tons, flat year-on-year and down 3% quarter-on-quarter, with sales of 62,000 tons, down 30% year-on-year and 38% quarter-on-quarter [9]. - Sierra Gorda copper mine produced 18,000 tons in Q4 2025, a 6% decrease year-on-year and a 2% decrease quarter-on-quarter, with sales of 19,300 tons, down 4% year-on-year but up 12% quarter-on-quarter [10]. - Cannington zinc mine produced 54,500 tons in Q4 2025, a 29% decrease year-on-year but a 13% increase quarter-on-quarter, with silver production of 242,000 ounces, down 35% year-on-year but up 17% quarter-on-quarter [11]. - Cerro Matoso nickel mine produced 5,600 tons in Q4 2025, a 43% decrease year-on-year and a 40% decrease quarter-on-quarter, with sales of 5,000 tons, down 44% year-on-year and 51% quarter-on-quarter [14]. - Australia manganese production in Q4 2025 was 806,000 wet tons, a 26% increase year-on-year but a 6% decrease quarter-on-quarter, with sales of 865,000 wet tons, down 8% quarter-on-quarter [15]. - South Africa manganese production in Q4 2025 was 506,000 wet tons, a 4% increase year-on-year and flat quarter-on-quarter, with sales of 546,000 wet tons, up 10% year-on-year [17]. Development Projects Update - The Hermosa project saw an investment of $338 million in growth capital expenditures in the first half of FY2026, focusing on the construction of the Taylor zinc-lead-silver project and exploration of the Clark battery-grade manganese deposit [18]. - The Ambler Metals project has a budget of approximately $35 million for FY2026, focusing on exploration and development activities for high-grade Arctic polymetallic deposits [20]. - Exploration projects in promising areas are being advanced with an investment of $15 million in the first half of FY2026, including $14 million for the Hermosa project [21].