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South32 Says Initial Operating Life of Arizona Zinc-Lead-Silver Project Extended by Five Years, Shares Fall 8%

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South32 (ASX:S32) said the initial operating life of the Taylor zinc-lead-silver project, the first development within the Hermosa project in Arizona, was extended by five years to around 33 years since the final investment approval, driven by successful infill drilling programs.

The Taylor ore reserve saw a 52% increase to 99 million tonnes, and the mineral reserve rose by 10% to 169 million tonnes. First production is now expected in the second half of fiscal 2028, and nameplate capacity of 4.3 million tonnes per annum is expected by fiscal year 2031, reflecting the revised expectation for shaft construction.

Updated pricing for the remaining surface and underground construction packages led to expected growth capital expenditure for Taylor being updated to around $3.3 billion.

Under the updated assumptions, Taylor's steady-state earnings before interest, taxes, depreciation, and amortization is expected to be around $650 million per annum, with a net present value of around $3.1 billion.

Its shares fell 8% in recent trading on Thursday.

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