South32's Arizona Project Execution Remains on Track, Jefferies Says

MT Newswires Live09-22 10:39

South32's (ASX:S32) execution of the Hermosa metals project in Arizona remained on track, with the core value remaining its long-life polymetallic district optionality, and Cannington reserve growth extends mine life, Jefferies said in a Monday note.

The Peake exploration target's inferred resource of 33 million tonnes at 1.78% grade of copper-equivalent underpins an around $50 million copper circuit, as the firm seeks to increase throughput to 5 million tonnes per annum.

Peake is likely to be integrated into the Taylor deposit through the existing shaft infrastructure despite still requiring resource conversion, metallurgical work, and permitting.

However, it will take several years to be able to connect the ore body to existing infrastructure and bring it forward in the production profile, with Jefferies estimating a date of around 2032.

The brokerage maintained a buy rating on South32 and a AU$6 per share price target.

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