S32: Worth another look now?

South32 (ASX:S32) began life as a listed company in 2015, when it was spun out of BHP

Over the  proceeding 9-years S32 has become a global diversified commodities producer with a focus on producing and growing their base metals portfolio. S32 produces a wide range of  commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal (used to make steel) and manganese.

Source: 2024 Half Year Results Presentation
Since listing, S32 has transformed their commodities portfolio from 45% base metals to 79% base metals and added copper to the mix in FY22 by acquiring a 45% non-operational share in the Sierra Gorda open pit copper mine, located in northern Chile. Post the impending sale of their Illawarra Metallurgical Coal asset scheduled for H1 FY25 to Golden Energy and Resources Pty Ltd, their exposure to base metals will be 90%. The basis of this transformation, according to S32, is to increase their exposure to minerals that are critical for a low-carbon future.

Source: 2024 Half Year Results Presentation
S32 also has two development opportunities in North America and several...