South32 is a globally diversified metals and mining company with high-quality and well maintained operations which mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America.

We operate a regional model, with our headquarters in Perth, Australia. Our African operations are supported by a regional office in Johannesburg, South Africa and our Australian and South American operations by an office in Perth. Our marketing activities are managed from Singapore and London.

https://www.south32.net/

SOUTH32 COMPLETES ACQUISITION OF ARIZONA MINING
South32 Limited (ASX, JSE, LSE: S32; ADR: SOUHY) (South32) is pleased to announce that it has completed the acquisition of the remaining 83 per cent of issued and outstanding shares of Arizona Mining that it did not already own via a plan of arrangement. Under the terms of the transaction, former shareholders of Arizona Mining were entitled to C$6.20 in cash for each common share held. The transaction consideration of US$1.3 billion was funded from cash on hand.

With the acquisition now complete, Arizona Mining was delisted from the Toronto Stock Exchange (TSX) on 10 August 2018. Arizona Mining will also cease to be a reporting issuer under applicable Canadian securities laws.

South32 Chief Executive Officer, Graham Kerr said: "The acquisition of Arizona Mining adds to our portfolio one of the most exciting base metal projects in the industry. Our deep understanding of the high-grade Hermosa project and surrounding land package, together with our extensive experience at Cannington, positions us well to bring the project to development and deliver significant value to our shareholders."

UBS today upgrades its investment rating on South32 Limited (LON:S32) to buy (from neutral) and cut its price target to 210p (from 215p).