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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  South32 Ltd    S32   AU000000S320

SOUTH32 LTD (S32)
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South32 : Our Approach to Climate Change

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09/14/2017 | 01:19am CEST

FY17

I

Our approach to climate change

FY17

OUR APPROACH TO CLIMATE CHANGE

CONTENTS

From the CEO, Graham Kerr 1

About South32 2

Governance and risk management 3

Climate change risks and opportunities 4

Table 1 South32 climate related risks,

mitigation options and opportunities 5

South32 Climate Change Strategy 6

Diagram 1 South West of Western Australia,

rainfall trends since 1916 7

Diagram 2 Our long-term emission

reduction framework 8

Carbon pricing 9

South32 scenario methodology 10

Runaway climate change scenario 10

Patchy progress scenario 11

Global cooperation scenario 11

Diagram 3 Energy mix by 2040 in the global cooperation scenario 12

South32 resilience in the global cooperation scenario 13

Diagram 4 Resilience scale (percentage change between 2015-2040) 13

Cannington (Lead, Silver and Zinc) 14

Cerro Matoso (Nickel) 15

Illawarra Metallurgical Coal 15

South Africa and Australia Manganese 16

South Africa Energy Coal 16

Africa Aluminium and Australia Alumina 17

Glossary of Terms 18

IMPORTANT NOTICES AND DISCLAIMER This document has been prepared by South32 Limited (ABN 84 093 732 597) (South32) for inclusion on South32's website and is for informational purposes only. South32 has prepared this document based on information available to it at the time of preparation. The information contained in this document is general in nature, and does not purport to be complete. The document does not contain an offer, solicitation, invitation to apply, recommendation or advice to buy, sell or hold any securities of South32. This document should be read in conjunction with South32's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.south32.net. Metrics describing health, safety, environment and community (HSEC) performance in this document apply to "operated assets" that have been wholly owned and operated by South32, or that have been operated by South32 in a joint venture operation, from 1 July 2016 to 30 June 2017 (FY17). South32 aligns to the International Council on Mining and Metals (ICMM) Sustainable Development Framework and we report our sustainability information in accordance with the Global Reporting Initiative (GRI) G4 'Core', including the GRI Mining and Metals Sector Disclosures. The GRI Navigator and Sustainability data tables are available on the South32 website at www.south32.net. KPMG has provided independent assurance on South32's sustainability information, as presented on South32's website.

This document may contain forward-looking statements, including statements about plans, strategies and objectives of management; and anticipated productive lives of projects, mines and facilities, and climate change scenarios (which are potential scenarios and not forecasts). These forward-looking statements reflect reasonable expectations or scenarios at the date of this document, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond South32's control, and which may cause actual results to differ materially from those expressed in the statements contained in this document. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward looking statements, whether as a result of new information or future events. Certain information contained in this document is based on information prepared by third parties (for example the International Energy Agency, the Intergovernmental Panel on Climate Change and Bloomberg New Energy Finance). South32 has not prepared and is not responsible for this third party material and accordingly South32 does not make any representation or warranty that this third party material is accurate, complete or up to date. South32 accepts no obligation to correct or update this third party material and all persons relying on this information do so at their own risk.

FROM THE CEO, GRAHAM KERR

Action on climate change is consistent with the creation of value for our shareholders.

We are the last generation that can do something about climate change, and we all have a role to play. To continue to make a difference in people's lives now and for generations to come, we need to manage the risks and seize the opportunities climate change brings.

Resources companies have an important role to play in supplying the materials needed to create a more prosperous future and a lower carbon economy. We have integrated the management of climate change into our business strategy.

The Taskforce on Climate-related Financial Disclosures (TCFD) voluntary disclosure guidelines ask that private businesses disclose their climate change risks and opportunities. Following the TCFD guidelines, we are openly sharing how we view and respond to climate change issues, which are explained in detail in this communication.

To ensure the sustainability of our business, we will regularly review the commodities and operations in our portfolio.

Using the TCFD guidelines we have tested our portfolio under different climate related scenarios to help us understand the possibilities and uncertainties ahead.

We have our Climate Change Strategy which is built on three focus areas: climate change opportunity, climate resilience and emission reduction. Each year we commit to reporting on the progress of this strategy, including the targets and goals we have set ourselves to achieve. In a scenario where there is a far more rapid reduction in global emissions than we see today, our commodity exposure, the position of our assets within their industries and our strong balance sheet creates

financial resilience.

In FY17 we reduced our emissions by three percent compared to FY16. We take our responsibility to minimise our energy use and our emissions seriously. We are committed to reviewing our emission reduction approach every five years from 2021 to ensure we continually monitor and improve progress towards our goal of net zero emissions by 2050. We support this and the other long-term objectives of the global Paris Agreement decided at the 21st Conference of the Parties in 2015.

We want to work together to take care of each other and our natural environment, to be able to create a better shared future for everyone. To achieve this, we need a smooth transition

to a world that manages to avoid more than two degrees of warming and we are committed to playing our part.

Graham Kerr

Chief Executive Officer

" We need a smooth transition to a world that manages to avoid more than two degrees of warming and we are committed to playing our part."

Graham Kerr

ABOUT SOUTH32

Our purpose and values

Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources.

Our values guide the decisions that we make every day and how we work with each other, our stakeholders and the environment:

  • Care - We care about people, the communities we are a part of and the world we depend on

  • Trust - We value difference, listen and share, knowing that together we are better

  • Togetherness - We deliver on our commitments and rely on each other to do the right thing

  • Excellence - We are courageous and challenge ourselves to be the best in what matters

Our strategy

Our business strategy is to invest in high-quality metals and mining operations that allow our distinctive capabilities and regional model to stretch performance in a sustainable way.

We will continue to:

  • Optimise the performance of our existing operations

  • Unlock their potential by converting high value resource into reserve

  • Identify new opportunities to compete for capital

By maintaining financial discipline, we will deliver sector leading total shareholder returns.

Our operations

We are a globally diversified metals and mining company with operations in Australia, Southern Africa and South America. We mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc.

Our headquarters are in Perth, Australia. Our Johannesburg office in South Africa supports our African operations, and our Perth office supports our Australian and South American operations. Our marketing activities are managed from Singapore and London.

Securities for South32 trade on the Australian Securities Exchange (ASX), Johannesburg Stock Exchange (JSE), and London Stock Exchange (LSE) under the listing code of S32.

Our approach to climate change

The impacts of climate change are increasingly being felt around the world through changing weather patterns, regulation and societal expectations. As a diversified global mining and metals company we are working to avoid and manage climate change risks, as well as take advantage of the opportunities we have to create a more prosperous future for our business, society and future generations. Further detail on our Climate Change Strategy can be found on pages 6, 7 and 8.

We are committed to the Paris Agreement objectives and will continue to align our climate change response with the United Nations Framework Convention of Climate Change (UNFCCC) actions, the Intergovernmental Panel on Climate Change (IPCC) scientific reports and national legislation as it emerges. Our approach to mitigating climate change risk, and taking advantage of opportunity, is integrated into our business strategy.

South32 Ltd. published this content on 14 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 September 2017 23:18:04 UTC.

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Financials ($)
Sales 2018 6 881 M
EBIT 2018 1 374 M
Net income 2018 964 M
Finance 2018 1 968 M
Yield 2018 3,68%
P/E ratio 2018 13,98
P/E ratio 2019 15,20
EV / Sales 2018 1,65x
EV / Sales 2019 1,53x
Capitalization 13 325 M
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Mean consensus HOLD
Number of Analysts 18
Average target price 2,35 $
Spread / Average Target -8,3%
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Managers
NameTitle
Graham Kerr Chief Executive Officer, MD & Executive Director
Paul Harvey President & Chief Operating Officer
David Alexander Crawford Chairman
Brendan Harris Chief Financial Officer
Johan Coetzee Chief Technology Officer
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