SOUTH32 LIMITED - South32 to return an additional US$500m to shareholders

South32 to return an additional US$500m to shareholders

South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32
ISIN: AU000000S320
south32.net




SOUTH32 TO RETURN AN ADDITIONAL US$500M TO SHAREHOLDERS

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) today announced that it
intends to return an additional US$500M to shareholders, equating to 4.5% of the Group’s
current market capitalization [1]. This capital management program, which complements the
Group’s dividend policy, will initially take the form of an on-market share buy-back in Australia.

South32 Chairman, David Crawford said: “The combination of our operating leverage, strong
balance sheet and simple capital management framework is designed to maximise returns and
reward shareholders as financial performance improves. Today’s announcement further
demonstrates our disciplined approach to capital management and our confidence in the Group’s
cash generating capacity.”

South32 Chief Executive Officer, Graham Kerr said: “Our net cash balance continues to build
giving us the financial strength and flexibility to invest in our existing operations, pursue
opportunities where we can create value and return excess capital to shareholders. This
US$500M capital management program meaningfully increases shareholder returns and follows
the recent announcement of our US$192M interim dividend.”

The timing and number of shares purchased under the on-market share buy-back will be
contingent upon the prevailing share price and market conditions. The on-market share buy-back
is not subject to shareholder approval and will be funded from existing cash reserves. The
Announcement of Buy-back (Appendix 3C) lodged on the Australian Securities Exchange and
voluntarily disclosed on the Johannesburg Stock Exchange and London Stock Exchange has
been submitted to the National Storage Mechanism and will shortly be available for inspection at:
http://www.hemscott.com/nsm.do.

The US$500M capital management program is expected to be completed over a 12 month
period and all alternatives will continue to be assessed to ensure this capital is returned in an
efficient manner.

About South32

South32 is a globally diversified mining and metals company with high quality operations in
Australia, Southern Africa and South America. 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. We have a simple
strategy to maximise the potential of our assets and shareholder returns by optimising our existing operations, 
unlocking their potential and identifying new opportunities to compete for capital.

[1]On the basis of the closing price of A$2.72 per share on the Australian Securities Exchange on 24 March 2017, 
the Group had a market capitalisation of US$11.0B.




FURTHER INFORMATION


INVESTOR RELATIONS

Alex Volante                          Rob Ward
T +61 8 9324 9029                     T +61 8 9324 9340
M +61 403 328 408                     M +61 431 596 831
E Alex.Volante@south32.net            E Robert.Ward@south32.net

MEDIA RELATIONS

Diana Wearing Smith                   James Clothier
T +61 8 9324 9198                     T +61 8 9324 9697
M +61 436 482 290                     M +61 413 319 031
E Diana.Smith@south32.net             E James.Clothier@south32.net


Further information on South32 can be found at www.south32.net.

JSE Sponsor: UBS South Africa (Pty) Ltd
27 March 2017

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