The mining and metals company is having a good day…
The post Why is the South32 (ASX:S32) share price lifting on Monday? appeared first on The Motley Fool Australia. –
The South32 Ltd (ASX: MHK) share price is taking off today despite no price sensitive news having been released by the company.
However, South32 is conducting its sustainability briefing later this afternoon. In anticipation of the virtual briefing, the company released the accompanying presentation to the market this morning.
While it’s unlikely the presentation has impacted the mining company’s stock, the South32 share price is performing brilliantly on the ASX today.
At the time of writing, the South 32 share price is $3.99, 4.58% higher than its previous close.
Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) is 0.42% higher.
Let’s take a look at the diversified mining and metals company’s latest sustainability presentation.
South32’s sustainability presentation
The South32 share price is in the green amid the release of the company’s plan to be more environmentally and socially sustainable.
The company is reshaping its portfolio to take advantage of the low carbon future. It’s increasing its exposure to base and precious metals, aluminium, and manganese.
Additionally, South32 is planning to halve its operational carbon emissions by 2035 compared to its financial year 2021 baseline.
Between now and 2035, the company plans to secure green energy to run Hillside Aluminium, convert Worsley Alumina from coal-fired power to natural gas, and extend Mozel Aluminium’s current hydropower contract.
By 2050, South32 plans to be net-zero. To get there, each of the above operations will be run on renewable energy.
Additionally, the company states it’s continuing to assess a scope 3 target for Illawarra Metallurgical Coal. Scope 3 emissions are those created because of a company’s business but not by the company itself. An example is the burning of metallurgical coal produced at Illawarra.
To better its social sustainability, South32 conducted 5 human rights impact assessments in 3 countries during financial year 2021.
It also updated its vetting processes for risks to seafarers and provided monetary and in-kind support during periods of COVID-19 impacts and screened 5,354 suppliers for modern slavery risks, completing 14 independent audits.
Finally, South32 invested US$22.2 million into communities in financial year 2021 and improved its approach to cultural heritage. It also plans to further improve its cultural heritage sensitivity over the current financial year.
South32 share price snapshot
This year has been good to the South32 share price.
It has gained 61% since the start of 2021. It is also 89% higher than it was this time last year.
The post Why is the South32 (ASX:S32) share price lifting on Monday? appeared first on The Motley Fool Australia.
Should you invest $1,000 in South32 right now?
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.