South32's manganese output jumped 26% in Q2, pushing shares to a nine-month high. The miner produced 806,000 wet metric tonnes in Australia, with South Africa adding 4% more, helping it meet full-year guidance.

The strong performance reflects a recovery from earlier disruptions. Australia Manganese returned to normalised rates, while Cannington's zinc-equivalent production rose 13% due to higher grades and processing improvements.

Investors responded with a nearly 5% share price increase to A$4.38. Analysts watch whether this momentum extends to alumina and aluminium outputs, especially after Brazil Alumina hit record production levels in the half-year results.

South32 maintains fiscal 2026 guidance despite lower-than-planned volumes at non-operated Brazil Aluminium. Market focus now shifts to cost control and operational efficiency across its diversified commodity portfolio.