15 December 2021

SOUTH32 SECURES SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) today announced that it has successfully executed a refinancing of its multicurrency revolving syndicated credit facility. The refinancing has secured US$1.4 billion of commitments from lenders for a five-year term to 2026, with options to extend for up to a further two years by mutual agreement. The facility refinances the Group's existing undrawn revolving credit facility that was due to expire in 2023.

The facility has been established as a Sustainability-Linked Loan with measures linked to our ongoing commitment to emissions reduction and improving energy and water use efficiency. It complements our sustainability approach which is aligned with the International Council on Mining and Metals (ICMM) Mining Principles and is informed by the United Nations Sustainable Development Goals and the United Nations Global Compact Ten Principles - to which we remain committed.

South32 Chief Financial Officer Katie Tovich said "Sustainable development is at the heart of our purpose and forms an integral part of our strategy. We are taking meaningful action to benefit our stakeholders, our planet and our business. Our new revolving credit facility provides South32 with continued access to substantial liquidity and is one of the first in the mining sector to be directly linked to sustainability performance, aligning our action and access to capital."

South32 Chair Karen Wood said "The inclusion of specific measures on our sustainability performance demonstrates our commitment to make a difference by developing natural resources in a way that improves people's lives now and for generations to come. Together with the recent changes to our remuneration framework to align with our commitment to decarbonise and reshape our portfolio, the new facility strengthens this alignment between our business and stakeholders."

South32 has obtained a Second Party Opinion from Sustainalytics, who evaluated and provided an independent opinion on the alignment of the Sustainability-Linked Loan's framework with the Sustainability-Linked Loan Principles 2021. Reflecting the Group's continued strong balance sheet and disciplined approach to capital allocation, our current BBB+/Baa1 credit ratings were re-affirmed by S&P and Moody's respectively following the announcement of our proposed acquisition of a 45% interest in the Sierra Gorda copper mine and increased shareholding in our hydro powered aluminium smelter, Mozal Aluminium.

You can read more about South32's sustainability performance and initiatives in our 2021 Sustainable Development Report.

About us

South32 is a globally diversified mining and metals company. 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 produce bauxite, alumina, aluminium, metallurgical coal, manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world.

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

Approved for release by Graham Kerr, Chief Executive Officer
JSE Sponsor:  UBS South Africa (Pty) Ltd
15 December 2021