SYDNEY - South32 (OTC:SOUHY) Limited (ASX:LSE:JSE:S32; ADR:SOUHY), a global mining and metals company, has announced a daily buy-back notification. The notification, which is an update to the Appendix 3C - Notification of buy-back, was lodged with the Australian Securities Exchange and voluntarily disclosed on the Johannesburg and London Stock Exchanges.
According to the notification, the document detailing the buy-back has been submitted to the National Storage Mechanism and is now available for viewing. The company, which is incorporated in Australia, operates in various segments of the mining industry, including the production of commodities such as bauxite, alumina, aluminium, copper, zinc, lead, silver, nickel, and manganese. South32 maintains a presence in Australia, Southern Africa, and South America, with a portfolio that includes development projects and exploration prospects.
The buy-back initiative is part of South32's strategy to manage its capital and shareholder returns. The company has not disclosed the specific number of shares it intends to buy back or the total expenditure for this activity. Share buy-backs are a common strategy used by companies to return value to shareholders, potentially leading to an increase in the stock price by reducing the number of shares available in the market.
This action reflects South32's commitment to realizing the potential of their resources and reshaping their portfolio towards commodities critical for a low-carbon future. The company's purpose, as stated, is to make a difference by developing natural resources and improving people's lives for generations to come.
The buy-back announcement is based on a press release statement and further details can be expected to follow as the company progresses with its buy-back program. Investors and stakeholders are advised to monitor South32's communications for additional updates regarding the buy-back and its impact on the company's financial strategy.
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