South32 Ltd's stock plummeted 5.09% during intraday trading on Friday.

The sharp decline came after the Australian mining company confirmed it would wind down a smelter in Mozambique, a decision that could affect its production output and operational footprint.

The announcement was noted in market reports as aluminium prices reached a near two-week high on the London Metal Exchange, with the broader market reacting to the potential for tightened supply following South32's operational change.