0222 GMT - South32 is being pinched by rising costs and that loses it a bull in Macquarie. Increases to costs at its Cannington mine in Australia and South African Manganese operation have all but eroded value for those assets, Macquarie says. Similar increases in Sierra Gorda mining costs have driven a 25% reduction to its net asset value. There are few catalysts for the stock in the near term, says Macquarie. South32's Hermosa development in the U.S.--where the company is building a $2.16 billion zinc, lead and silver mine called Taylor--is some two years away. "Action is required to either rectify the portfolio imbalance, reduce costs or outline a pathway back for the troubled assets," Macquarie says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

August 31, 2025 22:23 ET (02:23 GMT)

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