0003 GMT - A weak production result for South32 is underpinned by a material miss in manganese output, says RBC Capital Markets analyst Kaan Peker. However, the weakness is broad-based, he says. Group copper-equivalent production misses RBC's estimate by about 5%. "While some drivers were flagged, the magnitude of weakness is larger than expected," Peker says in a note. "Manganese was the standout negative, down materially vs expectations (-18% vs RBC), reflecting weather disruption and operational variability." Aluminum is the only relative bright spot, beating expectations modestly, Peker says. RBC has an outperform rating and A$4.70 target on South32. Shares are down 0.5% at A$4.39.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

April 21, 2026 20:03 ET (00:03 GMT)

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