2309 GMT - South32's review of capex at its Hermosa project in Arizona has stoked fears of higher spending going forward, Macquarie says in a note. The reassessment is expected to be completed in 2H FY26. Macquarie factors in an extra US$200 million for the project, but says it remains "optimistic on Hermosa's potential." Macquarie has an "outperform" rating on South32. It raises its target by 4%, to A$5.00/share, citing reserve upgrades that add mine life to the company's Cannington mine in Australia. South32 is down by 5.3%, at A$4.28. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
February 12, 2026 18:09 ET (23:09 GMT)
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