S32 is more tied to the Alumina price than the Aluminium price,...

S32 is more tied to the Alumina price than the Aluminium price, and although they are obviously linked with Alumina being the precursor product to Aluminium, the two markets can often be out of skelter.

Short term Alumina shortages pushed the price over $400 a tonne in 2018 / early 19 (timeline could be wrong but it was around then), with Aluminium smelters still struggling to turn a profit. Worsley on the other hand was printing money and S32 price was riding high. It also coincided with high manganese prices and healthy met coal prices and which is other part of this business.

Cannington is a reliable contributor, with the pretty good cashflow throughout the price cycle, but it and Cerro Mataso are relatively small contributors. SAEC and the metals smelters are a negative, generally a good result if they breakeven.