This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
South32 was a diversified mining company with metallurgical coal operations at Illawarra Metallurgical Coal in New South Wales, Australia, producing approximately 5.5 million tonnes per year of premium hard coking coal from underground mines at Appin and Dendrobium. The Illawarra operations generated A$1.64 billion in underlying revenue in FY2023, representing roughly 18% of South32's total revenue. South32 completed the sale of Illawarra to GEAR and M Resources for US$1.65 billion in August 2024, exiting coal entirely. The exclusion is retained because the asset sale transferred coal exposure rather than eliminating it, and historical involvement warrants continued screening.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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