Commodity Price Volatility: Fluctuations in the market prices of South32's primary products like alumina, aluminum, manganese, nickel, and zinc can significantly impact revenue and profitability.

Operational Disruptions: Unforeseen events such as equipment failures, industrial accidents, labor disputes, or natural disasters (e.g., extreme weather) can halt or reduce production, leading to lost output and increased costs.

Regulatory and Environmental Compliance: Increasingly stringent environmental regulations, carbon pricing, permitting requirements, and community opposition can lead to higher operating costs, delays, or restrictions on mining activities.