The South32 Ltd (ASX: S32) share price has continued its solid run and hit a new 52-week high of $3.12 on Thursday.
This means that the diversified miner's shares have now gained over 16% in just the last three months.
Why are its shares at a new 52-week high?
The South32 share price has been trending higher since the release of its full-year results late last month.
It's not hard to see why. In FY 2017 the miner reported a profit after tax of US$1,231 million compared to a loss of US$1,615 million a year earlier.
This was achieved through a combination of high operating leverage and stronger commodity prices.
One key highlight from FY 2017 was its aluminium operations. Record production at its Mozal Aluminium site and good cost controls resulted in exceptionally strong EBITDA growth from the segment.
Ultimately, this led to South32 generating free cash flow of US$1.9 billion, leaving it with a healthy net cash balance of US$1.6 billion at the end of the financial year.
