High asset prices have pushed South32's acquisition lens towards more exploration opportunities, and the miner is keenly anticipating drilling results due to be published later this week by the Alaskan explorer in which it owns a strategic stake.

The Perth-based company put its much-touted balance sheet strength to work over the past three months, agreeing to pay $US133 million ($182 billion) for half of Queensland's Eagle Downs coking coal project and then $US1.3 billion for the 83 per cent of base metals play Arizona Mining that it did not already own.