Anglo American 3Q Production Up 4%, Lowers Fiscal Year Copper Guidance
22 Ottobre 2019 - 08:57AM
Dow Jones News
By Oliver Griffin
Diversified mining company Anglo American PLC (AAL.LN) on
Tuesday lowered its full-year copper guidance after a severe
drought in Chile saw output of the red metal fall in the third
quarter, and warned that production could be at risk in 2020.
The mining company said copper production in the three months
ended Sept. 30 fell 8% to 158,900 metric tons due to "unprecedented
drought" hitting its Los Bronces operation in Chile. As a result
the company said it expects full-year production in a range of
630,000 tons to 650,000 tons. Previously the top end of Anglo
American's copper guidance had been 660,000 tons.
Anglo American reported that group third-quarter production rose
4% on copper-equivalent basis, driven by continued ramp up at its
Minas Rio iron-ore operation and a strong performance in
metallurgical coal.
Production at Minas Rio, which started ramping up operations in
December after a pipeline leak prompted a shutdown of operations
last April, came in at 6.1 million tons, Anglo American said.
Following the strong performance, it raised its full-year guidance
to 20 million tons to 22 million tons, up from a previous range of
19 million tons to 21 million tons.
Ignoring the contribution from Minas Rio, third-quarter
production fell 2%, Anglo American said.
Metallurgical coal production in the third quarter rose 22% to
6.6 million tons, the company said, while output of thermal coal
fell 18% due to lower than expected production from Cerrejon in
Colombia.
Production at De Beers, the company's majority-owned diamond
business, fell 14% in the third quarter to 7.4 million carats due
to planned reductions in output. Anglo American maintained
production guidance at around 31 million carats, subject to trading
conditions.
Anglo American Platinum Ltd. (AMS.JO), in which Anglo American
holds a 77.3% stake, said total platinum group metal production
fell 15% to 1.14 million ounces. It backed its full-year production
guidance at a range of 4.2 million ounces to 4.5 million
ounces.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
October 22, 2019 02:42 ET (06:42 GMT)
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