Anglo American 2Q Total Production Rises 6%
19 July 2018 - 4:55PM
Dow Jones News
By Oliver Griffin
Anglo American PLC (AAL.LN) said Thursday that total production
in the second quarter of 2018 grew 6% on a copper equivalent basis,
excluding the impact of suspended operations at its Minas-Rio
iron-ore operations in Brazil.
The mining company said copper production increased 12% to
158,000 tons in the three months ended June 30, citing strong
operational performance and higher grades.
Iron-ore production from its Kumba operations in South Africa
rose to 11.6 million tons, from 11.4 million tons in the
year-earlier period. However, Anglo American reduced its full-year
guidance to a range of 43 million-44 million tons, down from 44
million-45 million tons previously, to align production rates to
rail availability.
Diamond production at the company's De Beers operations
increased 3% to 9 million carats and guidance for the year remains
unchanged at 34 million-36 million carats of diamonds.
The company's majority-owned platinum producer, Anglo American
Platinum Ltd. (AMS.JO), said that production of platinum and
palladium during the quarter was flat on the previous year at
619,600 ounces and 406,000 ounces respectively.
Anglo American Platinum said that following a strong quarter it
had raised its platinum production guidance for the year to 2.40
million-2.45 million ounces. Total production of platinum-group
metals for the year was also raised to a range between 4.85 million
and 5.10 million ounces.
Anglo American also said pipeline inspection work at Minas-Rio
was on track and that a 4-kilometer section of pipeline where leaks
occurred will be replaced. The replacement is expected to be
completed in the fourth quarter.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
July 19, 2018 02:40 ET (06:40 GMT)
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