Anglo American plc's (AAL.L,AAUKY.PK) second-quarter iron ore production rose by 12% to 12.9 million tonnes due to the ramp-up of the Kolomela mine and production improvements at Amapá. Total Copper production went up 7% to 161,100 tonnes. Strong ramp-up of the Los Bronces expansion was offset by lower grades, lower recoveries and adverse weather.
Nickel production climbed 65% to 10,900 tonnes following the ramp-up of Barro Alto, which produced 5,400 tonnes during the quarter. Production from Loma de Níquel and Codemin was in line with last year. Platinum equivalent refined production was flat at 583,600 ounces. Diamond production slid 11% to 7.2 million carats largely in response to market conditions; while focusing on scheduled maintenance and waste stripping.
Separately, De Beers Société Anonyme or De Beers reported six-month underlying earnings of $385 million, compared with the prior year's $666 million. Anglo American arrives at its underlying earnings in respect of De Beers by accounting for the interests arising from the ordinary shares it holds. Therefore, Anglo American plc would post underlying earnings of $176 million from its investment in De Beers.
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by RTT Staff Writer
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