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Anglo American Copper Production Up, De Beers Down; Broadly On Track For FY View

Anglo American plc (AAUKY.PK,AAL.L) reported Thursday that its second-quarter copper production increased 1 percent to 159.1 thousand tonnes from 158 thousand tonnes last year, due to strong performance at Los Bronces and Collahuasi.

De Beers' diamond production decreased 14 percent from last year to 7.7 million carats, as the company continues to produce to market demand and as Venetia transitions from open pit to underground.

Platinum production increased 3 percent to 520,300 ounces, while palladium decreased 1 percent to 347,200 ounces, due to a change in mix of production from each operation.

Kumba's iron ore production decreased 9 percent to 10.5 million tonnes due to plant maintenance.

Thermal coal production also fell 8 percent to 6.6 million tonnes primarily due to local drought conditions at Cerrejón.

Mark Cutifani, Chief Executive, said, "Kumba Iron Ore continues to improve following Q1 production challenges. De Beers, in view of prevailing market conditions, will continue to produce to demand for the year. We remain broadly on track overall to deliver this full year's production targets, with an increase to Minas-Rio guidance offsetting two reductions at De Beers and Kumba Iron Ore."

For fiscal 2019, copper production guidance is unchanged at 630,000-660,000 tonnes.

De Beers' diamond production guidance is revised to around 31 million carats, the lower end of the previous range of 31 to 33 million carats, in response to weaker trading conditions experienced in the period.

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