Anglo American Q1 Copper Equivalent Production Down; Diamond Production Climbs

Anglo American Plc (AAUKY.PK,AAL.L) reported Thursday that copper equivalent production in the normally slower first quarter was 10 percent lower than the same period in 2021.

The weak production reflected peak Covid-related absenteeism, high rainfall affecting operations in South Africa and Brazil, and safety and other operational challenges at metallurgical coal and iron ore operations.

Rough diamond production in the quarter increased 25 percent to 8.9 million carats, reflecting a strong operational performance and lower rainfall impact, primarily in Botswana.

Meanwhile, metal in concentrate production from Platinum Group Metals operations decreased 6 percent, copper production decreased 13 percent, iron ore production fell 19 percent, and metallurgical coal production decreased 32 percent.

Looking ahead for fiscal 2022, the company said it is lowering platinum group metals, iron ore and metallurgical coal volume guidance.

Iron ore production guidance for the year was lowered to 60-64 million tonnes from previously expected 63-67 million tonnes.

Metallurgical coal production full year guidance was revised down to 17-19 million tonnes from previously expected 20-22 million tonnes.

Further, rough diamond production guidance for 2022 is unchanged at 30-33 million carats, and copper production guidance is unchanged at 660,000-750,000 tonnes.

Full-year cost guidance has increased by 9 percent, reflecting a 4 percent impact from stronger producer currencies and 3 percent from inflationary pressures, particularly diesel, as well as the revisions to volume guidance.

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