Anglo American 1Q Production Drops 6% on Fall in Metallurgical Coal Output
April 25 2019 - 2:57AM
Dow Jones News
By Oliver Griffin
Anglo American PLC (AAL.LN) Thursday reported that total
production on a copper-equivalent basis fell 6% in the first
quarter of 2019 after two planned longwall moves saw a 25% fall in
metallurgical coal production.
The diversified mining company said metallurgical coal
production fell to 4.2 million metric tons in the three months
ended March 31, from 5.5 million tons in the year-earlier period.
The reduction in metallurgical coal output accounted for 80% of the
decline in total production, Anglo American said.
Copper output in the quarter rose 4% to 161,100 tons on the back
of strong plant performance and planned higher grades. Rough
diamond production from Anglo American's majority-owned diamond
producer De Beers fell 8% to 7.9 million carats, due to lower
production at the Venetia mine as it transitions to underground
mining.
Production from the company's Minas-Rio iron-ore project in
Brazil rose 61% to 4.9 million tons as the ramp up of operations
progressed. Production at the Kumba iron-ore project in South
Africa dropper 12 % due to plant maintenance.
Anglo American Platinum Ltd. (AMS.JO), the company's
majority-owned platinum mining business, said that total
platinum-group metal production--which includes platinum and
palladium and material supplied by Sibanye-Stillwater Ltd.
(SBGL)--fell 20% to 1.03 million ounces.
Anglo American Chief Executive Mark Cutifani said the company is
on track to deliver this year's production targets and added that
guidance is unchanged.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
April 25, 2019 02:42 ET (06:42 GMT)
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