Anglo American Production Increased in 2Q -- Commodity Comment
July 20 2021 - 03:10AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC on Tuesday reported production increases for
the second quarter of 2021, as restrictions eased relative to the
same period of 2020. Here's what the London-listed mining company
had to say:
On platinum group metals:
"Platinum group metals production increased by 59%, with
Mogalakwena production increasing by 11%, reflecting the relatively
lower impact of Covid-19 lockdowns compared to 2Q 2020."
"The 1H 2021 average realized basket price of $2,884/PGM ounce
reflects strong prices, particularly for rhodium and the minor
metals, partly offset by higher than normal sales volumes of lower
priced ruthenium."
On iron ore:
"Iron ore production increased by 6%, driven primarily by Kumba,
reflecting the lower impact of Covid-19 lockdowns compared to 2Q
2020."
"The 1H 2021 average realized price of $200 [a metric] ton (FOB
Brazil, wet basis) was higher than the Metal Bulletin 66 price of
$165/ton (FOB Brazil, adjusted for freight and moisture),
reflecting the premium quality of the product, including higher
(67%) Fe content, and timing on provisionally priced volumes."
On copper:
"Copper production increased by 2% to 169,700 tons, driven by
strong performance at Los Bronces, partly offset by lower grade at
Collahuasi."
"Including the impact of Grosvenor and Cerrejon, copper
equivalent production increased by 20% compared to 2Q 2020."
On diamonds:
"Rough diamond production increased by 134% to 8.2 million
carats, reflecting planned higher production to meet stronger
demand for rough diamonds, as well as the impact of Covid-19
lockdowns across southern Africa in 2Q 2020."
"Consumer demand for polished diamonds continued to recover,
leading to strong demand for rough diamonds from midstream cutting
and polishing centers, despite the impact on capacity from the
severe Covid-19 wave in India during April and May."
On coal:
"The 1H 2021 average realized price for hard coking coal was
$117/ton, lower than the benchmark price of $132/ton as sales
consisted of a lower proportion of premium quality hard coking coal
from Moranbah and Grosvenor."
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 20, 2021 02:57 ET (06:57 GMT)
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