Anglo American Reports Broadly Higher 3Q Output; Copper Down
October 25 2016 - 2:54AM
Dow Jones News
By Alex MacDonald
LONDON--Anglo American PLC (AAL.LN) Tuesday reported broadly
higher output in the third quarter across all divisions, except for
copper, as it continues to reap the benefits of its focus on
operational performance.
The globally diversified miner said diamonds, its largest
underlying earnings driver in the first half of this year, recorded
a 4% rise in output to 6.3 million carats for the three months
ended Sept. 30, 2016 compared with the same period a year ago, when
it's majority owned diamond unit De Beers lowered output in
response to weak market conditions.
Iron ore output, its second largest underlying earnings driver
in the first half, rose 14% on year to 16.3 million tons following
the restructuring of the Sishen mine in South Africa and the ramp
up of its Minas Rios mine in Brazil.
Meanwhile, platinum output rose 1% on year to 619,000 ounces
while copper output from retained operations fell 9% on year to
$139,800 tons in the third quarter. Copper output fell due to lower
grades at Los Bronces and the impact of strikes at Los Bronces and
El Soldado.
Looking ahead the company reaffirmed its full-year output
guidance across platinum, copper and nickel divisions and said it
expects iron ore output from its Kolomela mine to marginally exceed
its full-year guidance of 12 million tons. It also lowered this
year's export metallurgical coal guidance to 20.5 million to 21.5
million tons.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
October 25, 2016 02:39 ET (06:39 GMT)
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