Anglo American 3Q Group Production Up 1%
October 23 2018 - 2:54AM
Dow Jones News
By Oliver Griffin
Anglo American PLC (AAL.LN) said Tuesday that total group
production on a copper-equivalent basis rose 1% during the third
quarter as copper production offset lower volumes at De Beers and
infrastructure complaints at Kumba.
The diversified mining company said copper production rose 17%
to 171,800 tons in the three months ended Sept. 30, up from 147,000
tons in the year-earlier period. The company's platinum business,
Anglo American Platinum Ltd. (AMS.JO), reported a 3% increase in
total platinum-group metal production, which rose to 1.3 million
ounces.
The company said including a stoppage at its Minas Rio mine,
total production on a copper-equivalent basis fell 3% compared with
the third-quarter of 2017.
Elsewhere the company reported production falls at De Beers--its
majority-owned diamond mining business--and at its Kumba iron-ore
business.
Anglo American said rough-diamond production at De Beers fell 5%
to 8.7 million carats as a result of planned volume reductions in
South Africa and Botswana. Iron-ore production at Kumba fell 9% to
10.5 million ounces, the company said.
Anglo American Platinum raised its full-year production guidance
to a range of 5.1 million-5.2 million platinum-group metal ounces.
Platinum production guidance was raised to between 2.45 million and
2.50 million ounces, while palladium production guidance was
tightened to 1.55 million-1.60 million ounces, the company
said.
At De Beers, Anglo American maintained its full-year guidance at
a range of 34 million-36 million carats but added production is
expected at the top end of the scale.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
October 23, 2018 02:39 ET (06:39 GMT)
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