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Anglo American reports rise in Q3 production
StockMarketWire.com
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Mining company Anglo American reported a rise in quarterly production in the third quarter.
Production increased by 24% in the third quarter compared to the second.
Copper production increased by 4%, and precious group metals production was broadly flat as strong performance from the open pit Mogalakwena mine was offset by lower production from the underground Amandelbult, the company said.
Rough diamond sales, meanwhile, improved ahead of the key Q4 holiday selling season for diamond jewel, it added. The company said it was currently operating at about 95% of its normal capacity.
Looking ahead, the company tightened its guidance for copper, and palladium, lifted its forecast for platinum while reducing its estimates for thermal coal production.
Copper production was expected to be in a range of 630-to-660 kt, a narrower range of the 620-to-670 kt previously forecast; platinum was revised higher to 1.7-to-1.8 Moz from 1.5-to-1.7 Moz and palladium to 1.1-to-1.2 Moz from 1.0-to-1.2 Moz.
Production guidance for export thermal coal was cut to about 19 million tonnes from 21 million tonnes previously, owing to the ongoing strike disruption in Colombia and Covid-19 related disruptions, the company said.
Story provided by StockMarketWire.com
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