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Anglo American cuts diamond production guidance as output falls in 2020
StockMarketWire.com
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Mining giant Anglo American cut its diamond production guidance for 2021 after reporting lower output in 2020 owing to ongoing operational challenges.
For 2021, diamond production was cut to between 32 million and 34 million carats from a previous estimate of 33 million to 35 million carats.
Diamond output in the fourth quarter slipped 14%, and was down 18% year on year at 25.1 million carats.
Continued planned reductions in response to the lower demand for rough diamonds caused by the Covid-19 pandemic and operational challenges at Orapa led to lower than expected production, the company said.
'As we begin 2021, we are continuing to see positive demand for rough diamonds, supported by consumer demand for diamond jewellery in the holiday selling season,' the company said.
The company maintained its guidance on other commodities including iron ore, copper and coal.
Copper production increased by 1% year-on-year, while platinum group metals, iron ore and coal output were lower.
At 8:27am: (LON:AAL) Anglo American PLC share price was 0p at 2094p
Story provided by StockMarketWire.com
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