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Anglo American reports uptick in Q1 production, cuts annual coal guidance
StockMarketWire.com
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Mining company Anglo American reported a 3% rise in first-quarter production, but trimmed its guidance for metallurgical and thermal coal following a fall in output.
For 2021, guidance for metallurgical coal was trimmed to a range of 14 million-16 million tons from 18 million-20 million tons owing to 'the suspension at Moranbah North in Queensland, Australia and geotechnical conditions and delayed access to Grosvenor, also in Queensland,' the company said.
Thermal coal guidance was cut to 14 million tons from 24 million tons, reflecting the proposed demerger of the South African coal business.
Production increased by 3% in Q1 driven by 'strong performances at the copper operations in Chile, and PGMs and iron ore in South Africa, more than offsetting plant maintenance downtime at Minas-Rio iron ore in Brazil and the temporary suspension at the Moranbah metallurgical coal operation in Australia,' it added.
Copper production was up 9% in Q1, year-on-year, platinum-group metals rose 7% to 1.02 million ounces, and iron-ore output increased 1% to 16.2 million tons.
Metallurgical coal and thermal coal output were down 14% and 20% in Q1 year-on-year.
Story provided by StockMarketWire.com
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