By Jaime Llinares Taboada

 

Anglo American PLC said Thursday that production increased 3% in the first quarter of the year, but cut full-year guidance for metallurgical and thermal coal.

The FTSE 100 multinational mining company achieved copper production of 160,000 metric tons in January-March, up 9% from a year earlier. Production of platinum-group metals rose 7% to 1.02 million ounces, while iron-ore output edged up 1% to 16.2 million tons.

Anglo American has projected on-year increases in copper, PGMs and iron-ore production for the whole of 2021.

Meanwhile, the company said first-quarter diamond output fell 7% to 7.2 million carats, whereas metallurgical coal output fell 14% to 3.3 million tons and thermal coal plunged 20% to 4.9 million tons. Nickel was down 7% at 10,100 tons, and manganese ore rose 7% to 905,000 tons.

Anglo American cut full-year guidance for metallurgical coal to 14 million-16 million tons from 18 million-20 million tons due to the suspension at Moranbah North in Queensland, Australia and geotechnical conditions and delayed access to Grosvenor, also in Queensland.

Reflecting the proposed demerger of the South African coal business, thermal coal guidance has been downgraded to 14 million tons from 24 million tons, Anglo American said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

April 22, 2021 02:34 ET (06:34 GMT)

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