Anglo American 1Q Production Rose 3%, Cuts Full-Year Coal Guidance
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
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
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 firstname.lastname@example.org;
(END) Dow Jones Newswires
April 22, 2021 02:34 ET (06:34 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.