Anglo
American PLC on Thursday reported weaker production for the second quarter,
reflecting expected issues in copper production, planned maintenance at the
Minas-Rio iron ore operation in Brazil, and the ramp-up of its Aquila coal mine
in Australia. Here's what the multinational mining company had to say:
"Full
year production guidance is unchanged for PGMs, copper and iron ore, increased
for diamonds and decreased for steelmaking coal due to longwall ramp-up
timing."
"Overall
for the second quarter, production was 9% lower compared with the same quarter
in 2021, primarily due to expected lower grades and water availability in
Copper, ramp-up of the Aquila longwall in steelmaking coal and planned
maintenance at the Minas-Rio iron ore operation."
"Rough
diamond production decreased by 4%, reflecting lower grades in Canada and
Botswana. Production guidance is increased to 32-34 million carats (previously
30-33 million carats) due to robust demand and strong year-to-date operational
performance."
"Metal
in concentrate production from our Platinum Group Metals (PGMs) operations was
broadly flat, with strong performances at Unki and Mototolo offsetting planned
lower grades at Mogalakwena. Unit cost guidance is reduced to c.$950/PGM ounce
(previously c.$970/PGM ounce), reflecting the weaker South African rand."
"Copper
production decreased by 21% due to planned lower grades and water
availability."
"Iron
ore production decreased by 8% after a safety intervention at Kumba's Kolomela
mine, as well as planned maintenance at Minas-Rio."
"Steelmaking
coal production decreased by 12% as the replacement Aquila longwall ramped up
following the planned end of production from Grasstree, as well as high
rainfall impacting the open pit operations. Full year guidance is revised to
15-17 million tonnes (previously 17-19 million tonnes) and unit cost revised to
c.$110/tonne (previously c.$105/tonne)."