Anglo American Reports Broadly Higher 3Q Output; Copper Down

By Alex MacDonald

LONDON--Anglo American PLC (AAL.LN) Tuesday reported broadly higher output in the third quarter across all divisions, except for copper, as it continues to reap the benefits of its focus on operational performance.

The globally diversified miner said diamonds, its largest underlying earnings driver in the first half of this year, recorded a 4% rise in output to 6.3 million carats for the three months ended Sept. 30, 2016 compared with the same period a year ago, when it's majority owned diamond unit De Beers lowered output in response to weak market conditions.

Iron ore output, its second largest underlying earnings driver in the first half, rose 14% on year to 16.3 million tons following the restructuring of the Sishen mine in South Africa and the ramp up of its Minas Rios mine in Brazil.

Meanwhile, platinum output rose 1% on year to 619,000 ounces while copper output from retained operations fell 9% on year to $139,800 tons in the third quarter. Copper output fell due to lower grades at Los Bronces and the impact of strikes at Los Bronces and El Soldado.

Looking ahead the company reaffirmed its full-year output guidance across platinum, copper and nickel divisions and said it expects iron ore output from its Kolomela mine to marginally exceed its full-year guidance of 12 million tons. It also lowered this year's export metallurgical coal guidance to 20.5 million to 21.5 million tons.

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(END) Dow Jones Newswires

October 25, 2016 02:39 ET (06:39 GMT)

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