Anglo American 4Q Output Rose 4% Benefiting From Minas-Rio Ramp-Up

By Adriano Marchese

Anglo American PLC (AAL.LN) said Thursday that copper-equivalent production rose 4% in the fourth quarter, which includes the benefits from the continued ramp-up of its iron-ore production at Minas-Rio in Brazil.

The diversified mining company said that, excluding the impact of Minas-Rio, however, group copper-equivalent production is down 1% in the period.

Minas-Rio produced 6.2 million tons of iron ore in the period, and Kumba iron ore production rose 16% to 11.8 million tons in the quarter.

Copper output dropped 13% in the period to 158,800 metric tons, compared with 183,500 tons in the prior-year period.

Looking ahead to 2020, the company said that full-year copper production remains unchanged at 620,000 tons and 670,000 tons.

Metallurgical coal production rose 11% to 6.3 million tons, the company said.

Rough diamond production from De Beers, Anglo American's majority-owned diamond producing subsidiary, fell by 15% in the quarter to 7.8 million total carats recovered, driven by lower production levels in South Africa and Botswana.

For 2020, the company retains its production guidance at 32 million carats and 34 million carats, but cautioned that this is subject to trading conditions.

Anglo American Platinum Ltd. (AMS.JO), another majority-owned subsidiary, said total platinum-group metal production--which includes platinum and palladium--was 1.2 million ounces, a 8.6% increase compared with the prior-year period.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

January 23, 2020 02:49 ET (07:49 GMT)

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