Anglo American Forecasts $300 Million-$400 Million Reduction in Ebitda for 2018

   By Oliver Griffin 
 

Anglo American PLC (AAL.LN) said Tuesday that it expects earnings before interest, taxes, depreciation and amortization for 2018 to be between $300 million and $400 million lower in 2018 due to infestations and repairs halting operations at its Minas-Rio iron ore operation in Brazil.

The mining company said it is progressing with an inspection of its Minas-Rio operations, expected to take 90 days, and will be followed by analysis and repair work. Mining operations will restart when repair work is completed and the pipeline has been tested.

Anglo American also said total production in the first-quarter ended March 31 rose 4% on a copper equivalent basis, compared with the year-earlier period.

Diamond production at the company's De Beers operations rose 15% to 8.5 million carats, Anglo American said.

The mining company also said platinum production at its majority-owned Anglo American Platinum Ltd. (AMS.JO) increased 7% to 613,800 ounces during the quarter.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

April 24, 2018 02:44 ET (06:44 GMT)

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