Anglo American 4Q Copper Production Rises 6%, PGMs Fall 9% -- Commodity Comment

By Ian Walker

Anglo American PLC reported fourth quarter production and provided guidance for the year ahead, maintaining projections for copper, platinum and iron-ore production but lowering its range for diamond output.

On 4Q copper production:

"Copper production increased by 6% to 167,800 tones, largely due to secured access to industrial water at Los Bronces, partially offset by planned plant maintenance at Collahuasi."

On 2021 copper production guidance:

"Production guidance is unchanged at 640,000-680,000 tones, subject to the extent of further Covid-19 related disruption."

On 4Q platinum group metals production:

"Own mined production decreased by 9% to 716,900 ounces, with ongoing safety controls and restrictions in place to help protect employees from Covid-19."

On 2021 platinum group metals production guidance:

"Production guidance (metal in concentrate) is unchanged at 4.2-4.6 million ounces. Refined production guidance is also unchanged at 4.6-5.0 million ounces. Both are subject to the extent of further Covid-19 related disruption."

On 4Q iron ore production:

"Iron ore production at Minas-Rio in Brazil increased by 5% to a record 6.5 million tones for the quarter."

On 2021 iron ore guidance:

"Iron ore production guidance is unchanged at 64-67 million tones (Kumba 40-41 million tones; Minas-Rio 24-26 million tones), subject to the extent of further Covid-19 related disruption."

On 4Q rough diamond production:

"Rough diamond production decreased by 14% to 6.7 million carats, driven by continued planned reductions in response to the lower demand for rough diamonds caused by the Covid-19 pandemic and operational challenges at Orapa that led to lower than expected production."

On 2021 rough diamond production guidance:

"Production guidance is revised to 32-34 million carats (previously 33-35 million carats) (100% basis), subject to trading conditions, due to ongoing operational challenges and lower expected production from the final cut at Venetia."

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(END) Dow Jones Newswires

January 28, 2021 06:14 ET (11:14 GMT)

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