Anglo American Lowers Copper Output View Despite Rise in Production

By Christian Moess Laursen

Anglo American said its third-quarter production rose 4% on quarter, but that it slightly lowered its full-year production guidance for copper due to a fall in its output in Chile.

The mining company said Tuesday that it produced 42% more copper in the third quarter, at 209,000 metric tons, versus the preceding quarter's result due to a progressive increase in volumes from it Quellaveco mine in Peru.

However, Anglo American lowered its full-year target range for copper production to 830,000-870,000 tons from 840,000-930,000 tons due to continuing ore hardness and an electrical substation fire at the Los Bronces mine in Chile.

Realized prices for the metal critical to the global energy transition rose 3% to 387 U.S. cents a pound.

"Our focus is on delivering our full year production guidance in line with a planned stronger second half of the year," Chief Executive Duncan Wanblad said.

Full-year production guidance for all other metals were maintained, as well as full-year costs guidance for all metals.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

October 24, 2023 02:46 ET (06:46 GMT)

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