Anglo American 2Q Total Production Rises 6%

By Oliver Griffin 
 

Anglo American PLC (AAL.LN) said Thursday that total production in the second quarter of 2018 grew 6% on a copper equivalent basis, excluding the impact of suspended operations at its Minas-Rio iron-ore operations in Brazil.

The mining company said copper production increased 12% to 158,000 tons in the three months ended June 30, citing strong operational performance and higher grades.

Iron-ore production from its Kumba operations in South Africa rose to 11.6 million tons, from 11.4 million tons in the year-earlier period. However, Anglo American reduced its full-year guidance to a range of 43 million-44 million tons, down from 44 million-45 million tons previously, to align production rates to rail availability.

Diamond production at the company's De Beers operations increased 3% to 9 million carats and guidance for the year remains unchanged at 34 million-36 million carats of diamonds.

The company's majority-owned platinum producer, Anglo American Platinum Ltd. (AMS.JO), said that production of platinum and palladium during the quarter was flat on the previous year at 619,600 ounces and 406,000 ounces respectively.

Anglo American Platinum said that following a strong quarter it had raised its platinum production guidance for the year to 2.40 million-2.45 million ounces. Total production of platinum-group metals for the year was also raised to a range between 4.85 million and 5.10 million ounces.

Anglo American also said pipeline inspection work at Minas-Rio was on track and that a 4-kilometer section of pipeline where leaks occurred will be replaced. The replacement is expected to be completed in the fourth quarter.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

July 19, 2018 02:40 ET (06:40 GMT)

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