Anglo American Q2 Copper Production Drops; Cuts FY24 Steelmaking Coal Production View

(RTTNews) - British mining company Anglo American Plc. (AAUKY.PK, AAL.L) reported Thursday that its second-quarter copper production dropped 6 percent to 196 thousand tonnes from last year's 209 thousand tonnes.

The decrease in the second quarter was driven by lower throughput at Los Bronces and El Soldado, and planned lower grades at Quellaveco, partially offset by higher throughput at Collahuasi driven by the fifth ball mill.

The company said its copper production is tracking well to its full year plan and is 2 percent higher than the first half of 2023.

Iron ore was flat at 15.6 million tonnes, and production from Platinum Group Metals or PGMs operations was 2 percent lower to 921 thousand ounce.

Rough diamond production decreased 15 percent, driven by a proactive approach to manage inventory and preserve cash. Nickel production was broadly flat, reflecting operational stability.

Steelmaking coal production, however, increased by 26 percent, driven by higher production from the Grosvenor underground mine and at the Dawson open cut operation.

Looking ahead for fiscal 2024, the miner continues to expect copper production of 730 thousand tonnes to 790 thousand tonnes, and Platinum Group Metals output at 3.3 million ounces to 3.7 million ounces.

The company also maintained outlook for Iron Ore, Nickel and diamonds output.

Meanwhile, steelmaking Coal production is now expected to be in the range of 14 million tonnes to 15.5 million tonees, down from previous view in the range of 15 million tonnes to 17 million tonnes.