Anglo American's Production Fell as Expected on Planned Iron-Ore Slowdown
By Christian Moess Laursen
Anglo American's fourth-quarter production fell as expected, mainly due to a planned slowdown at its main iron ore operation in South Africa, as the company backed its 2024 outlook.
The diversified mining major said Thursday that it produced 6% less copper at 230,000 metric tons compared with the same period a year earlier, due to a 16% decrease in the output from operations in Chile.
The Quellaveco copper mine in Peru--one of the world's largest undeveloped copper deposits--delivered its strongest quarter yet of 93,700 tons, while the Minas-Rio iron-ore mine in Brazil had its highest-ever quarterly volume of 6.6 million tons.
However, the overall iron ore output was more than offset by the planned slowdown in the South African Kumba mine production. This was done to align output with the logistical issues to transport the minerals via rail to port, previously flagged by the London-based miner.
"Our fourth quarter production was in line with our expectations and in line with the third quarter," Chief Executive Duncan Wanblad said.
For the full-year, overall production rose around 3% compared with 2022, as flagged by the company in its investor update in December.
Anglo American still expects overall production to fall 4% in 2024, with unit costs decreasing 2%, and reiterated its production and costs targets for each metal and mineral, as set out in December.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 08, 2024 02:34 ET (07:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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