Anglo American Says Fourth Quarter Production Broadly Stable; sees production growth in FY22

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(RTTNews) – Miner Anglo American plc (AAUKY.PK, AAL.L) reported on Thursday that its fourth quarter production was broadly flat compared to last year.

Rough diamond production increased by 15% to 7.7 million carats from 6.7 million carats last year, mainly from Jwaneng in Botswana as well as Namibia, reflecting higher production expected in response to strong consumer demand.

De Beers Group production is on a 100% basis, with the exception of the Gahcho Kué joint venture which is on a 51% attributable basis.

Production of platinum group metals increased by 3%. Metallurgical coal production increased 5%, reflecting an increase in production at the Dawson open pit.

The company said production in the fourth quarter benefited from higher rough diamond output at De Beers, a return to pre-Covid production levels at surface metallurgical coal mines and a improved mining performance at Amandelbult, leading to increased production of metals in concentrates from the PGM business. .

Meanwhile, copper production fell 4% to 161,000 tonnes, and iron ore fell 7%. In copper operations, Collahuasi production increased due to strong plant performance and planned maintenance during the comparable period of 2020.

Mark Cutifani, chief executive of Anglo American, said: “Our production remained broadly stable compared to the fourth quarter of 2020, with our operating levels at approximately 95%(1) of normal capacity throughout the year. year, largely due to the ongoing Covid-related effects on the operating environment.”

For fiscal 2022, the company expects production of diamonds at 30-33 Mct, copper at 680-760 kt, platinum group metals at 4.1-4.5 Moz and metallurgical coal at 20-22 Mt .

In 2021, diamond production was 32.3 Mct, copper 647 kt, platinum group metals 4.30 Moz and metallurgical coal 14.9 Mt.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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