Anglo American holds guidance as copper production falls, iron ore flat

18th Jul 2024 07:04

(Sharecast News) - Anglo American on Thursday held annual copper and iron ore production guidance unchanged after a second-quarter update, but cut steelmaking coal output forecasts after a fire at its Grosvenor mine in Australia last month.

Copper production fell 6% year on year to 195,700 tonnes, driven by an 8% decrease in Chile's production, while iron ore was flat at 15.6 million tonnes.

Platinum Group Metals production was down 2% to 921,000 ounces.

Steelmaking coal production was now expected to be in the range of 14 million - 15.5 million tonnes, down from previous guidance of 15 million - 17 million tonnes after the fire at Grosvenor sparked by coal gas saw operations suspended.

"The mine has been stabilised and we are re-establishing comprehensive underground gas monitoring, prior to being able to assess the steps towards a safe re-entry into the mine. The procedures are expected to take several months as a result of the likely damage underground. The other steelmaking coal mines are operating normally," the company said.

Anglo has put its five operating coal mines, development projects and joint ventures in Australia up for sale, as part of a wider plan to offload non-core assets to focus on higher copper production output after a failed effort by fellow Australian miner to take over the company.

Reporting by Frank Prenesti for Sharecast.com