LONDON (dpa-AFX) - Anglo American Plc (AAUKY.PK, AAL.L), a British miner, on Thursday reported a decline in production for copper, Platinum Group Metals or PGMs, and diamonds for the third quarter.
For the three-month period, the mining company posted copper production of 181Kt, lower than 209Kt, recorded for the same period last year. This is due to the planned closure of the smaller and more costly Los Bronces plant, partially offset by higher grades at El Soldado.
PGMs output slipped to 922 koz from prior year's 1,030 koz, primarily reflecting the expected lower metal in concentrate production in line with 2024 outlook.
Anglo American's rough diamond output was 5.6 Mct, compared with 7.4 Mct in 2023. This shows a production response to the prolonged period of lower demand, higher than normal levels of inventory in the midstream and a continued focus on managing working capital.
Nickel production, however, increased to 9.9 kt from previous year's 9.3 kt, mainly due to operational improvements at Barro Alto.
Looking ahead, for the full year, the company still expects copper output of 730Kt to 790Kt, with diamond production of 23 - 26 Mct.
PGMs output guidance for metal in concentrate is unchanged at 3.3 to 3.7 moz. However, refined production expectation is revised up to 3.7 to 3.9 moz, from previous guidance of 3.3 to 3.7 moz.
Nickel production guidance has been revised up to 38Kt to 39Kt, against 36Kt to 38Kt projected previously, reflecting strong operational performance.
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