Anglo American Q3 Copper Equivalent Production Edges Down
London-headquartered mining business Anglo American (AAL) on Tuesday said that on a copper equivalent production basis, production for the third quarter decreased by 1 percent compared to last year.
However, sequentially, production volumes increased by 4 percent.
Copper production increased by 42 percent, on account of the progressive increase in production from Quellaveco in Peru, while production from the operations in Chile decreased by 4 percent.
Production from the Platinum Group Metals (PGMs) operations was broadly flat despite a planned mining.
Iron ore production decreased by 4 percent, principally driven by planned plant maintenance at Minas-Rio.
Nickel production decreased by 7 percent, mainly reflecting the impact of lower grades.
Steelmaking coal production decreased by 21 percent, reflecting challenging strata conditions at Moranbah and the ramp-up of Grosvenor during July following the longwall move in Q2.
Rough diamond production decreased by 23 percent, primarily due to the planned reduction as Venetia transitions to underground operations.
In 2023, diamond production is expected to be 30-33 million carats while unit costs are expected to be approximately $75/ct.
Copper production guidance for 2023 is 830-870 kt versus 840-930 kt estimated earlier. The unit cost guidance for 2023 is seen at 166c/lb.
Nickel production guidance for 2023 is 38-40 kt. Unit cost is expected to be approximately 560c/lb.
The production guidance for platinum group metals is 3.6-4.0Moz and for Iron Ore is 57-61 Mt. Steelmaking Coal production is expected to be 16-19 Mt.
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