Wednesday, July 6, 2022

Copper production down at UK’s Anglo American firm

Cooper production was down in the first three months of 2022 at British multinational mining company Anglo American Plc.

• April 21, 2022
Anglo American
Anglo American [Credit: KIM curong]

Cooper production was down in the first three months of 2022 at British multinational mining company Anglo American Plc.

Anglo American reported on Thursday that copper equivalent production in the normally slower first quarter was 10 per cent lower than the same period in 2021.

The weak production reflected peak COVID-related absenteeism, high rainfall affecting operations in South Africa and Brazil, and safety and other operational challenges at metallurgical coal and iron ore operations.

Rough diamond production in the quarter increased 25 per cent to 8.9 million carats, reflecting strong operational performance and lower rainfall impact, primarily in Botswana.

Meanwhile, metal in concentrate production from Platinum Group Metals operations decreased six per cent, copper production decreased 13 per cent, iron ore production fell 19 per cent, and metallurgical coal production decreased 32 per cent.

Looking ahead to fiscal 2022, the company said it was lowering platinum group metals, iron ore and metallurgical coal volume guidance.

Iron ore production guidance for the year was lowered to 60 million-64 million tons from the previously expected 63 million-67 million tonnes.

Metallurgical coal production full-year guidance was revised down to 17 million-19 million tons from the previously expected 20 million-22 million tonnes.

Further, rough diamond production guidance for 2022 was unchanged at 30 million-33 million carats, and copper production guidance was unchanged at 660,000-750,000 tonnes.

Full-year cost guidance has increased by nine per cent, reflecting a four per cent impact from stronger producer currencies and three per cent from inflationary pressures, particularly diesel, as well as the revisions to volume guidance. 


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