Anglo American sees 9% rise in overall production

Anglo American sees 9% rise in overall production

Anglo American (LSE:AAL) has reported a 9% rise in its overall output for the first quarter of 2017, compared with the same quarter last year, but a 3% fall in copper output.

The drop in copper production has been attributed to poorer quality ore in Chile, along with the temporary suspension of operations at the El Soldado mine in the South American nation back in February.

But the increase in Anglo’s overall output was driven by new production of other minerals. In particular, diamond output increased after Canadian mine Gahcho Kue reached commercial production in March.

Mark Cutifani, chief executive of Anglo American, said: “A strong operational performance enhanced by the continued ramp-up of Gahcho Kué, Minas-Rio and Grosvenor delivered an 9% increase in production on a copper equivalent basis.

“The operating improvements at Sishen and ongoing portfolio refinements are further strengthening Anglo American’s resilience and competitive position.”

Anglo is continuing to place higher value on its diamond and platinum operations, along with its assorted copper assets.

@RGNonline