Anglo American boosts production by 6% in Q2

Anglo American has reported a 6% year-on-year production rise for the second quarter of 2018, driven by higher copper and metallurgical coal output.

Copper production increased by 12% to 158,000 tonnes, driven by higher grades, while coking coal soared by 33% to 5.3 million tonnes, but thermal coal output slipped by 1% compared to one year earlier.

The figures excluded Minas-Rio in Brazil, where production was suspended by Anglo in March after the iron ore facility experienced two leaks. It is not expected to re-open until Q4, costing the company between US$300 million and $400 million in earnings.

Chief executive Mark Cutifani said: “We have delivered another strong performance, with copper and metallurgical coal in particular driving a 6% increase in production.

“This reflects our consistent and relentless focus on driving efficiency and productivity from our existing world class asset base.”

In its Q2 production report, Anglo also confirmed it had shifted upwards its full-year guidance for platinum production to between 2.4 million ounces (Moz) and 2.45 Moz. Platinum accounted for 10% of the company’s earnings last year.