23rd Oct 2014 06:51
LONDON (Alliance News) - Anglo American PLC Thursday reported increases in diamond, nickel and iron ore production during the third quarter, whilst copper, platinum and thermal coal production declined.
The international mining giant reported a 37% increase in iron ore production to 13 million tonnes for the third quarter ended September 30, compared to 9.5 million tonnes a year earlier. It also reported an increase in diamond production to 8.2 million carats in the quarter, compared to 7.7 million carats in the third quarter of 2013. Nickel production rose to 10,700 tonnes from 9,500 tonnes.
However, Anglo American saw production of copper, platinum and thermal coal drop. Copper production was down 15% to 176,900 tonnes from 207,300 tonnes a year earlier, with platinum production dropping to 533 tonnes in the third quarter from 623 tonnes. Thermal coal dropped to 9 million tonnes, 4% lower than the 9.4 million tonnes reported a year earlier.
At the end of the third quarter, the company has revised its production guidance for the full year. Iron ore production for the year is expected to reach up to 46 million tonnes, compared to the previous target of 44 million tonnes. Copper production guidance has increased to 745,000 tonnes for the full year, up from the previous target of 740,000 tonnes. The full year target for nickel has been increased to 37,000 tonnes from 35,000 tonnes.
Anglo American said its coal production target for the full year remains unchanged at 29 million tonnes, as does its diamond production of 32 million carats, whilst full-year production expectation for platinum is cut back to 1.8 million ounces, compared to a previous target of 2.1 million ounces.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Anglo American