21st Apr 2016 06:13
LONDON (Alliance News) - Anglo American PLC on Thursday said production was in line with its expectations in the first quarter of 2016 as the multi-commodity miner reiterated its guidance for the full year.
The FTSE 100-listed miner, which is in the process of narrowing its focus to diamonds, platinum and copper, said the first-quarter production results reflect the major restructuring programme under way and the company's ongoing efficiency and cost-reduction strategy.
Diamond production in the first quarter, which comes from Anglo's majority stake in De Beers, amounted to 6.9 million carats. That was a steep 10% drop from the 7.7 million carats produced a year earlier.
Platinum production in the quarter was 4% higher at 567,000 ounces from the 544,000 ounces a year ago, whilst Anglo's other core unit, copper, saw production remain broadly flat year-on-year at 146,500 tonnes.
Kumba iron ore production was down 27% in the first quarter at 8.9 million tonnes from 12.2 million, but production from Minas-Rio soared compared to a year ago, totalling 3.3 million tonnes from 1.2 million tonnes.
Metallurgical coal production was down 9% to 4.5 million tonnes from 5.0 million a year before, and thermal coal production fell 13% to 7.7 million tonnes from 8.7 million.
Anglo American reiterated its full-year production guidance for all of its commodities.
By Joshua Warner; [email protected]; @JoshAlliance
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