Anglo American 1st Half Profit Reflects Stronger Production, Commodity Prices -- Commodity Comment
29 Julho 2021 - 4:42AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC on Thursday reported that its profit
increased in the first half driven by higher production and
commodity prices. Here's what the FTSE 100 mining company had to
say:
On production:
"Improved operational performances at PGMs, De Beers, Kumba
(Iron Ore) and Copper contributed to a 10% production increase on a
copper equivalent basis, driven in part by the easing of Covid-19
related restrictions that impacted production in the first half of
2020, as well as higher throughput at Mogalakwena (PGMs) and strong
plant performance at Los Bronces (Copper), Collahuasi (Copper) and
Kumba."
On prices:
"The Group Mining Ebitda margin was higher than for the first
half of 2020 at 61% (30 June 2020: 38%), due to the increase in the
price for the Group's basket of products and improved production at
PGMs, Kumba (Iron Ore) and Copper, partly offset by unfavourable
exchange rates and higher input costs across the Group"
"Average market prices for the Group's basket of products
increased by 62% compared to the first half of 2020, increasing
underlying Ebitda by $7.9 billion."
"Higher realised prices were achieved across most of our
products, with iron ore increasing by 133%; the dollar PGMs basket
increasing by 47%, driven mainly by a significantly stronger
average rhodium price; and copper increasing by 84%."
On Covid-19 volume recovery:
"The positive $0.8 billion effect on the Group's underlying
Ebitda reflects the easing of the Covid-19 related restrictions
that impacted sales in the first half of 2020, as well as a
recovering diamond market."
"This was partly offset, however, by continued disruption to
production and the supply chain in the first six months of
2021."
On costs:
"The net effect of cost and volume was a $0.5 billion increase
in underlying Ebitda, as strong PGM sales and the impact of PGMs'
ACP outage in 2020 more than offset the effect of logistics
constraints at Kumba and unplanned maintenance at Minas-Rio."
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 29, 2021 03:29 ET (07:29 GMT)
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