Anglo American Says 4Q Production Was Broadly Flat -- Commodity Comment
27 Janeiro 2022 - 5:41AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC on Thursday reported broadly flat production
for the fourth quarter. Here's what the mining major had to
say:
On 4Q production:
"Our production was broadly flat compared to 4Q of 2020, with
our operating levels at approximately 95% of normal capacity
through the year, largely due to the ongoing Covid related effects
on the operating environment."
"Production in the fourth quarter benefited from higher rough
diamond production at De Beers, a return to pre-Covid production
levels at our open cut metallurgical coal mines and improved mining
performance at Amandelbult which resulted in higher metal in
concentrate production from our PGMs business. At our copper
operations, Collahuasi's production increased as a result of strong
plant performance and planned maintenance in the comparable period
of 2020."
"Rough diamond production increased by 15%, principally from
Jwaneng in Botswana as well as in Namibia, reflecting planned
higher production in response to strong consumer demand."
"Our Platinum Group Metals (PGMs) operations more than doubled
refined production in the quarter, and resulted in a record full
year refined production of 5.1Moz. This has substantially reduced
work-in-progress inventory, and resulted in a 62% increase in
co-product nickel production for the full year to 22,300 tonnes.
Together with our primary nickel output, group total nickel
production reached 64,000 tonnes in 2021, a 12% increase
year-on-year."
"Metallurgical coal production increased by 5%, reflecting an
increase in production at the Dawson open cut operation, partially
offset by Moranbah which continues to be affected by areas of
challenging geology."
"Our copper operations' full year production was in line with
the prior year, mitigating the ongoing water challenges from the
severe drought conditions."
"Full year iron ore production increased by 3%, although lower
in the quarter, despite unplanned maintenance at Minas-Rio and
third party rail performing below planned levels affecting Kumba's
production for the year."
On 2022 outlook:
"As we move into 2022, we are pleased with the construction
progress at Quellaveco, our new copper mine in Peru. We are on
track and within budget, we mined our first ore in October 2021,
and we are expecting our first production of copper concentrate in
the middle of this year."
"In the first quartile of the cost curve, we expect Quellaveco
to produce 120,000-160,000 tonnes of copper production in 2022 and
to average 300,000 tonnes per year for the first ten years at full
production."
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
January 27, 2022 03:26 ET (08:26 GMT)
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