Anglo American Increases 2022 Cost Guidance by 9%
21 Abril 2022 - 03:50AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC said Thursday that it has raised its cost
guidance for 2022 by 9%, reflecting stronger currencies in
commodity-producing countries, inflationary pressures and lower
expected production volumes.
The FTSE 100 diversified mining group is facing a hit from
higher diesel prices, and has raised cost guidance for all major
commodity operations except diamonds.
In addition, the company downgraded 2022 production guidance for
platinum group metals, iron ore and metallurgical coal.
In the first quarter, Anglo American said its platinum group
metals production fell 6% to 956,000 ounces compared with a year
earlier. Iron ore output dropped 19% to 13.2 million metric tons,
and copper declined 13% to 140,000 metric tons.
The company also produced 8.9 million diamond carats, 9,300 tons
of nickel, 2.2 million tons of metallurgical coal and 804,000 tons
of manganese in the first three months of the year.
"Production in the normally slower first quarter was 10% lower
than the same period in 2021, impacted by peak Covid-related
absenteeism, high rainfall affecting operations in South Africa and
Brazil, and safety and other operational challenges at
metallurgical coal and iron ore operations," Chief Executive Mark
Cutifani said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 21, 2022 02:35 ET (06:35 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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