Anglo American Hikes 2022 Cost Guidance, Cuts Production Forecasts -- Update
21 Abril 2022 - 4:26AM
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.
Cost guidance has increased 5.0% for copper, 10% for nickel,
7.8% for platinum group metals, 14% for iron ore and 24% for
metallurgical coal.
In addition, the company downgraded 2022 production expectations
for platinum group metals to 3.9 million-4.3 million ounces from
4.1 million-4.5 million, iron ore to 60 million-64 million metric
tons from 63 million-67 million, and metallurgical coal to 17
million-19 million tons from 20 million-22 million.
Production was hurt by heavy rainfall in South Africa and
Brazil, where platinum group metals and iron ore mines are located.
In addition, the Moranbah coal operation in Australia was suspended
following a fatal underground incident.
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 tons, and
copper declined 13% to 140,000 tons.
Diamond production jumped 25% to 8.9 million carats, but nickel
fell 8% to 9,300 tons, metallurgical coal plunged 32% to 2.2
million tons, and manganese ore fell 11% to 804,000 tons 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 03:11 ET (07:11 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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