AAL Anglo American Plc

By Jaime Llinares Taboada

Anglo American PLC on Thursday reported that its copper-equivalent production fell 10% in the first quarter, reflecting the impact from Covid-19, high rainfall and operational and safety issues. Here's what the FTSE 100 diversified mining group had to say:

"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."

"As a result, we are updating our platinum group metals, iron ore and metallurgical coal volume guidance for the full year, and our unit cost guidance for most product groups to also reflect up to date exchange rates and the inflationary pressure on many input prices, particularly diesel."

"Rough diamond production increased by 25%, reflecting a strong operational performance and lower rainfall impact, primarily in Botswana. The Benguela Gem, diamond recovery vessel, was commissioned ahead of schedule and on budget, and is expected to add an additional 500,000 carats per year of high value diamonds to our production."

"Metal in concentrate production from our Platinum Group Metals operations decreased by 6%, primarily due to high rainfall at Mogalakwena, with full year guidance revised to 3.9-4.3 million ounces (previously 4.1-4.5 million ounces)."

"Copper production decreased by 13% primarily due to planned lower grades. The Los Bronces and El Soldado operations and the Chagres smelter were awarded the Copper Mark in March, recognising responsible copper production practices."

"Iron ore production decreased by 19% as high rainfall and plant issues affected both Kumba and Minas-Rio, with full year guidance revised to 60-64 million tonnes (previously 63-67 million tonnes)."

"Metallurgical coal production decreased by 32% due to the delayed longwall move at Moranbah and the end of production from Grasstree. The suspended Grosvenor operation and Aquila life-extension project both started operations in mid-February. Moranbah was suspended following a fatal underground incident in late March, with full year guidance revised to 17-19 million tonnes (previously 20-22 million tonnes), subject to regulator approval for restart at the next panel as planned."

"Full year cost guidance has increased by 9%, reflecting a 4% impact from stronger producer currencies and 3% from inflationary pressures, particularly diesel, as well as the revisions to volume guidance."

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

April 21, 2022 03:20 ET (07:20 GMT)

Anglo American (LSE:AAL)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024

Anglo American (LSE:AAL)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024