By Jaime Llinares Taboada

 

Anglo American PLC on Thursday downgraded its steelmaking coal guidance, raised its production outlook for diamonds and improved its forecast on platinum group metal costs.

The FTSE 100 multinational mining company cut coal production guidance to 15-17 million metric tons from 17-19 million tons, and increased cost expectations to $110 a ton from $105 a ton, reflecting longwall ramp-up timing.

In addition, Anglo American raised its 2022 production guidance for diamonds to 32-34 million carats from 30-33 million previously, due to robust demand and strong year-to-date operational performance.

The group also trimmed unit cost guidance for its platinum group metals operations to $950 per ounce from $970 on the back of a weaker South African rand.

Full-year guidance for copper, nickel and iron ore remain unchanged.

"Overall for the second quarter, production was 9% lower compared with the same quarter in 2021, primarily due to expected lower grades and water availability in copper, ramp-up of the Aquila longwall in steelmaking coal and planned maintenance at the Minas-Rio iron ore operation," Chief Executive Duncan Wanblad said.

 

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

 

(END) Dow Jones Newswires

July 21, 2022 02:35 ET (06:35 GMT)

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