AAL Anglo American Plc

By Jaime Llinares Taboada

Anglo American PLC on Thursday reported weaker production for the second quarter, reflecting expected issues in copper production, planned maintenance at the Minas-Rio iron ore operation in Brazil, and the ramp-up of its Aquila coal mine in Australia. Here's what the multinational mining company had to say:

"Full year production guidance is unchanged for PGMs, copper and iron ore, increased for diamonds and decreased for steelmaking coal due to longwall ramp-up timing."

"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."

"Rough diamond production decreased by 4%, reflecting lower grades in Canada and Botswana. Production guidance is increased to 32-34 million carats (previously 30-33 million carats) due to robust demand and strong year-to-date operational performance."

"Metal in concentrate production from our Platinum Group Metals (PGMs) operations was broadly flat, with strong performances at Unki and Mototolo offsetting planned lower grades at Mogalakwena. Unit cost guidance is reduced to c.$950/PGM ounce (previously c.$970/PGM ounce), reflecting the weaker South African rand."

"Copper production decreased by 21% due to planned lower grades and water availability."

"Iron ore production decreased by 8% after a safety intervention at Kumba's Kolomela mine, as well as planned maintenance at Minas-Rio."

"Steelmaking coal production decreased by 12% as the replacement Aquila longwall ramped up following the planned end of production from Grasstree, as well as high rainfall impacting the open pit operations. Full year guidance is revised to 15-17 million tonnes (previously 17-19 million tonnes) and unit cost revised to c.$110/tonne (previously c.$105/tonne)."

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

(END) Dow Jones Newswires

July 21, 2022 03:14 ET (07:14 GMT)

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