Strong pickup in diamond and PGMs production spurs Anglo-American growth in Q2FY21

0
451
Signage indicating the corporate offices of the Anglo American mining company.
  • Overall group production increased by 20%
  • Diamond production was up 134% while PGMs were up 59%
  • PGM production at Unki was up 53% in the same period

Harare – Anglo-American the parent company of Unki Mine has reported a 20% overall growth in production for the second fiscal quarter spurred by a strong surge in the production of diamonds and Platinum Group Metals (PGMs)

Diamond production at 8.2Mct was 134% ahead of the 3.5Mct realised in the second quarter of the prior and the company says this “reflects planned higher production in response to the ongoing consumer demand recovery.”

PGMs production in the period came in at 1 058koz reflecting a 59% increase on the 655koz realized in the comparative period last year.

Production at Unki Mine particularly at 48koz was 53% ahead of the same quarter in the prior year in which production of 31koz was realised.

Meanwhile, although relatively lower, the group’s copper, iron ore and manganese ore production also scaled up by 2%, 6%, and 18% respectively, also chipping into the overall group performance.

Nickel, metallurgical and thermal coal however weighed down the group’s performance after recording production slumps of 2%, 25%, and 1% respectively.

In the same period, the company also completed a successful demerger of its thermal coal operations in South Africa which are now operating under Thungela Resources Limited.

By the end of the year, Anglo-American expects diamond production to be between 32 and 33Mct, Copper production between 650 and 680kt, PGMs production to be between 4.2 and 4.4Moz, Iron Ore 64.5 and 66.5Mt while Nickel should be between 42 and 44kt.

Equity Axis News

LEAVE A REPLY

Please enter your comment!
Please enter your name here