Image: Chris Ratcliffe/Bloomberg
- Anglo American's Q3 copper production surges by 42% from Quellaveco mine
- Venetia's transition to underground operations impacts De Beers' diamond production
- Steelmaking coal production decreases by 21% due to challenging conditions
Sandton, October 24, 2023 - Anglo American plc, a global mining company, released its production report for the third quarter ended September 30, 2023. The report showcased a mixed performance across its various operations, with notable increases in copper production offset by challenges in other sectors.
Copper production took the spotlight, experiencing an impressive 42% increase. This surge was primarily attributed to the progressive growth in production from the Quellaveco mine in Peru. However, the positive trend was dampened by a 4% decrease in production from Anglo American's operations in Chile. The decline was primarily caused by ongoing issues related to ore hardness and an electrical substation fire at the Los Bronces mine.
Duncan Wanblad, Chief Executive of Anglo American, acknowledged the challenges faced by the company's other divisions. The transition to underground operations at Venetia impacted De Beers' rough diamond production, resulting in a planned reduction of 23%. Furthermore, the steelmaking coal sector experienced a 21% decrease in production due to challenging strata conditions at the Moranbah mine and the ramp-up process at Grosvenor following a longwall move in the previous quarter.
Despite these setbacks, Wanblad expressed optimism, highlighting the company's focus on delivering its full-year production guidance for 2023. Anglo American aims to achieve a stronger second half of the year, with production volumes already showing a 4% increase quarter-on-quarter. This growth can be attributed to operational improvements in the platinum group metals (PGMs) business, increased volumes from Quellaveco, and positive developments in the steelmaking coal sector driven by Aquila and the Grosvenor mine.
The report also noted that iron ore production decreased by 4% during the quarter, primarily due to planned maintenance at the Minas-Rio plant. Similarly, nickel production experienced a 7% decline, mainly attributed to lower-grade ores.
Looking ahead, Anglo American remains on track to meet its full-year production guidance for all other products, despite the revision of guidance for its Chile operations. The company is committed to addressing the challenges faced at Venetia and implementing measures to ensure a smooth transition to underground operations.
Anglo American's diverse portfolio of mining assets positions it well to navigate market fluctuations and capitalize on the growing demand for key commodities. The company's strategic focus on sustainable mining practices and operational improvements will continue to drive its long-term success.
Investors and industry analysts will be closely monitoring Anglo American's performance in the coming quarters, particularly the progress made in ramping up production at Venetia and the continued growth of the Quellaveco mine.
About Anglo American plc:
Anglo American plc is a diversified global mining company with a portfolio of high-quality mining assets. The company operates across various commodities, including diamonds, copper, platinum group metals, iron ore, and coal. With a commitment to responsible mining practices, Anglo American strives to deliver sustainable value to its stakeholders while contributing to the economic development of the communities in which it operates.
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