Anglo American forecasts stronger 2022

Mining giant Anglo American forecast a stronger performance in 2022 than the current year, as it focused on its Quellaveco copper project in Peru.

The company said it was set to deliver 35% growth over the next decade at margins of 50%, while forecasting capital expenditure of $6.2bn - $6.7bn for 2022.

In a separate announcement, the company said that a review of its Woodsmith polyhalite fertilizer project in England confirmed that its design would benefit from modifications.

Anglo American said the alterations would result in an enhanced configuration, and therefore a different construction and production ramp-up schedule.

The company expects to have completed a design engineering, capital budget and schedule at the end of 2022.

"In the meantime, construction of the major critical path elements of the project, principally the two main shafts and the mineral transport tunnel, is progressing, with approximately $0.7bn of capital expected to be invested in 2022," said chief executive Mark Cutifani.