Anglo American posts higher copper and diamond output

Anglo American posted increased output of copper and diamonds for the latest three-month stretch, albeit alongside declines in production of iron ore, thermal coal and nickel.

On a copper equivalent basis, total production was 6% ahead in the third quarter and by 8% on the same period one year ago.

Commenting on the outfit's performance, Anglo chief Mark Cutifani said: "We have delivered another strong production performance across our business. Grosvenor production has materially stepped-up as the new operating procedures have been implemented, while Gahcho Kué and Minas-Rio continue to make positive contributions.

"We have further increased production guidance at Kumba Iron Ore as we continue to improve our broader productivity performance. In Platinum, we have taken necessary steps to remove unprofitable ounces from production as we focus on value over volume."

The company attributed increased production of the red metal to stronger mine extraction and higher associated grades with higher output at Debswana and ramp-up of Gahcho Kue accounting for the 46% jump in diamond production to 9.2m carats.

Iron ore production at Kumba on the other hand fell by 2% year-on-year to 11.5m tonnes, although guidance was upped by a further 42 to 44m tonnes, thanks to higher productivity as Sishen.

At Minas Rio, iron ore output was down 6.2% to 4.2m tonnes.

In coal, output of metallurgical cial rose by 9% to 5.5m tonnes but thermal coal output declined 15% to 6.3m tonnes.

Nickel output was also lower, by 1% to 11,200 tonnes.

Production guidance for platinum was cut to between 2.30 and 2.35m ounces after unprofitable activities at Bokoni were shuttered and placed on care and maintenance.