Minas-Rio boosts Anglo American Q3; warns on copper output

Anglo American on Tuesday said third quarter production rose 4% driven by a ramp up in iron ore output at its Brazilian operation where it raised full year guidance.

However, the mining giant said copper output this year would be at the lower end of expectations due to an “unprecedented” chronic drought in Chile that also threatened 2020 production.

Overall, Anglo said it was “broadly on track” to meet full-year production targets.

Copper production guidance was tightened to 630,000-650,000 tonnes from 630,000-660,000). Production for the quarter was 8% lower at 158,900 tonnes.

The miner also reported a 14% fall in diamond output at its De Beers unit as it faced weaker market demand due to macro-economic uncertainty as well as “continued midstream weakness”.

Diamond production fell 14% to 7.4m carats due to planned mine closures and the underground transition at its Venetia mine.

Iron ore production at Minas-Rio in Brazil, which had been closed due to a pipeline leaks, came in at 6.1m tonnes. Thermal coal output would be at the lower end of earlier range as Anglo mined less at the Cerrejon joint venture with Glencore and BHP. Production targets for metallurgical coal, the Kumba iron ore unit and platinum were unchanged.