Anglo American reports lower production of copper, nickel, PGM, iron ore, coal and manganese ore in Q1 2022
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(Kitco News) - Anglo American announced today that its copper production decreased by 13% year-over-year to 140 ktonnes in Q1 2022 primarily due to planned lower grades.
The company's copper production guidance for 2022 is unchanged at 660,000–750,000 tonnes (Chile 560,000-600,000 tonnes; Peru 100,000-150,000 tonnes).
Metal in concentrate production from the company's platinum group metals operations decreased by 6%, primarily due to high rainfall at Mogalakwena, with full year guidance revised to 3.9–4.3 million ounces (previously 4.1-4.5 million ounces).
The company added that rough diamond production increased by 25% to 8.9 Mct, reflecting a strong operational performance and lower rainfall impact, primarily in Botswana.
“The Benguela Gem, diamond recovery vessel, was commissioned ahead of schedule and on budget, and is expected to add an additional 500,000 carats per year of high value diamonds to our production,” the company said in a statement.
Diamond production guidance for 2022 is unchanged at 30–33 million carats (100% basis), subject to trading conditions and the extent of further Covid-19 related disruptions.
Iron ore production decreased by 19% to 13.2 Mt as high rainfall and plant issues affected both Kumba and Minas-Rio, with full year guidance revised to 60-64 million tonnes (previously 63-67 million tonnes).
|BHP says copper production down in March quarter due to challenges in Chile, lowers guidance|
Metallurgical coal production decreased by 32% to 2.2 Mt due to the delayed longwall move at Moranbah and the end of production from Grasstree.
The company said that its full year cost guidance on a copper equivalent basis has increased by 9%, reflecting a 4% impact from stronger producer currencies and 3% from inflationary pressures, particularly diesel, as well as the revisions to volume guidance.