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(Kitco News) - Anglo American, one of the world’s largest mining companies, reported today that its Q1 2023 copper production increased by 28% y-o-y to 178 kt, reflecting the ramp-up of production from the company’s new Quellaveco copper mine in Peru.
However, Anglo American said that copper production from its operations in Chile decreased by 15% y-o-y, primarily due to planned lower grades at both Los Bronces and Collahuasi.
The company’s rough diamond production was flat in Q1 2023 y-o-y at 8.9 Mct, as planned higher grade ore and strong operational performance across most of the assets was offset by the planned completion of Venetia's open pit in December 2022, as it transitions to underground operations during 2023.
Metal in concentrate production from the company’s platinum group metals (PGMs) operations decreased by 6% to 901 koz due to the impact of unplanned plant maintenance and lower grades at Mogalakwena, as well as planned infrastructure closures at Amandelbult in Q4 2022.
Steelmaking coal production increased by 59% to 3.5 Mt, primarily due to all three underground longwall operations running during the quarter.
Iron ore production increased by 15% to 15.1 Mt, driven by improved operational performance at both Kumba and Minas-Rio, as well as improved rain readiness plans. Nickel production increased by 4% to 9.7 kt, reflecting improved operational performance.
Importantly, the company said that its 2023 production and unit cost guidance is unchanged across all business units.
CEO Duncan Wanblad commented, "Our copper equivalent production in the first quarter increased by 9% compared to the same period in 2022, driven by the ramp-up of copper production from our new Quellaveco mine in Peru. Performance also benefited from the ongoing improvement at our Steelmaking Coal longwall operations, as well as at Kumba and Minas-Rio, our iron ore businesses. These were offset by planned lower copper grades in Chile, lower PGMs production and the transition of De Beers' Venetia mine from open pit to the new underground section, which results in temporary lower production until the underground operation fully ramps up.
"This improved performance reflects our focus on safe and stable operational momentum through the seasonally slower first quarter of the year which also coincides with the wet season in much of the southern hemisphere.
"We continue to make progress towards our suite of sustainability ambitions and organic growth options in future-enabling products and we welcome the recent approval of the environmental permit application for our Los Bronces Integrated Project, which sets up the next phase of development for one of the world's largest copper mines."
Anglo American is a producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel, - with crop nutrients in development.
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