As a result of a standout performance in its copper division in the September quarter and positive performances across the bulk of its other businesses so far in 2018, Anglo American will most likely reach its production targets for the year.
Anglo American, which is listed in London and Johannesburg, revealed quarterly falls in diamond, iron ore and metallurgical coal production for the three months to end-September compared to a year ago. The company however noted that the disappointing figures were offset by an outstanding performance from its copper mines.
Anglo American CEO, Mark Cutifani said “strong operational performance at our copper assets delivered a 17% increase in production, more than offsetting planned lower volumes at De Beers and the impact of rail infrastructure constraints at Kumba in the first half of the year”.
Kumba Iron Ore, Africa’s largest iron ore miner, which is listed on the Johannesburg Stock Exchange, of which 69.7% is owned by Anglo, had a difficult start to the year. The iron ore miner also slowed production in its third quarter, lowering output by 9% to 10.5-million tonnes.
A statement released by Kumba said “production volumes were also impacted by the slight decrease in processing plant yields, as Kumba focused on producing high-quality products to maximise the value of tonnes railed to port and benefit from the strong demand for high-grade ore”.