Anglo American Plc
Anglo American Plc
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South Africa’s rail freight issues are weighing on iron ore producer Kumba, with growing minesite stockpiles forcing production cutbacks due to lack of storage space.
The Anglo American subsidiary has posted FY2022 production guidance of 37Mt, down from 38-40Mt. Sales guidance is unchanged at 36-37Mt and C1 unit cost at $US44/t.
The ramp-up of its Quellaveco copper mine in Peru is the key to Anglo American’s expectations of 5% growth in its global production in the coming 12 months.
Chief exec Duncan Wanblad, releasing 3-year production guidance, says the pandemic disruptions plus economic volatility, extreme weather and other localised disruptions have lowered its FY2022 guidance by about 3%.
South African iron ore producer Kumba expects daily losses of about 120,000t in export sales by its business following the declaration of force majeure by freight operator Transnet.
The notice dated Oct 7 relates to the disruption of rail and port services due to union strike action.
The Anglo American subsidiary predicts impact on production of 50,000tpd for the first seven days and about 90,000tpd thereafter.
Lower output at its 51%-owned Los Bronces copper project in Chile arising from water restrictions and a change in ore characteristics has led global miner Anglo American to tighten its FY2022 production guidance in the world's leading producer.
Anglo American says it now expects to deliver 560,000-580,000t, compared to 560,000-600,000t previously, while C1 unit cost forecast is revised to about $US1.60/lb from $1.50/lb.
Global miner Anglo American has trimmed first-year production guidance for its Quellaveco copper mine in Peru after beginning commercial operations and embarking on a ramp-up over 9-12 months to full production.
After operational testing, however, Anglo American predicts FY2022 production of 80,000-100,000t at C1 costs of $US1.50/lb - down from its previous forecast of 100,000-150,000t at $1.35/lb.
Global miner Anglo American has entered a mandate letter giving it exclusive rights to negotiate project funding and offtake with developer Alien Metals over its 100%-owned Hancock iron ore project in Western Australia.
The agreement proposes a $US10M advance payment facility and 100% uptake for the Pilbara region project’s sinter fines and lump ore including up to $5M vessel prepayments for the first 12 months. Anglo American will receive an agreed royalty for 24 months.
(DEVELOPMENT)
Three months after the Queensland state government hit them with a shock increase in coal royalty taxes to the highest global rates, it is coming under even more pressure from the outraged miners, developers and explorers in Australia’s premier coal jurisdiction.
Anglo American chief executive Duncan Wanblad has welcomed signs of a pick-up in the international miner’s production performance, with its operational momentum and focus on asset resilience positioning it for a strong second half.
Global major Anglo American will back development of Gabon’s largest iron ore project, advancing up to $US85M to developer Genmin in return for a royalty and offtake agreement over its 100%-owned Baniaka mine.
Anglo American will advance $10M cash in return for a 1% sales revenue royalty on the first 75Mt of sales and negotiate for up to $75M project funding for offtake rights over up to 100% of future production.
Global miner Anglo American has established a $US100M cost against its commitment to meeting sustainability goals in South Africa, signing a 10-year loan agreement with the International Finance Corporation to fund projects such as job creation and education support in rural communities close to its mines.
The loan may be the first in the mining sector focused exclusively on social development.