Anglo American Plc
Anglo American Plc
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Despite a good 2018, with production of major commodities up, Anglo American is expecting a wide-ranging fall in 2019
Anglo American has lifted its 2019 production and costs expectations of the Minas-Rio iron ore operation in Brazil after ending a 9-month shutdown triggered by failures of two slurry pipelines in March.
The company now predicts the 100%-owned mine in Minas Gerais state will produce 18-20Mwt at $US28-31/t FOB in the financial year, up from its previous guidance of 16-19Mt at $30-33/t.
Anglo American has raised its platinum and palladium guidance for 2018 based on strong operational performance across its portfolio in the Sept qtr (Q3FY2018).
The South African-based miner lifted Q3 production of platinum to 649,000oz from 620,000oz in the June qtr and palladium to 411,000oz from 406,000oz.
The company has revised its FY2018 production forecasts to 2.45-2.5Moz platinum, from 2.4-2.45Moz, and 1.55-1.6Moz palladium, from 1.5-1.6Moz.
Strong performances by its copper and platinum-palladium operations helped global miner Anglo American lift total production (in copper-equivalent volumes) by 1% and productivity per employee by 5% in the Sept qtr (Q3FY2018).
Chief exec Mark Cutifani credits the improvement to Anglo’s focus on efficiency and productivity across the business and relentless discipline on controllable costs.
Centaurus has come up with an initial 280,000t-495,000t nickel and 24,500t-54,000t cobalt exploration target for its Itapitanga project in N Brazil following strong consistent high-grade drilling results released over the last 8-weeks.
Hard on the heels of global miner Anglo American’s 2018 June 2018 half (H1 18) 9% profit slide to $US1.3B from H1 17, the company has announced the go-head for the up to $5.3B world-class Quellaveco Copper Project in Peru, with 1st production expected in 2022.
The H1 18 bottom line was hit by $300M of special items, but with underlying EBITDA up 11% to $4.57B, $1.6B of attributable free cash flow and underlying earnings up 2% to $1.56B.
An Anglo American double – a 9% H1 18 profit slide to $1.3B and a green light for the $5.3B Quellaveco Copper Project
With a big hole expected to remain in Anglo American’s iron ore production for the rest of the year following the Mar 2018 suspension of its Minas-Rio mine in Peru, Kumba has lifted June 2018 qtr (Q2 18) output to 11.6Mt from Q1 18’s 10.9Mt.
With the Minas Rio iron ore suspension likely to keep hurting Anglo American until early next year, the global miner is seeing increased returns from its other operations.
Ramp-up completion at the Gahcho Kué Diamond Mine in Canada has lifted Anglo American’s 85%-owned global diamond major De Beers’ June 2018 qtr (Q2 18) rough diamond production 6% on Q1 18 to 9Mcts, also reflecting stronger demand.
Botswana production was up 8% to 6.3Mcts, with Jwaneng up to 3Mcts and Orapa to 3.3Mcts, and Canada 11% better to 1.2Mcts. But Namibia eased 2% to 500,000cts and South Africa was down 7% to 1Moz.