Anglo American announces Q3 2017 production result

Time:Thu, 26 Oct 2017 05:53:00 +0800

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Anglo American reports a 6% increase in total production on a copper equivalent basis in the third quarter of 2017, compared to the same period of 2016. For the first nine months of the year, copper equivalent production has increased by 8%(1).

Highlights
1. At De Beers, stable trading conditions supported an increase in rough diamond production, driven principally by Debswana, and the ramp-up of Gahcho Kué.

2. Copper production increased by 5% to 147,300 tonnes, reflecting strong mine extraction and higher associated grades.

3. Production guidance for Platinum has been lowered to 2.30 – 2.35 million ounces following the closure of unprofitable production at Bokoni, which was placed on care and maintenance in the quarter.

4. Production guidance at Kumba Iron Ore has been further increased to 42 – 44 million tonnes following the continuation of strong productivity performance at Sishen.

5. Metallurgical coal production increased by 8% as Grosvenor delivered strong production through successful management of geological challenges and completion of its first longwall panel.

6. Thermal coal production decreased by 15% due to operating challenges at Khwezela, a 100-hour safety stoppage across all the South African coal operations in August and weather related stoppages at Cerrejón.

Mr Mark Cutifani, Anglo American Chief Executive said that “We have delivered another strong production performance across our business. Grosvenor production has materially stepped-up as the new operating procedures have been implemented, while Gahcho Kué and Minas-Rio continue to make positive contributions. We have further increased production guidance at Kumba Iron Ore as we continue to improve our broader productivity performance. In Platinum, we have taken necessary steps to remove unprofitable ounces from production as we focus on value over volume.”

	Q3 2017	Q3 2016	% vs. Q3 2016	YTD 2017	YTD 2016	% vs. YTD 2016
Diamonds (Mct)(2)	9.2	6.3	46.00%	25.3	19.6	29.00%
Copper (t)(3) (4)	147300	139800	5.00%	430700	430500	-
Platinum (produced ounces) (koz)(5)	621	619	-	1810	1772	2.00%
Iron ore – Kumba (Mt)	11.5	11.8	-2.00%	33.3	29.5	13.00%
Iron ore – Minas-Rio (Mt)(6)	4.2	4.5	-6.00%	12.8	11.3	14.00%
Export metallurgical coal (Mt)	5.5	5.1	9.00%	14.7	14.1	5.00%
Export thermal coal (Mt)(7)	6.3	7.4	-15.00%	19.6	20.4	-4.00%
Nickel (t)(8)	11200	11300	-1.00%	32400	33600	-4.00%