Anglo American
“’ copper earnings up,
iron ore down
London, England — 18 October 2013 – Global mining giant Anglo American plc has revealed that its third-quarter copper production has jumped 32% above its level of a year earlier, while iron-ore output dropped by 24% in the same period.

“Copper production for the period was 207,300t, reports Bloomberg News, quoting a company statement released here. Iron ore decreased 24% to 9.5Mt, while platinum-equivalent refined production was little changed at 623,000oz,” the statement added..
Kumba Iron Ore, 70% owned by Anglo, this week said it would need additional state permission to access a third of the reserves at its largest mine, where deposits of the steel raw material are depleting. Unit Anglo American Platinum Limited, the world’s biggest producer of the metal, has battled South African union opposition to plans to reduce mines and cut jobs, which led to a two-week strike last month.

Production of export metallurgical coal, used in steelmaking, increased 9% to 4.9Mt. Output of export thermal coal from South Africa declined 1% to 4.5Mt, while Colombian production advanced 13% to 3.2Mt.

Anglo is targeting a US$1.3 billion gain in annual cash flow and the sale of some assets during an overhaul, according to CEO Mark Cutifani. The company, which has identified 15 assets for possible divestment, last month withdrew from the Pebble copper project in Alaska.

Anglo also mines diamonds in southern Africa and Canada. Production at De Beers, the gem producer 85% owned by Anglo, rose 21% in the third quarter to 7.7Mcts.

Copper output at Anglo’s Los Bronces mine in Chile increased 22% to 106,400t. Production from its Collahuasi joint venture with Glencore Xstrata plc more than doubled to 63,600t as the ramp up of volumes at the mine continued.

Kumba said third-quarter production at Sishen in South Africa had decreased by 24% to 9.5Mt from a year earlier. The Kolomela mine increased output 12% to 2.8Mt,  partly countering the loss of output at Sishen, Kumba said.

Source: Bloomberg News. For more information, click here.