On Thursday, British mining company Anglo American Plc (AAUKY.PK, AAL.L) announced that its copper production for the second quarter fell by 6 percent to 196 thousand tonnes, compared to 209 thousand tonnes during the same period last year.
The decline in copper output for the quarter was primarily due to reduced throughput at the Los Bronces and El Soldado mines, as well as planned lower grades at the Quellaveco mine. This was partly counterbalanced by higher throughput at the Collahuasi mine, which benefited from the operation of a fifth ball mill.
Despite the quarterly decrease, the company stated that copper production is progressing well towards its annual target, being 2 percent higher in the first half of 2023 compared to last year.
Iron ore production remained steady at 15.6 million tonnes, while output from the Platinum Group Metals (PGMs) operations decreased by 2 percent to 921 thousand ounces.
Rough diamond production saw a 15 percent decline, attributed to a strategic decision to manage inventory and preserve cash. Nickel production remained relatively unchanged, showcasing operational stability.
In contrast, steelmaking coal production surged by 26 percent, driven by increased output from the Grosvenor underground mine and the Dawson open-cut operation.
Looking ahead to fiscal year 2024, Anglo American expects copper production to be between 730 thousand tonnes and 790 thousand tonnes, and PGMs output to range from 3.3 million ounces to 3.7 million ounces.
The company also maintained its production outlook for iron ore, nickel, and diamonds.
However, the forecast for steelmaking coal production was adjusted to a range of 14 million tonnes to 15.5 million tonnes, revised down from the previous estimate of 15 million tonnes to 17 million tonnes.
