Anglo posts higher iron ore output

Miner Anglo American, smarting from a five-month strike at its platinum operations, reported higher iron ore and copper output for the first half of the year.

Production of iron ore, the biggest money earner for Anglo American last year, rose 5 percent to 22.8 million tonnes for the six months ended June 30.

Anglo American chief executive Mark Cutifani. File picture: Leon Nicholas. Credit: INDEPENDENT MEDIA

Output of copper, which contributed about a quarter of the company's earnings last year, rose 12 percent to 396,400 tonnes.

Anglo American, which has been slashing jobs in its platinum operations and mothballing mines to improve the unit's profitability, said equivalent refined platinum production plunged 39 percent to 715,000 ounces due to the strike that ended in June.

The company's subsidiary Anglo American Platinum (Amplats) this week warned that first-half earnings would fall by as much as 96 percent.

Amplats is reviewing its older and more capital-intensive platinum mines in Rustenburg in South Africa.

However, the company did not provide any details on Thursday on possible disposal of some underperforming mines. - Reuters