JOHANNESBURG - Multinational mining company Anglo American said on Tuesday its overall output was up four percent for the third quarter ended September 30, driven by the continued successful ramp-up at Minas-Rio and strong performance at Metallurgical Coal.
Production from diamond subsidiary De Beers was however lower as expected, with Victor mine now at the end of its life and the transition of Venetia to underground, Anglo chief executive Mark Cutifani said.
"We remain broadly on track to deliver within our full year production targets, with an increase in production guidance at Minas-Rio. We expect to deliver to our production guidance for copper and thermal coal, albeit at the lower end of their ranges; with copper working to mitigate the effect of drought conditions in central Chile," he said.
De Beers’ diamond production fell 14 percent to 7.4 million carats in the quarter due to planned mine closures and the underground transition at Venetia, and as the company continued to produce to weaker market demand due to macro-economic uncertainty as well as continued midstream weakness.
Copper output decreased by eight percent to 158,900 tonnes due to unprecedented drought conditions impacting Los Bronces in Chile, while platinum and palladium production was broadly unchanged at 526,800 ounces and 351,800 ounces respectively.