However, Anglo American chief executive Mark Cutifani said in a statement yesterday that by the end of the 3-month period “we have increased our production run-rate, are on track to deliver this year's production targets and our guidance is unchanged.”
Anglo American shares closed 2.1 percent lower at R379.80 on the JSE on Thursday.
This week, JPMorgan Chase & Co joined a host of other investment research firms, such as Deutsche Bank and Société Générale, which have this year either downgraded or maintained “hold” ratings on Anglo. According to reports, JP Morgan cited a fully valued share price among the reasons for its rating cut.
Cutifani said lower coal volumes accounted for 80 percent of the decline in the group's production.