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Anglo American reports 1Q19 results

Published by
World Coal,


Anglo American has released its results for the first quarter of 2019.

Mark Cutifani, Chief Executive of Anglo American, said: “Production is 6% lower in the quarter, with two planned longwall moves at metallurgical coal accounting for 80% of the reduction. Isolated production issues at Venetia (De Beers), Kumba Iron Ore and Platinum Group Metals made up the balance, mitigated by stronger operational performance from Copper, with a 4% production increase, and the ramp-up at Minas-Rio, which is ahead of plan following the restart of operations in December 2018. By the end of the quarter we had increased our production run-rate, are on track to deliver this year’s production targets and our guidance is unchanged.”

Highlights

  • De Beers’ diamond production decreased by 8% to 7.9 million carats driven by lower production at Venetia as it transitions from opencast operations to underground operations.
  • Copper production increased by 4% to 161 100 t due to strong plant performance and planned higher grades.
  • Platinum and palladium production decreased by 5% to 471 900 oz and by 6% to 326 600 oz, respectively, due to operational challenges as well as one-off benefits in 1Q18.
  • Kumba’s iron ore production decreased by 12% to 9.5 million t due to plant maintenance.
  • Minas-Rio’s iron ore production increased by 61% as its ramp-up progresses well, facilitated by access to higher grade ore in the Step 3 licence area.
  • Metallurgical coal production decreased by 25% to 4.2 million t with two longwall moves in the period compared to only one in 1Q18.
  • Thermal coal export production decreased by 2% to 6.6 million t, with solid operational performance across the South African mines offset by lower production at Cerrejón due to dust management.

To read the full report: https://www.angloamerican.com/media/press-releases/2019/25-04-2019

Read the article online at: https://www.worldcoal.com/coal/25042019/anglo-american-reports-1q19-results/

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