Shares in Anglo American increased by around 6% in morning trade in London on Wednesday 29th January, after the diversified miner reported a strong growth in the production of iron ore, copper and other metals and minerals.
The production increases in iron ore, copper, diamond and platinum offset consolidated coal output, which was down in Q4 2013 compared to the same quarter in 2012.
The world’s fifth largest diversified miner by market capitalisation, said that iron ore output increased 25%, while copper increased by 24%.
The company has been implementing a turnaround plan to address perceived underperformance in past years relative to other large diversified mining companies. New CEO of Anglo American, Mark Cutifani, who took over in April, is looking to increase profitability by improving operational performance at mines, cutting costs, reducing the company’s project pipeline, and extracting more value from the sale of its products.
Total coal production, which accounted for just over 10% of the company’s underlying operating profit in H1 2013, fell by 4% in Q4 to 24.75 million t.
Despite the fall in coal production, however, Anglo American benefited from increased export sales volumes, which increased 6% to 9.5 million t. Finished product stockpiles across the company’s operations.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/29012014/anglo_american_announces_production_increases_461/