Anglo American lifts copper guidance

Global miner Anglo American has raised the lower range of its copper production guidance by 10,000mt to 650,000-680,000mt from 640,000-680,000mt after increasing its output in the first half by 5pc.

However, the miner reduced the upper range of its guidance for iron ore to 64.5-66.5mn mt from 64.5-67.5mn mt, the company noted in its quarterly production report on Tuesday. Still, iron ore production in the H1 2020 grew by 3pc to 31.9mn mt from 30.8mn mt in the same period last year driven by higher output from the Kumba mine. 

In H1 2021 Anglo American’s copper output increased by 5pc to 330,000mt against 314,000mt in the same period last year. Nickel production, on the other hand, fell 5pc to 20,700mt in January-June from 21,700mt in H1 2020. Met coal production, during the same period under review, dropped by 20pc to 6.2mn mt from 7.8mn mt.

Q2 2021

Anglo American’s overall production increased by 20pc in Q2 2021 compared to the prior-year quarter after its operating levels were maintained at 95pc throughout the quarter, Mark Cutifani, chief executive officer of Anglo American said in a statement. The higher output was led by increased production of its platinum group metals in South Africa as well as strong growth at its Los Bronces copper mine in Chile.

Copper and iron ore output grew in the second quarter against the same quarter last year, while nickel and met coal production trended down during the same period: