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Anglo American posts mixed Q3 output, lifts Minas-Rio guidance
(Sharecast News) - Mining giant Anglo American posted a mixed set of third-quarter production figures on Tuesday, with gains in copper, manganese and diamonds offset by declines in iron ore and steelmaking coal. Anglo American said copper output rose 1% year-on-year to 183,500 tonnes, while manganese ore production surged 140% to 972,800 tonnes. Rough diamond output jumped 38% to 7.7m carats, while nickel production edged up 2% to 10,100 tonnes.
On the other hand, iron ore output fell 9% to 14.3m tonnes, and steelmaking coal production dropped 54% to 1.9m tonnes.
However, the FTSE 100-listed firm raised its full-year production guidance for Minas-Rio iron ore to between 23m and 25m tonnes, up from the previous range of 22m to 24m tonnes.
Anglo American also confirmed the successful divestment of its remaining interest in Valterra Platinum, generating proceeds of approximately $2.5bn, as it continued to make further progress with its portfolio simplification.
Reporting by Iain Gilbert at Sharecast.com
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