Anglo's Q2 copper, nickel output rises, while diamonds, platinum output takes a hit
- Anglo American's (OTCQX:AAUKF) Q2 overall production fell by 18% Y/Y, however as announced earlier, the firm said that it would maintain its full year guidance for all of its commodities except for coal.
- Output of platinum, palladium, iron ore, coal and manganese all fell due to the restrictions on mining activity.
- However, output of nickel and copper rose, helped by 38% increase in production at the firm’s copper mine in Collahuasi in Chile.
- The most impacted commodity was Anglo’s diamond business. De Beers' production decreased by 54% year-on-year to 3.5M carats. Despite the drop, the firm maintains its full year guidance of 25m to 27m carats.
- 2020 production guidance for copper production is expected to be between 620,000 t and 670,000 t.
- Platinum output is expected to be between 1.5M - 1.7M ounces, while palladium output is expected to be between 1M - 1.2M ounces.
- Kumba Iron Ore's production guidance is between 37M - 39M tonnes, while Minas-Rio's guidance is between 22M - 24M tonnes.
- Expects metallurgical coal production between 16M - 18M tonnes, while thermal coal production is expected to reach 21M tonnes.
- Anglo also expects to produce between 42,000 - 44,000 tonnes of nickel