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Anglo American posts 24% rise in annual copper output

2024.02.08 03:51


© Reuters. FILE PHOTO: Logo of Anglo American is seen on a jacket of an worker of the Los Bronces copper mine, in the outskirts of Santiago, Chile March 14, 2019. REUTERS/Rodrigo Garrido/File Photo

LONDON (Reuters) -Global miner Anglo American (JO:) on Thursday reported a 24% rise in manufacturing final 12 months to 826,000 metric tons, decrease than a beforehand forecast vary of 830,000-870,000 tons.

The firm left its 2024 copper output steering at 730,000-790,000 tons. The metallic is used for electrical autos and renewable infrastructure, key planks of the vitality transition.

Analysts have forecast a copper deficit from this 12 months after Panama ordered the closure of a First Quantum (NASDAQ:) mine with capability of 350,000 tons per 12 months and as main producers together with Anglo, Glencore (OTC:), Codelco and Vale Base Metals anticipate decrease provide from their operations.

London-listed Anglo in December introduced $1.8 billion of spending cuts by 2026, which it’s ready to deepen in the occasion of worsening demand for the metals it mines.

“Various operational challenges remain, but 2024 guidance -which has been reiterated – is achievable,” Jefferies analysts mentioned in a word.

Production of tough diamonds on the firm’s De Beers unit fell 8% to 31.9 million carats in 2023. Diamond demand in main client China dropped final 12 months as an financial slowdown curbed urge for food for luxurious gadgets.

“Whilst there has been some improvement coming into 2024, the prospects for economic growth in many major economies remain uncertain and it may take some time for rough diamond demand to fully recover, which has led to the Group currently assessing its carrying value of De Beers,” Anglo mentioned in an announcement.

Iron ore manufacturing rose by 1%, whereas platinum group metals (PGMs) registered a 5% output drop, it mentioned.

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