Anglo American PLC on Thursday reported a rise in fourth-quarter production of most of its commodities compared with the same period a year earlier, with the exception of iron ore and platinum group metals. Here's what the FTSE 100-listed mining company had to say:
On copper production:
"Copper production increased by 52% to 244,300 tonnes, due to the ramp-up of production from Quellaveco in Peru, while Chile's production was broadly flat."
On rough diamond production:
"Rough diamond production increased by 6%, reflecting strong operational performance, particularly at Jwaneng, which was partially offset by the planned completion of the final cut at Venetia's open pit."
On steelmaking coal production:
"Steelmaking coal production increased by 6% to 4.6 million tonnes, primarily due to the ramp-up of the Grosvenor longwall operation following its restart in February 2022."
On iron-ore production:
"Iron ore production increased by 4% to 15.7 million tonnes, reflecting a 7% increase at Minas-Rio and a 3% increase at Kumba."
On metal in concentrate production:
"Metal in concentrate production from our Platinum Group Metals (PGMs) operations decreased by 10%, due to the impact of lower grades at Mogalakwena and planned infrastructure closures at Amandelbult."
On nickel production:
"Nickel production decreased by 4% to 10,200 tonnes, primarily due to planned annual maintenance at Barro Alto as well as the impact of high rainfall in December."
On prices:
"The full year average realized price for nickel of $10.26/lb was 12% lower than the market price, primarily reflecting the ferronickel discount to LME grade nickel."
"The full year average realized basket price was $2,551/PGM ounce, reflecting lower market prices."
"The full year average realized price for hard coking coal was $310/tonne, which was lower than the benchmark price of $364/tonne."
"The price realization was lower at 85% (2021: 93%) driven by a higher volume of premium hard coking coal being produced and sold in the second half of 2022 when the benchmark price was lower."
On 2023 guidance:
"Production guidance is for 2023 is 30-33 million carats (100% basis), subject to trading conditions."
"Unit cost guidance for 2023 is c.$80/ct."
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
02-02-23 0329ET