Anglo American, a leading diversified mining company, has announced its fourth-quarter production figures, which were in line with expectations. The company’s copper production decreased by 6% to 230,000 metric tons compared to the same period last year. This decline was primarily due to a 16% decrease in output from operations in Chile.
On a positive note, the Quellaveco copper mine in Peru, one of the world’s largest undeveloped copper deposits, had its strongest quarter yet, producing 93,700 tons. Additionally, the Minas-Rio iron-ore mine in Brazil achieved its highest-ever quarterly volume of 6.6 million tons.
However, the overall iron ore output was affected by a planned slowdown at the South African Kumba mine. This decision was made to address logistical challenges in transporting the minerals via rail to port, as previously highlighted by Anglo American.
“Our fourth-quarter production was in line with our expectations and consistent with the third quarter,” stated Chief Executive Duncan Wanblad.
Looking at the full-year performance, Anglo American experienced a 3% increase in overall production compared to 2022, as previously indicated in its investor update last December.
Despite this growth, the company still anticipates a 4% decline in overall production for 2024. However, it aims to reduce unit costs by 2%. Anglo American reaffirmed its production and cost targets for each metal and mineral as outlined in December.
It is clear that Anglo American is maintaining a steady course and remains confident in its 2024 outlook.