Anglo American output rises in second quarter

17th Jul 2014 08:13

Anglo American reported a rise in production of iron ore, copper, nickel, diamonds and export metallurgical coal in the second quarter. Kumba iron ore output increased 2% to 11.5m tonnes following a solid performance at the Sishen and Kolomela mines.Export metallurgical coal production was up 10% to 4.8m tonnes due to productivity improvements at open cut operations at Grasstree.Copper production rose 6% to 194,400 tonnes as lower production at El Soldado was offset by improved production from Los Bronces and Collahuasi.Nickel output jumped 25% to 10,600 tonnes, driven by improved operational stability at Barro Alto, ahead of the planned rebuild of the furnaces commencing in the second half of the year.Diamond production climbed 7% to 8.5 million carats, largely due to higher output at Venetia following the recovery from the pit flooding in 2013.However, platinum equivalent refined production decreased by 40% to 358,000 ounces as a result of the industrial action at Rustenburg, Amandelbult and Union mines in South Africa. A three-year wage agreement reached in June ended the five months of industrial action. Export thermal coal production also dropped 5% to 8.1m tonnes, reflecting lower production from Drayton in Australia. Shares in the company were down 1.34% to 1,543p at 08:42 Thursday.RD