Mixed production figures at Anglo American

21st Oct 2010 07:34

Mining giant Anglo American reported mixed production figures for the third quarter, ramping up output of platinum and other metals, but seeing a fall in production of copper.The company hiked output of platinum, a precious metal used to make catalytic converters for cars, by 11% from the same period the previous year to 697,000 ounces. Platinum prices have risen sharply lately in line with improved global economic conditions. Nickel production climbed by 16% to 5,700 tonnes, metallurgical coal by 26% to 4m tonnes, thermal coal by 2% to 22.2m tonnes and diamond production by 15% to 9m carats. Iron ore production was flat at 11.8m tonnes, while a reduction in grades and maintenance at Los Bronces mine in Chile resulted in a 9% reduction in copper output to 153,400 tonnes.Anglo is confident of achieving its full-year production target of 2.5m ounces of refined platinum. While the iron ore market continued to be strong in China and other markets, Anglo's South African-based iron ore company Kumba saw its export sales fall by 12% due to rail logistics difficulties.Diamond production was lifted in response to strong demand for the holiday season that runs from Thanksgiving to Christmas, Anglo said.