Anglo American Reports 4% Increase in Third-Quarter Production
Anglo American, a leading mining company, recently announced that its third-quarter production has seen a significant rise of 4%. However, the company also shared that it has slightly adjusted its full-year production guidance for copper due to a decline in output from its operations in Chile.
Increased Copper Production in Q3
During the third quarter, Anglo American witnessed a remarkable increase of 42% in copper production compared to the previous quarter. The production reached 209,000 metric tons, primarily attributed to a steady growth in volumes from its Quellaveco mine located in Peru.
Adjusted Full-Year Target for Copper
Despite the positive growth, Anglo American has revised its full-year target range for copper production. The new target now stands between 830,000 and 870,000 tons, as opposed to the previous range of 840,000 to 930,000 tons. This adjustment is mainly due to challenges such as ore hardness and an electrical substation fire that occurred at the Los Bronces mine in Chile.
Rise in Metal Prices
The company reported a 3% increase in realized prices for copper, a metal crucial to the global energy transition. The current price stands at 387 U.S. cents per pound.
CEO's Statement
Anglo American's Chief Executive, Duncan Wanblad, expressed the company's commitment to achieving its full-year production guidance as planned. He emphasized their focus on delivering a stronger second half of the year.
Outlook for Other Metals
While the guidance for full-year copper production has been adjusted, Anglo American maintains its original full-year production guidance for all other metals. Additionally, the company expects to maintain its full-year cost guidance for all metals.
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