Duncan Wanblad, CEO of Anglo American, has reported a solid quarter for Copper and Iron Ore production. “I am pleased to report another solid quarter in Copper and Iron Ore, with both businesses tracking to guidance,” he stated. The company saw strong performance at Quellaveco and Los Bronces in Copper, while Collahuasi improved from the first quarter. In Iron Ore, Minas-Rio and Kumba delivered excellent results.
Wanblad also highlighted progress in portfolio simplification and cost reduction programs. “The demerger of Valterra Platinum at the end of May has been a great success with considerable value unlocked for shareholders,” he said. The sale process for De Beers is advancing despite challenging market conditions. Steelmaking Coal operations at Moranbah are expected to fully restart soon following an event on March 31.
Looking ahead, Wanblad expressed confidence in emerging as a higher margin business: “We will emerge as a highly differentiated, higher margin and more cash generative business setting us up to deliver the outstanding potential of our world class assets.”
Copper production was recorded at 173,300 tonnes due to higher throughput at Quellaveco but was offset by planned lower production in Chile. Iron ore output increased by 2% to 15.9 million tonnes driven by Minas-Rio’s performance. Manganese ore production surged by 109% following resumed mining activities after cyclone damage last year.
Rough diamond production decreased by 36%, reflecting lower demand response strategies. Steelmaking coal output fell by 51% due to Grosvenor’s suspension since June last year and other operational changes.
Production from Platinum Group Metals decreased significantly before their demerger effective May this year.
Guidance for continuing businesses remains unchanged except for adjusted unit costs in Copper Peru and Chile operations.
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