By Christian Moess Laursen
Anglo American cut its diamond production guidance after a tumble in first-quarter output, offset by jumps in copper and coal production.
The diversified mining major said Tuesday that it produced 11% more copper in the quarter compared with same period a year before, at 198,000 metric tons, driven by the Quellaveco mine in Peru--one of the world's largest undeveloped copper deposits--achieving its highest throughput rate.
Steelmaking-coal production rose 7% to 3.8 million tons due to performance at the Aquila longwall and Capcoal open cut operations in Australia.
This offset a 23% tumble in diamond production to 6.9 million carat, which prompted a cut to the full-year expectation, now 26 million-29 million carat from 29 million-32 million carat previously.
The fall in output was primarily due to changes implemented to lower production in response to market inventory levels.
Elsewhere, platinum group metals fell 7% to 834,000 ounces, while nickel declined 2% to 9,500 tons.
Besides for diamonds, the London-based miner backed its production outlook for across its portfolio.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
04-23-24 0244ET
