ANGLO AMERICAN shares finished in the green yesterday despite the mining giant cutting its production outlook for the full year, In an update yesterday, the London-listed miner revised its 2023 production guidance to 830,000-870,000 tonnes, down from previous forecasts of 840,000-930,000 tonnes.

While the group reported a 43 per cent increase in copper production in Peru, the miner noted declines in other areas, with steelmaking coal production slumping by 21 per cent and rough diamond production dipping 23 per cent.

Duncan Wanblad, chief executive of Anglo American, said: "Our focus is on delivering our full-year production guidance in line with a planned stronger second half of the year.

"Copper production from Chile decreased due to ongoing ore hardness and an electrical substation fire at Los Bronces, resulting in a minor revision to guidance for our Chile operations. We are on track to deliver our full year guidance across all other products."

Shares in the group rose to close up 1.85 per cent.

(c) 2023 City A.M., source Newspaper