Anglo American’s Q2 Copper Production Drops 6% Amid Lower Throughput

Anglo American has reported a 6% decline in copper production for the second quarter, totaling 196,000 tonnes compared to 209,000 tonnes in the same period last year. The reduction was primarily due to decreased throughput at Los Bronces and El Soldado, along with planned lower grades at Quellaveco. However, this was somewhat mitigated by increased throughput at Collahuasi, driven by the installation of a fifth ball mill.

Despite the quarterly decline, the company remains on track with its annual copper production plan, showing a 2% increase in the first half of 2024 compared to the same period in 2023.

Iron ore production remained stable at 15.6 million tonnes. Production of Platinum Group Metals (PGMs) saw a 2% decrease to 921,000 ounces. Rough diamond output dropped 15% due to strategic inventory management and cash preservation measures. Nickel production remained consistent, indicating operational stability.

In contrast, steelmaking coal production saw a 26% rise, mainly due to higher output from the Grosvenor underground mine and the Dawson open cut operation.

For the fiscal year 2024, Anglo American has maintained its copper production forecast at 730,000 to 790,000 tonnes and PGMs output at 3.3 million to 3.7 million ounces. The company also upheld its production outlook for iron ore, nickel, and diamonds. However, it revised its steelmaking coal production estimate to 14 million to 15.5 million tonnes, down from the previous forecast of 15 million to 17 million tonnes.