Anglo American Adjusts Diamond Production Forecast Amid Output Shifts

Anglo American has revised its diamond production guidance downward following a significant drop in output during the first quarter, although this was somewhat balanced by increases in copper and coal production. On Tuesday, the mining conglomerate reported that diamond production had fallen by 23% to 6.9 million carats, leading to a revised full-year forecast of 26 million to 29 million carats, down from the previously expected 29 million to 32 million carats. This adjustment is in response to current market inventory levels.

Conversely, the company experienced substantial gains in other areas of its operations. Copper production rose by 11% to 198,000 metric tons, largely due to the Quellaveco mine in Peru, which is among the world’s largest undeveloped copper deposits and recently achieved its highest throughput rate. Additionally, steelmaking-coal output increased by 7% to 3.8 million tons, driven by strong performances at the Aquila longwall and Capcoal open-cut operations in Australia.

Despite the downturn in diamond production, Anglo American’s output of other key minerals saw declines as well. Production of platinum group metals fell by 7% to 834,000 ounces, and nickel production was slightly down by 2% to 9,500 tons.