Mining giant Anglo American (LON:AAL) reported a 6 percent increase in total production on Thursday, after a strong performance from both its copper and platinum divisions.
Copper production for the three months to 30 June increased by 12 percent to 158,000 tonnes, with platinum output set to total 2.4-2.45 million ounces for the full year, an improvement on an earlier forecast of between 2.3 and 2.4 million.
Most of the platinum production growth came from its Mogalakwena plant in South Africa, at which production rose by 17 per cent to 133,400 ounces.
Rough diamond production at its subsidiary, De Beers, also increased by 3 percent, leaving the full year production guidance unchanged at between 34 million and 36 million carats.
The group also commented on their inspection work on a pipeline carrying iron ore from a Brazilian mine to the port, which would be completed by the end of the year.
“A 4km section of the pipeline, where the leaks occurred will be replaced as a precautionary measure and is expected to be completed in Q4 2018, followed by the restart of the operation, subject to required clearance from authorities,” the company said on Thursday.
“There is no change to the earnings impact of the pipeline incident from the guidance provided in April, with a 2018 loss $300 million to $400 million in earnings before interest, taxation, depreciation and amortisation.”
Shares in Anglo American are currently trading down 0.58 percent at 1,681.00 (0832GMT).
