Anglo American (LON:AAL) said on Thursday in its second quarter production report that it remains “broadly” on track to deliver its full year production targets.
Shares in the multinational mining company were down almost 1% on Thursday afternoon.
For the company’s second quarter ended 30 June, copper production was up 1% to 159,100 tonnes driven by a strong performance at Los Bronces and Collahuasi.
De Beers’ diamond production dropped by 14% to 7.7 million carats as Anglo American continues to produce to market demand and Venetia transitions from open pit to underground.
Platinum production increased by 3% to 520,300 ounces and palladium decreased by 1% to 347,200 ounces, due to a change in mix of production from each operation.
“Production is up 2% for the quarter, due to the successful ramp-up at Minas-Rio and strong performance at Metallurgical Coal following the longwall moves and plant upgrade work in Q1,” Mark Cutifani, Chief Executive of Anglo American, commented in the results.
“Kumba Iron Ore continues to improve following Q1 production challenges. De Beers, in view of prevailing market conditions, will continue to produce to demand for the year.”
“We remain broadly on track overall to deliver this full year’s production targets, with an increase to Minas-Rio guidance offsetting two reductions at De Beers and Kumba Iron Ore.”
Earlier in May, Anglo American saw its share price rally following an announcement that its plans to construct a new diamond recovery vessel had been approved.
It also kick-started the year announcing that it expected copper and diamond production to decline in 2019.
Shares in Anglo American plc (LON:AAL) were down 0.59% as of 14:41 BST Thursday.
