Miner Anglo American (LON:AAL) reported a 5 percent increase in total production in 2017, sending shares up slightly in early trading.
The group reported the figures in their Q4 production report on Thursday, with the increase in total production achieved despite actions taken to remove higher cost volumes in platinum and metallurgical coal, which had resulted in a 2 percent decrease in Q4 compared to the same quarter in 2016.
De Beers diamond production increased by 5 percent, supported by stronger trading conditions, with Gahcho Kué continuing to operate at nameplate capacity.
Copper production increased marginally to 148,600 tonnes, with Collahuasi achieving record production in the year, driven by continued strong plant performance and higher grades. This is in sharp comparison to rival miner Antofagasta’s figures, which were released yesterday, showing a 1.3 percent fall in copper production.
Mark Cutifani, Chief Executive of Anglo American, said:
“We have delivered another strong operating performance in 2017. The 5 percent increase for the full year reflects our ongoing focus on productivity and was achieved despite the removal of unprofitable and higher cost platinum and metallurgical coal volumes, consistent with our disciplined, value-led approach to production.
“The ramp-up of Gahcho Kué and Grosvenor mines made positive contributions to our production profile in 2017, and a strong performance from Sishen resulted in an 8 perceht increase in production from Kumba Iron Ore.”
Shares in Anglo American are currently trading up 0.15 percent at 1739.40 (0842GMT).