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Anglo American copper output hits record but iron ore down

  • Anglo American (AAUKY.PK, AAUKF.PK) reports mixed Q3 production results, with copper, diamond and nickel output up but iron ore down and platinum output flat Y/Y.
  • Q3 copper production rose 32% Y/Y and 13% Q/Q to a quarterly record ~207K metric tons, as output at its Collahuasi mine in Chile more than doubled; output and revenue at Collahuasi, a venture with Glencore Xstrata, has been plagued by lower ore grades, extreme weather and accidents.
  • However, iron ore output fell 24% Y/Y and 16% Q/Q to 9.5M metric tons, as weaker production at unit Kumba Iron Ore’s Sishen mine was only partly offset by increased output at Kolomela.
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