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Strikes cut Anglo American's Q2 platinum output by 40%

  • Anglo American (OTCPK:AAUKY, OTCPK:AAUKF) says it met all platinum deliveries during Q2 despite five months of strikes in South Africa that cut production by 40%.
  • Amplats' mined output for the quarter fell to 358K platinum equiv. oz., while production at refineries fell 28% Y/Y to 421K oz.
  • Production of iron ore, which accounts for about half of Anglo American's earnings, rose 2% Y/Y to 11.5M metric tons; a 6% gain in copper output to 194K tons is attributed to improved productivity at the Los Bronces and Collahuasi mines in Chile.
  • Production at De Beers rose 7% to 8.5M carats after a recovery from last year’s pit flooding at its Venetia diamond mine in South Africa.
  • Anglo reports H1 earnings next Friday; it has warned that H1 profit fell as much as 96% Y/Y because of the strike.
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