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

|About: Anglo American plc ADR (AAUKY)|By:, SA News Editor

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.