Anglo American (OTCQX:AAUKF, OTCPK:AAUKY) reports Q2 production rose 2% Y/Y on a copper equivalent basis, helped by the ramp-up of the Minas Rio iron ore mine in Brazil and a strong performance at its metallurgical coal operations after plant upgrade work in Q1.
Anglo says Minas Rio, which produced 5.9M metric tons of iron ore in Q2, continues to ramp-up ahead of schedule; when removing the impact of Minas Rio, Anglo's total Q2 production fell 4% on a copper equivalent basis.
Anglo says Kumba iron ore production fell 9% to 10.5M mt for the quarter due to unscheduled plant maintenance and cuts its full-year outlook at the operation to 42M-43M mt.
Q2 output from the De Beers diamond business fell 14% Y/Y to 7.7M carats, and Anglo revises its diamond production forecast down to 31M carats, at the lower end of previous guidance of 31M-33M carats, citing a weaker market partly due to "caution due to macroeconomic uncertainty, including the U.S.-China trade tensions."
Anglo raises its full-year Minas Rio production guidance to 19M-21M mt from a previous range of 18M-20M mt.
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