Anglo American starts Quellaveco copper operations, trims production guidance

Sep. 26, 2022 7:35 AM ETAnglo American plc (AAUKF), NGLOYBy: Carl Surran, SA News Editor

Material photo of copper ore

SAND555/iStock via Getty Images

Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) said Monday it has started commercial operations at its 300K metric tons/year Quellaveco copper project in Peru, following successful testing of operations and final regulatory clearance.

Anglo (OTCQX:AAUKF) (OTCQX:NGLOY) said it expects the mine will raise its total global production by 10% in copper equivalent terms and take its total copper production close to 1M tons/year.

The miner plans to fully ramp up Quellaveco over the next 9-12 months.

Anglo (OTCQX:AAUKF) (OTCQX:NGLOY) also lowered its FY 2022 copper guidance for the site to 80K-100K tons from its prior outlook of 100K-150K metric tons, which guidance for 2023 and 2024 remains unchanged at 320K-370K tons.

The company also tweaked copper guidance for Chile to 560K-580K tons from its previous forecast of 560K-600K, citing lower throughput at its Los Bronces operations, while unit guidance ticks upward to 160 cents a pound from 150 cents, reflecting lower volumes and inflation.

Copper prices recently have fallen to their lowest in nearly two months, weighed by the strong dollar and fears of a recession that would hurt demand for industrial metals.

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