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Anglo American delays big platinum moves

Cape Town – Anglo American [JSE:AGL] has postponed all major project capital decisions for platinum until 2017, the mining group said in its third quarter (Q3) production report on Thursday.

Anglo American, which is battling with commodity prices, was one of the biggest losers on the FTSE 100 (-4%), the top loser on the FTSE 350 Mining Index (-3.57%) and dropped the most of the JSE among its mining peers (-1.37%).

Overall production at Anglo American increased by 2% compared to 3Q in 2014 and by 3% compared to the second quarter (Q2) in 2015.

Total platinum production at it platinum subsidiary Anglo American Platinum (Amplats) [JSE:AMS] increased by 14% to 614 000 ounces compared to 541 000 ounces in Q3 2014, where strike-affected mines were ramping up to normal production during the quarter. Production increased 6% versus Q2 2015 mainly because 3Q has the highest number of working days in the year.

It said the outlook for its unit cost will be between R19 250 to R19 750 per platinum ounce.

In other sectors of Anglo American’s business, iron ore production from Kumba decreased by 12% to 11.4 million tonnes due to a temporary lack of sufficient exposed high quality ore for blending purposes at Sishen and adjustments to the mine plan and schedule as it transitions to the lower cost pit configuration.

Diamond production also decreased by 27% to 6.0 million carats, following the decision to reduce production to better reflect current trading conditions.

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