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Anglo's first quarter production falls at most units

Apr 21 2016 09:55

Anglo American's new CEO Mark Cutifani.

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Last traded 277
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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 296
Change -8
% Change -3
Cumulative volume 1374392
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Global mining company Anglo American [JSE:AGL] said first-quarter production at most of its units fell, or remained flat, as it cut production, sold assets, and reconfigured mines to cope with the slump in commodities prices.

Anglo American, which announced in February a sweeping strategic overhaul, said iron ore production at its unit Kumba Iron Ore [JSE:KIO] fell 27% as its Sishen mine moves to a lower cost pit configuration.

Diamond production at its De Beers unit fell 10% to 6.9 million carats, following a cut in production due to low prices, while overall copper production fell 15% due to the sale of its Norte assets in Chile last year, the company said.

The fall in commodities prices has hit the company's share price, prompting groups such as ShareSoc and Institutional Shareholder Services to question chief executive Mark Cutifani's salary, which they say is too high.
However, Anglo American said its nickel production grew 67%, while platinum production rose 4%.

Anglo CEO Mark Cutifani said the results are in line with the equivalent period of 2015 on a copper equivalent basis and reflect the major restructuring programme under way and our ongoing efficiency and cost reduction strategy.

"They also demonstrate the market discipline we continue to show in our key markets, particularly diamonds and platinum, and are consistent with our restructuring plans as we focus on lower cost and higher margin assets," he said. 

"We are encouraged that the actions we have taken in diamonds are continuing to have a positive effect, while operational productivity continues on an upward trajectory. 

"As a consequence of our solid progress, our production guidance for 2016 remains unchanged.”

- Additional reporting by Fin24.

anglo american  |  profits  |  mining


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