Anglo American PLC has reported a 9% rise in production for the
first quarter of the year compared with the same period in 2022,
driven by the ramp-up of copper production from the new Quellaveco
mine in Peru. Here's what the FTSE 100-listed diversified mining
group had to say:
On copper:
"Copper production increased by 28%, reflecting the ramp-up of
production from our new Quellaveco copper mine in Peru, while
production from our operations in Chile decreased by 15%, primarily
due to planned lower grades at both Los Bronces and
Collahuasi."
"Production guidance for 2023 is unchanged at 840,000-930,000
metric tons (Chile 530,000-580,000 tons; Peru 310,000-350,000
tons). Production in Chile is subject to water availability and in
Peru is subject to completion of ramp-up, expected around
mid-2023."
"Unit cost guidance for 2023 is unchanged at c.156 c/lb (Chile
c.190 c/lb; Peru c.100 c/lb)."
On steelmaking coal:
"Steelmaking coal production increased by 59% to 3.5 million
tons, as all three longwalls (Grosvenor, Moranbah and Aquila) were
operational during the quarter, reflecting the benefit of the
Grosvenor restart and the Aquila mine commissioning, which both
occurred in February 2022, and the longwall move at Moranbah in 1Q
2022."
"Grosvenor continued to improve longwall performance throughout
the quarter, while Moranbah is safely navigating through
challenging strata conditions, which we expect to improve by the
middle of the second quarter."
"The 1Q average realized price for hard coking coal was
$301/ton, lower than the benchmark price of $344/ton. However, the
price realization increased to 88% (1Q 2022: 76%) driven by larger
volumes of premium hard coking coal being produced from the
underground longwall operations and the impact of sales timing in
1Q 2022."
"Production guidance for 2023 is unchanged at 16-19 million
tons."
"Unit cost guidance for 2023 is unchanged at c.$105/ton."
On Iron ore:
"Iron ore production increased by 15% to 15.1 million tons,
reflecting a 16% increase at Minas-Rio and a 14% increase at
Kumba."
"Kumba - total production increased to 9.4 million tons,
primarily driven by a 25% increase at Kolomela to 3.1 million tons
as well as a 9% increase at Sishen to 6.3 million tons, reflecting
improved operational performance due to improved rain readiness
capability and equipment reliability, as well as the benefit of
lower rainfall this quarter."
"Total sales increased 2% to 9.5 million tons but, due to
ongoing weak logistics performance from Transnet as the third party
rail and port operator, continues to be constrained by low levels
of finished stock at the port. As a result, total finished stock
increased to 8.0 million tons (1Q 2022: 5.1 million tons)."
"Kumba's iron (Fe) content averaged 63.1% (1Q 2022: 64.0%),
while the average lump:fines ratio was 67:33 (1Q 2022: 65:35)."
The 1Q average realized price of $121/ton (FOB South Africa, wet
basis) was 10% higher than the 62% Fe benchmark price of $110/ton
(FOB South Africa, adjusted for freight and moisture), reflecting
the lump and Fe content quality premiums that the Kumba products
attract, as well as the benefit of provisionally priced sales
volumes."
"Minas-Rio - production increased by 16% to 5.7 million tons,
driven by improved mining performance, reflecting improved rain
readiness capability as well as increased plant performance due to
improvements at the crushing circuit."
"The 1Q average realized price of $125/ton (FOB Brazil, wet
basis) was higher than the Metal Bulletin 65 price of $109/ton (FOB
Brazil, adjusted for freight and moisture), which takes into
account the premium for our high quality product, including higher
(67%) Fe content, as well as the benefit of provisionally priced
sales volumes."
"Production guidance (wet basis) for 2023 is unchanged at 57-61
million tons (Kumba 35-37 million tons; Minas-Rio 22-24 million
tons). Kumba is subject to third party rail and port
performance."
"Init cost guidance (wet basis) for 2023 is unchanged at
c.$39/ton (Kumba c.$44/ton; Minas-Rio c.$32/ton)."
On nickel:
"Nickel production increased by 4% to 9,700 tons, reflecting
improved operational performance at Codemin and higher metal
recovery at Barro Alto, offsetting planned lower grades."
"Production guidance for 2023 is unchanged at 38,000-40,000
tons."
"Unit cost guidance for 2023 is unchanged at c.515 c/lb."
On rough diamond production:
"Rough diamond production was flat, as planned higher grade ore
and strong operational performance across most of the assets was
offset by the planned completion of Venetia's open pit in December
2022, as it transitions to underground operations during 2023."
On metal in concentrate production:
"Own mined production decreased by 6% to 586,000 ounces,
primarily due to lower production from Mogalakwena and Amandelbult,
partially offset by a strong production performance from Unki."
"Mogalakwena production decreased by 12% to 219,000 ounces as a
result of unplanned plant maintenance and mining in a lower grade
area."
"Production at Amandelbult decreased by 5% to 151,500 ounces,
primarily due to planned infrastructure closures and the closure of
the Merensky Concentrator in 4Q 2022."
On De Beers:
"Rough diamond production was flat at 8.9 million carats, as the
planned treatment of higher grade ore and strong operational
performance across most of the assets was offset by the planned end
of operations in Venetia's open pit in December 2022 as the mine
transitions to underground operations during 2023."
"In Botswana, production increased by 12% to 6.9 million carats,
primarily driven by the planned treatment of higher grade ore and
continued strong plant performance at Orapa."
"Namibia production increased by 37% to 0.6 million carats,
primarily driven by the contribution from the Benguela Gem vessel,
which commenced production in March 2022."
"South Africa production decreased by 56% to 0.7 million carats,
due to the planned completion of the Venetia open pit in December
2022. Venetia continues to process lower grade surface stockpiles,
which will result in temporary lower production levels as it
transitions to underground operations."
"Production in Canada increased by 11% to 0.7 million carats,
despite unplanned maintenance challenges."
"Sales were in line with expectations given that Sightholders
have taken a more cautious approach in planning their 2023
allocation schedule in light of the current uncertain macroeconomic
outlook, with a greater weighting of goods expected to be purchased
as the year progresses."
"Rough diamond sales totaled 9.7 million carats (8.9 million
carats on a consolidated basis) from three Sights, compared with
7.9 million carats (7.0 million carats on a consolidated basis)
from two Sights in 1Q 2022, and 7.3 million carats (6.6 million
carats on a consolidated basis) from two Sights in 4Q 2022."
"Production guidance for 2023 is unchanged at 30-33 million
carats (100% basis), subject to trading conditions."
"Unit cost guidance for 2023 is unchanged at c.$80/ct."
On refined:
"Refined production decreased by 13% to 626,000 ounces,
primarily due to the ramp-up of the Polokwane smelter at the end of
January 2023 following its rebuild, and asset integrity work at
Waterval smelter as well as the impact of Eskom load-curtailment
(reductions in electricity availability)."
"Sales volumes decreased by 17% in line with lower refined
production."
"The average realized basket price was $2,131/PGM ounce,
reflecting lower market prices compared to 1Q 2022."
"Production guidance (metal in concentrate) for 2023 is
unchanged at 3.6-4.0 million ounces. Refined production guidance
for 2023 is 3.6-4.0 million ounces, subject to the impact of Eskom
load-curtailment."
"Unit cost guidance for 2023 is unchanged at c.$1,025/PGM
ounce."
On Manganese ore production:
"Manganese ore production increased by 5% to 840,900 tons,
primarily reflecting the impact of the planned maintenance at the
South African operation in 1Q 2022."
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 25, 2023 03:20 ET (07:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Anglo American (QX) (USOTC:NGLOY)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Anglo American (QX) (USOTC:NGLOY)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024