Anglo American copper output rises, ramps up Minas-Rio iron ore mine (updated)

Platinum Metals

25/04/2019 07:59

(Adds details, CEO quote, background)
    April 25 (Reuters) - Anglo American Plc  AAL.L  said on
Thursday copper production rose in the first quarter, while
output from Minas-Rio iron ore mine in Brazil soared as it
ramped it up after resuming operations late last year.
    Copper output climbed 4 percent to 161,100 tonnes for the
three months ended March 31, the diversified miner with an over
century-old history said. Minas-Rio iron ore production jumped
61 percent.
    A renewed demand for copper, a metal that has a major role
to play in automobiles and related industries, partly aided
Anglo American in outperforming its major peers last year.
    But the blue-chip miner said total output slipped by 6
percent during the quarter, partly hurt by production issues at
Venetia diamond mine, Kumba Iron Ore  KIOJ.J  and Platinum Group
Metals  PTM.TO .
    The fall in total output was cushioned by stronger
operational performance from copper, said Chief Executive
Officer Mark Cutifani.
    He added that the ramp-up at Minas-Rio iron ore mine in
Brazil was ahead of plan following its resumption in December
after months of closure.
    Anglo American said in December it had received regulatory
approval to step up production and cut costs at the mine. It
then also hiked production target for 2019.
    On Thursday, the company stood by that guidance.
    "By the end of the quarter we had increased our production
run-rate, are on track to deliver this year's production targets
and our guidance is unchanged," Cutifani said in a statement. 
    Its smaller peer Antofagasta  ANTO.L  posted a 22.6 percent
jump in first-quarter copper production this week, bolstered by
better quality ore.
    Shares of the FTSE 100 constituent, which have jumped nearly
20 percent this year, were expected to open 1 percent higher.

 (Reporting by Muvija M in Bengaluru and Barbara Lewis in
London; editing by Gopakumar Warrier)
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