Anglo American sees solid output growth in Q2

Anglo American, one of the largest mining companies in the world, saw volume growth across most of its portfolio in the second quarter, with the exception of platinum and diamond production.

"Successful project execution and asset optimisation delivered volume growth in iron ore, metallurgical coal, export thermal coal, copper and nickel," the group said in a statement on Friday. The firm said that growth projects delivered in 2011 have continued to ramp up well.

Iron ore output rose 12% year-on-year to 12.9m tonnes, helped by the ramp-up of the Kolomela mine an production improvements at Amap.

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A record 4.8m tonnes of export metallurgical coal was achieved in the quarter, up 23% as the group benefited from productivity improvements. Export thermal coal production increased by 7% in South Africa to 4.2m tonnes in site of the planned closure of high-cost sections of some projects. Colombian thermal coal output jumped 22%.

Copper production increased by 7% to 161,100 tonnes helped by the strong ramp-up of the Los Bronces expansion, though this was offset by lower grades, lower recoveries and adverse weather.

Nickel productionincreased by 65% to 10,900 tonnes as production from Barro Alto continued to accelerate.

However, the firm noted weakness in refined platinum production (-3%), equivalent refined platinum production (-2%) and diamond output (-11%) during the quarter.

BC