Anglo American shares rise on revised copper output estimate
Anglo American's shares rose Monday as the miner reported it would produce three per cent more copper this year than the last.
Anglo American's shares rose Monday as the miner reported it would produce three per cent more copper this year than the last.
The revised forecast was driven in part as the troubled Collahuasi mine turns around after a tough 2012. Operational difficulties, labour unrest and a harsh Andean climate has impacted the copper mine. Last year its output fell to 282,100 tonnes from 453,300 tonnes in 2011.
However, the company said a mill change on March 20th could help boost production by May.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Our expectation for this year's output is 680,000 tonnes of copper for Anglo American," Copper Chief Executive Officer, John MacKenzie, told Reuters.
"At the end of the year we're going to reach a rhythm of 400,000 tons."
It is part of the company's expansion plans to increase annual production to between 800,000 tons and 1,000,000 tonnes which is expected to be achieved once the mine stabilises.
Meanwhile, copper prices are set to advance further Tuesday as Chilean miners strike for 24 hours at Codelco, Anglo and BHP mines, according to Investec.
RD
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
How does the Lifetime ISA work? Key LISA rules
What is a Lifetime ISA (LISA) and how much could the government bonus boost your savings by? We look at the perks and the pitfalls.
-
AJ Bell: a fine British fintech going cheap
Opinion Don’t overlook investment platform AJ Bell, a significantly undervalued British business with an excellent financial base