Anglo American's Q3 Production Results

LONDON (Reuters) – Global miner Anglo American (JO:AGLJ) reported significant declines in its third-quarter copper and diamond production while maintaining its 2024 guidance for these commodities.

Production Declines

Anglo noted a 13% drop in copper output from June to September, and a 25% decrease in rough diamond production due to prolonged lower demand.

Future Production Cuts

The company's De Beers unit is considering further output reductions moving forward.

Year-to-Date Performance

For the first nine months of 2024, copper output decreased by 4%, totaling 575,000 tons, while diamond production fell 21% to 18.9 million carats.

2024 Production Expectations

Despite the declines, Anglo anticipates producing between 730,000 to 790,000 tons of copper and 23 million to 26 million carats of rough diamonds this year, even as they evaluate potential additional production cuts.

Business Restructuring

The mining giant is restructuring its operations to focus primarily on energy transition metals, specifically copper, following a $49 billion takeover attempt by rival BHP Group (NYSE:BHP) in May.