Anglo American share price: Miner posts Q4 production report

Copper production decreased by 19%

Anglo American share price: Miner posts Q4 production report

Anglo American (LON:AAL) has updated investors on its recent performance this morning.

Highlights from the company statement:

Mark Cutifani, Anglo American Chief Executive, said "Operational improvements across the portfolio delivered a 4% production increase on a copper equivalent basis(9) in Q4 2016. De Beers saw continued production increases, reflecting improved trading conditions relative to Q4 2015, while the successful restructuring at Kumba's Sishen mine resulted in an 11% production increase. Similarly, Barro Alto's nickel production increased by 9% after reaching nameplate capacity in Q3 2016. At Platinum, we continue to maintain discipline by mining to demand. Together with positive contributions from ongoing ramp-ups at Minas-Rio, Grosvenor and Gahcho Kué, we will be reporting a 2% increase in copper equivalent production volumes for 2016 as a whole."

· Rough diamond production increased by 10% to 7.8 million carats compared with Q4 2015 when production was reduced in response to trading conditions. The increase also reflects the ramp-up of Gahcho Kué in Canada.

· Platinum production (expressed as metal in concentrate)(2) increased by 2% to 610,100 ounces with strong production from Mogalakwena and Unki mines as well as BRPM and Kroondal. Refined platinum production decreased by 15% to 631,600 ounces following the Waterval Smelter run-out and subsequent rebuild which impacted refined production by 59,000 ounces in the quarter.

· Copper production decreased by 19% to 146,600 tonnes, primarily at Los Bronces due to expected lower grades, adverse weather earlier in the year, and illegal industrial action by contractor unions.

· Nickel production increased by 4% to 10,900 tonnes following the successful ramp-up of Barro Alto to nameplate capacity in Q3 2016.

· Iron ore production from Kumba increased by 9% to 11.9 million tonnes driven by improved mining productivity and higher plant yields at Sishen, and higher throughput at Kolomela.

· Iron ore production from Minas-Rio increased by 49% to 4.9 million tonnes (wet basis) as the operation continues to ramp-up.

· Export metallurgical coal production decreased by 2%, primarily due to the sale of Foxleigh which completed in August 2016. Excluding Foxleigh, production increased by 5% to 5.4 million tonnes due to the ramp-up at Grosvenor and productivity improvements at Moranbah and Dawson, partly offset by geological issues and a subsequent longwall move at Grasstree in Q4 2016.

· Production of export thermal coal was impacted by the sale of Callide, which completed on 31 October 2016. Excluding Callide, production increased by 7% to 7.9 million tonnes due to productivity driven improvements across all operations in South Africa and Cerrejón.

As of 07:20 GMT, Thursday, 26 January, Anglo American plc share price is 1,379.09p.

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