Anglo boosts iron ore output as copper declines
Anglo American said third-quarter iron ore production jumped 37% from a year earlier, but copper and platinum output fell.
Iron ore production was 13 million tons in the three months ended September 30. Copper decreased 15% to 176 900 tons. Equivalent refined platinum production was 14% lower at 533 000 ounces, it said.
The increase in output at Anglo’s Kumba Iron Ore unit follows “the implementation of the production recovery plan at Sishen and record output at Kolomela”, said the company.
CEO Mark Cutifani, who began a review of operations after joining Anglo in April last year, plans to increase the company’s return on capital to at least 15% by 2016.
Kumba implemented a turnaround plan after falling grades at its Sishen mine as the platinum unit returned to normal after a five-month strike that ended in June.
Production of export metallurgical coal, used in steel making, increased 4% to 5.1 million tons. Output of export thermal coal declined 4% to 9 million tons.
Production at De Beers, the gem producer that is 85% owned by Anglo, rose 6% in the third quarter to 8.2 million carats.