An­glo boosts iron ore out­put as cop­per de­clines

CityPress - - Business -

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.

– Bloomberg

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