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(Alliance News) - Miner Anglo American PLC has held all production guidance for 2020, it said Thursday, after meeting targets for 2019.
Anglo American's copper equivalent production for 2019 was 4% higher than the year before, boosted by the Minas Rio iron ore operation in Brazil, which ramped up after being shut down in 2018 due to pipeline leaks.
Copper production in the fourth quarter of 2019 was 159,000 tonnes, 13% lower than the year prior, with the annual figure down 5% at 638,000 tonnes.
Diamond production from Anglo's De Beers was 15% lower at 7.8 million carats, with the annual figure falling by 13% on 2018 to 30.8 million carats.
Anglo produced 532,000 ounces of platinum in the fourth quarter, 10% higher year-on-year, and 2019 was up 1% to 2.1 million ounces. Palladium output in the quarter rose 10% to 360,000 ounces, and for the year was 1% higher at 1.4 million ounces.
Both commodities are mined via Johannesburg-listed subsidiary Anglo American Platinum Ltd.
Kumba Iron Ore Ltd, another JSE-listed subsidiary, delivered a 16% rise in fourth-quarter production to 11.8 million tonnes, with the 2019 figure declining by 2% to 42.4 million tonnes.
Minas Rio in Brazil produced 6.2 million tonnes of iron ore in the fourth quarter, having produced a minimal amount the year before, with production only restarting at the end of 2018.
Anglo's metallurgical coal production for the quarter climbed 11% to 6.3 million tonnes, with the annual figure up 5% to 22.9 million tonnes. Thermal coal output fell 1% in the quarter to 6.8 million tonnes, with the 2019 figure down 8% to 26.4 million tonnes.
Lastly, Anglo's nickel production for the quarter rose 3% to 11,700 tonnes and annually rose by 1% to 42.6 million tonnes. Manganese ore production for the quarter fell 7% to 903,000 tonnes, with the yearly figure down 3% to 3.5 million tonnes.
Guidance for all commodities for 2020 has been held, Anglo noted.
"We have delivered our full-year production targets across the business. Production is up 4% for the quarter led by the continued successful ramp-up at Minas Rio in Brazil," said Chief Executive Mark Cutifani.
"Increased production at metallurgical coal in Australia was offset by the drought in Chile impacting water availability at Los Bronces, as well as the anticipated lower production from De Beers as Venetia transitions to underground in South Africa and Victor reached the end of its mine life in Canada."
"As planned, we received the operating licence for the tailings dam raise at Minas-Rio before the end of 2019," Cutifani added.
Anglo shares were 1.2% lower in early trade in Johannesburg on Thursday at ZAR409.00. Kumba was down 2.7% at ZAR406.68, but Amplats was 1.2% higher at ZAR1,261.79.
By George Collard; georgecollard@alliancenews.com
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