Anglo American lowers production guidance after Q1 output falls 10%
Anglo American
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16:45 24/04/24
Anglo American lowered annual production guidance after a 10% fall in first-quarter output, reflecting Covid-related staff shortages, high rainfall in South Africa and Brazil, and issues at its metallurgical coal and iron ore operations.
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The company on Thursday forecast platinum group metals (PGM) production to 3.9 million - 4.3 million ounces from 4.1m-4.5m.
Iron ore production was revised downwards to 60 million - 64 million tonnes from 63m-67m. First quarter output fell 19% as rainfall and plant issues affected operations in South Africa and Brazil.
Full year cost guidance was lifted 9%, reflecting a 4% impact from stronger producer currencies and 3% from inflationary pressures, particularly diesel, as well as revisions to volume guidance.