According to information shared by the transnational, the projection went from between 840,000 and 930,000 tons, to an average of between 830,000 and 870,000 by the end of 2023. Its shares on the stock market are not going through the best moment either.
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The South African capital company Anglo Americanone of the largest miners in the world and which manages the Quellaveco mine in Moquegua (Peru), lowered its copper production projection in 2023, due to lower performance from its operations in Chile.
According to information shared by the transnational, the projection went from between 840,000 and 930,000 tons, to an average of between 830,000 and 870,000 by the end of 2023.
However, Anglo American’s copper production rose 42% in the first quarter. Among the aspects worth highlighting is its increase in the production of the red metal: 596,000 tons until September, higher than the 420,000 tons in the previous period, largely due to Quellaveco.
Tyler Broda of RBC Capital Markets confirmed that Anglo shares have been very weak (down 37% so far this year) versus their peers in recent times.
“We continue to see the portfolio bolstered by Quellaveco’s cash flow as the mine comes online, and potentially with fewer declines in PGM (platinum group metals) and diamond prices going forward. ”, he said in a report collected by Reuters.
These are not the only problems facing Anglo American, as it also recorded a double-digit drop in steelmaking coal and diamond production in the quarter ended September 30.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
