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Anglo American Mining Company Announces Copper Output Reaches Record

Anglo American Mining Company Announces Copper Output Reaches Record

Business Day Live reports, Mining group Anglo American posted record quarterly copper production in the three months to September, which was a stronger than expected jump of almost a third thanks to improvements at its Collahuasi mine in Chile.

In fact, copper equaled just over a quarter of Anglo’s profit last year and is the second-most important contributor after iron ore. Output and revenue, however, had been hit by setbacks at Collahuasi, a venture with Glencore Xstrata, which was troubled by lower ore grades, extreme weather and accidents.

But Anglo announced that production at Collahuasi had more than doubled in the quarter, helping the group’s third-quarter copper production rise 32% to 207,300 tons.

Iron ore accounted for almost half of profit last year, but came in significantly below expectations, with output decreasing almost a quarter compared with last year. Weaker production at unit Kumba Iron Ore’s Sishen mine was only partly offset by increased output at Kolomela.

In platinum, where Anglo is planning to cut back jobs and shutter mines to bring Anglo American Platinum (Amplats) back to profit, equivalent refined platinum production was nearly flat compared with 2012 at 623,000 ounces, reports Business Day Live.

Lastly, diamonds saw production boost by more than a fifth to 7.7-million carats, as operations at its Jwaneng mine were fully restored after a slope collapse last year, and thanks to higher production from its mines in Canada.