Anglo American, the multinational mining company, has affirmed its full-year production guidance following a significant increase in second-quarter copper production.
During the quarter, Anglo American produced 209,000 metric tons of copper, marking a substantial 56% rise from the 134,000 tons produced in the second quarter of 2022.
However, the company experienced a decline in platinum group metals production, as it fell to 943,000 ounces, down 9% from the previous year’s figure of 1.032 million ounces.
In response to these developments, Anglo American adjusted its unit cost guidance for platinum group metals for 2023 to $1,000 an ounce, a reduction from the previous estimate of $1,025 an ounce. Conversely, the unit cost guidance for copper increased to 166 cents a pound from the previous estimate of 156 cents a pound.
Despite these adjustments, the company’s full-year production guidance remains unchanged.
Chief Executive Duncan Wanblad acknowledged the positive growth in production, stating, “Production increased by 11% compared to the second quarter in 2022, reflecting the ramp-up of our new Quellaveco copper mine in Peru, which has now reached commercial production levels.”
