Friday, July 19, 2024

Anglo’s operations surges but copper, diamonds hold up

Anglo American, the world diversified miner, said most of its operations slipped down the cliff owning to the softening in the metal and commodity prices but copper operations and the diamond mines owned by Debswana Diamond Company were able to pull it up.

In its┬ásecond quarter report to┬áend of March, the company said copper production┬á went up by┬á 14 percent to 182,900 tonnes, phosphates┬á productionÔÇömore into agriculture ÔÇô was 15 percent up to 312,300 tonnes while the diamond industry was supported by production from┬áDe Beers operations in Botswana.

Anglo American bought the Oppenhemier family shares for US $ 5.1 billion (current price nearly P 50 billion) just under five years ago.

“Diamond production increased by 10 percent to 7.9 million carats largely reflecting improved grade at Orapa and Jwaneng (that was) offset by lower production┬áat Vanetia following flooding in January 2013.

“Production at Valentia decreased by┬á60 percent, with shortfalls mitigated┬á through the processing of ore stockpiles. The restoration is expected during the restoration of H2 of 2013,” the company said in a statement.

The diamond input on the company’s balance-sheet underscores┬á the recovery from the slope failure incident of┬á June in the previous year and it is expected to reach its correctional stage by┬áthe third quarter of this year.

The company said it slashed its exploration budget to US$  132 million  or 24 percent meaning that it is relegating itself to the white vanilla shelf.

Most of the productions that suffered severely over the period under review include Kumba Iron Ore that  surged  one percent to 11.3 Mt, export metallurgical production that slipped down nine percent to 4.4 Mt due to combination of things.

However, copper was on the up-swing  as the company realised  an upsurge of  14 percent while platinum was at two percent increased production.

The mag wheel alloy metal for the quarter stood at  141 percent better compared to the corresponding period.


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