NGLOY Anglo American PLC (QX)

   By Christian Moess Laursen 
 

Anglo American on Thursday backed its full-year production guidance after second-quarter copper production rose.

The multinational mining company produced 209,000 metric tons copper in the quarter, a 56% increase from 134,000 tons in the second quarter of 2022.

Meanwhile, Anglo American's platinum group metals production fell to 943,000 ounces, down 9% from 1.032 million ounces a year prior.

The FTSE-100 company trimmed its 2023 unit cost guidance for platinum group metals to $1,000 an ounce from $1,025 an ounce previously, while hiking its unit cost guidance for copper to 166 cents a pound from 156 cents a pound previously.

Full-year production guidance remained unchanged.

"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", Chief Executive Duncan Wanblad said.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 20, 2023 02:46 ET (06:46 GMT)

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