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Anglo American record mixed quarterly results

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Anglo American have released its March quarter (Q1) production highlights for the 2023 financial year (FY23).

Production highlights include steelmaking coal production increasing by 59 per cent, which the company credits to its three underground longwall operations.

Iron ore production increased by 15 per cent due to operation performances at Kumba and Minas-Rio improving and having stronger rain readiness plans in place. Nickel production also increased by four per cent.

However, metal in concentrate production from its platinum group metals (PGM) operations decreased by six per cent as a result of unplanned plant maintenance and lower grades at Mogalakwena, as well as planned infrastructure closures at Amandelbult in Q4 2022.

Copper production did increase by 28 per cent due to the production ramp-up of the new Quellaveco copper mine in Peru, but copper production at its Chile operations decreased by 15 per cent due to planned lower grades at the Los Bronces and Collahuasi sites. The company also saw environmental approval for the Los Bronces integrated project.

Additionally, Anglo American signed a memorandum of understanding with H2 Green Steel to study and trial the use of premium quality iron ore products from Kumba and Minas-Rio as feedstock for H2 Green Steel’s direct reduced iron production process.

Anglo American chief executive Duncan Wanblad said Q1 FY23’s performance reflects on the company’s focus on safe and stable operational momentum through the seasonally slower first quarter of the year.

“We continue to make progress towards our suite of sustainability ambitions and organic growth options in future-enabling products and we welcome the recent approval of the environmental permit application for our Los Bronces integrated project, which sets up the next phase of development for one of the world’s largest copper mines,” Wanblad said.

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