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Anglo American Platinum Production Increases 19%; Copper, Iron Ore Decline
Posted on April 21, 2011
Anglo American Plc (AAL), the world’s biggest platinum producer, said first-quarter production of the metal jumped 19 percent while excessive rain curbed output of both copper and iron-ore.
Refined platinum output rose 19 percent to 532,900 ounces, while nickel production jumped 27 percent to 6,100 metric tons, the London-based company said in a statement today.
Copper production fell 14 percent to 138,800 tons “mainly due to abnormally high rainfall,” while output of iron-ore, a steel-making ingredient, slipped 19 percent to 9.9 million tons because of wet pit conditions, it said.
Anglo Chief Executive Officer Cynthia Carroll is preparing the company for a $70 billion expansion to double output over 10 years, betting on increased Asian demand for the metals the company produces. Anglo produced first metal from its new Barro Alto mine in Brazil last month and started civil works on a processing plant at its Minas Rio iron ore mine there.
Shares in Anglo rose 122 pence, or 4 percent, to 3,175 pence in London yesterday, giving it a value of 42 billion pounds ($69.2 billion).
To contact the reporters on this story: Carli Lourens in Johannesburg at clourens@bloomberg.net
To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net