COPPER

Anglo sees 42% growth in copper output as Quellaveco climbs

Copper realised price gains, but other commodities see downturn

Collahuasi  copper mine

The Collahuasi copper mine Source: Anglo American

Anglo American posted a 42% year-on-year increase in copper production in its September quarter as the company's Quellaveco mine in Peru ramped up its output.

This ramp up was offset by the company's Venetia mine transitioning to underground operations, it added. The company only posted year on year gains in copper and manganese production, but saw output fall in nickel, PGMs, diamonds, iron ore and steelmaking coal.

Anglo produced 209,100t of copper for the quarter, 121,600t from Chile and 87,500t from Peru.

Elsewhere, the  company produced 9.3t of nickel (down 7% on Q3 2022 levels), 1Moz of PGMs (down 2%), 7.4Mct of diamonds (down 23% on the year), 15.4Mt iron ore (down 4%), 4.4Mt steelmaking coal (down 21%) and 1Mt of manganese ore (up 4%).

2023 production guidance for copper was revised lower - to 830-870,000t, from 840,000-930,000t. This, the company said, was due to unfavourable ore characteristics and an electrical substation fire at Los Bronces, as well as the impact of a geotechnical fault line on El Soldado's production.

Elsewhere, guidance is unchanged.

Prices

The realised price for the year so far, for copper, at $3.87/lb, was 3% higher than the same period last year. Prices increased drastically in Peru year-on-year, where the realised price climbed 13% over the year, to average $3.86/lb, compared to $3.41/lb a year earlier.

For PGMs the basket price decreased 33% when compared to the first nine months of 2022, to $1766/oz.

The nickel realised price slipped by 22% compared to the first nine months of 2022, to USc 8.29

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.