Anglo American cut iron ore production by 7% y/y in 2022

The British mining company Anglo American in the fourth quarter of 2022 increased the production of iron ore by 4.2% compared to the same period in 2021 – up to 15.68 million tons. SteelOrbis informs about it.

The increase in indicators in this period took place against the background of increased production at the company’s Kumba (South Africa) and Minas Rio (Brazil) mines – in the fourth quarter it increased by 2.6% y/y and 6.9% y/y, respectively.

In 2022, the company reduced iron ore production by 7% y/y – to 59.28 million tons. Anglo American’s forecast for iron ore production in 2023 is 57-61 million tons.

At the same time, production of coking coal in the fourth quarter of 2022 increased by 6.4% y/y – up to 4.65 million tons, mainly due to the growth of the Grosvenor mine (Australia). In 2022, production of coking coal increased by 1% – up to 15 million tons. The company’s forecast for 2023 is 16-19 million tons.

As GMK Center reported earlier, last December, Anglo American lowered its forecasts for the production of iron ore and coking coal in 2022-2024. In 2024, the company plans to produce iron ore at the level of 57-61 million tons, in 2024 – at 61-65 million tons.

Also, Brazil’s largest mining company Vale reduced its iron ore production by 2% in 2022 compared to the same period in 2021 – to 308 million tons. In the fourth quarter of 2022, 81.7 million tons of iron ore were produced, which is 1% less year-on-year.