Anglo American in the first quarter reduced iron ore production by 4% y/y

In January-March 2023, the British mining company Anglo American reduced the production of iron ore by 4% compared to the same period in 2022 – to 15.1 million tons. This is stated in the quarterly report, published on the company’s website.

In comparison with the fourth quarter of 2022, Anglo American’s production in the first quarter of 2023 increased by 15%.

“Iron ore production increased by 15% in the first quarter due to improved operational performance at Cumba and Minas Rio, as well as improved weather preparedness plans,” the reports says.

Raw material production in the Kumba region (South Africa) amounted to 9.42 million tons, increasing by 13.7% compared to the same period last year and decreasing by 5.4% compared to the fourth quarter of 2022. In the Minas Rio region (Brazil), iron ore production fell 1% q/q, but increased by 16% y/y – up to 5.65 million tons.

Anglo American left its annual iron ore production forecast for 2023 unchanged at 57-61 million tons. In particular, the targeted volume of iron ore production in the Kumba region will be 35-37 million tons, and in Minas Rio – 22.24 million tons.

At the same time, production of coking coal in the first quarter of 2023 increased by 59% y/y – up to 3.5 million tons, mainly due to production at all three mines of the company. Compared to the fourth quarter of 2022, the indicator decreased by 24%. The company’s forecast for 2023 is 16-19 million tons.

As GMK Center reported earlier, in 2022 Anglo American reduced iron ore production by 7% y/y – to 59.28 million tons. Production of coking coal for the year increased by 1% y/y – up to 15 million tons. In the fourth quarter of 2022, the company increased production of iron ore by 4.2% y/y – up to 15.68 million tons, and coking coal – by 6.4% y/y, up to 4.65 million tons.