Anglo American lowered forecasts for iron ore and coking coal production in 2022-2024

Global mining company Anglo American has lowered its forecasts for iron ore and coking coal production in 2022-2024. SteelOrbis reports about it.

In 2022, Anglo American expects to produce 15 million tons of coking coal, in 2023 – 16-19 million tons, in 2024 – 20-22 million tons. Previous forecasts were at the level of 15-17 million tons in 2022, 16-19 million tons in 2023, and 24-26 million tons in 2024.

According to Anglo American CEO Duncan Vanblad, the company is still targeting volumes of 28-30 million tonnes of coking coal per year in the long term, but not in the next three years.

Anglo American also revised its plans for iron ore production, cutting its forecast for 2022 to 59 million tons (previously – 60-64 million tons). In 2023, the company plans to produce iron ore at the level of 57-61 million tons, in 2024 – at 61-65 million tons. Previous forecasts were 64-68 million tons in 2023, and 67-71 million tons in 2024.

As Duncan Vanblad noted, the company still firmly believes that demand for high-grade iron ore will remain strong as steelmakers look to reduce their emissions. According to him, the company has established partnerships with several steel producers to further increase the efficiency of blast furnaces through the use of quality raw materials. In addition, the CEO of Anglo American noted that the company will target products to steelmakers using DRI technology where it is possible.

Anglo American is one of the largest mining companies in the world with production sites in South Africa, South America and Australia and headquarters in the UK.

As GMK Center reported earlier, the Brazilian corporation Vale plans until 2030 achieve production of iron ore at the level of more than 360 million tons per year. In 2022, the company expects to extract 310 million tons of iron ore, in 2023 – 310-320 million tons, in 2026 – 340-360 million tons.