{"id":1154647,"date":"2019-12-10T09:03:18","date_gmt":"2019-12-10T15:03:18","guid":{"rendered":"https:\/\/www.mining.com\/?p=1008870"},"modified":"2019-12-10T09:03:18","modified_gmt":"2019-12-10T15:03:18","slug":"anglo-american-cuts-output-targets-for-coal-iron-ore-and-diamonds","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1154647","title":{"rendered":"Anglo American cuts output targets for coal, iron ore and diamonds"},"content":{"rendered":"<p>Anglo American (LON: AAL) has cut its production forecasts for coal, iron ore and diamonds for the next two years, but is bullish on the outlook for copper and palladium, it said in\u00a0<a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/anglo_american3\/rns\/regulatory-story.aspx?cid=49&amp;newsid=1351582\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">an update for investors on Tuesday<\/a>.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>&#8220;We are building on the<br \/>\ncomplete transformation of both the quality of our portfolio and our<br \/>\nperformance over the last six years,\u201d chief executive, Mark Cutifani, said.<\/p>\n<p>The company, which has consistently<br \/>\nbeen&nbsp;<a href=\"https:\/\/www.mining.com\/anglo-american-mulls-sale-of-more-coal-mines-in-australia-96240\/\"  rel=\"noreferrer noopener\">offloading coal operations since 2014<\/a>,&nbsp;lowered its 2020<br \/>\nmetallurgical coal production outlook to 21-23 metric tonnes (Mt) from 22-24<br \/>\nMt.<\/p>\n<p>The diversified miner also revised down expected output at its Kumba Iron Ore business, in South Africa, from 42-43 Mt from 43-44 Mt and lowered its diamond production figures amid extreme weakness in that market.<\/p>\n<p>Anglo\u2019s De Beers, the world\u2019s No.1<br \/>\ndiamond miner by value,&nbsp;will mine 1 million carats less than previously<br \/>\nforecast in both 2020 and 2021. That equates to less than 1% of global diamond output,<br \/>\nbut slows the pace of the company\u2019s expansion as an oversupply of roughs weighs<br \/>\non the industry.<\/p>\n<p>Increasing demand for synthetic<br \/>\ndiamonds has also weighed on prices. Man-made diamonds require less investment<br \/>\nthan mining natural stones and can offer more attractive margins.<\/p>\n<p>Buyers, those that polish and cut<br \/>\ndiamonds for retailers, have been hit this year by lower prices and tighter<br \/>\ncredit, prompting them to delay purchases.<\/p>\n<h2><strong>Orange hopes<\/strong><\/h2>\n<p>Despite its trust in copper, Anglo<br \/>\nhas also cut production guidance for next year to between 620,000 and 670,000<br \/>\ntonnes, with the upper limit of the range previously 680,000 tonnes.<\/p>\n<p>Prices for the industrial metal, used also in green technologies, <a href=\"https:\/\/www.mining.com\/anglo-american-cuts-output-targets-for-coal-iron-ore-and-diamonds\/price%20of%20copper%20gained%20momentum%20on%20Monday%20after%20trade%20data%20showed%20Chinese%20imports%20of%20refined%20metal%20rebounding%20and%20concentrate%20shipments%20setting%20a%20fresh%20all-time%20high.\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">gained momentum on Monday<\/a> after trade data showed Chinese imports of refined metal rebounding and concentrate shipments setting a fresh all-time high.<\/p>\n<p>\u201cAnglo American is now amongst the<br \/>\nvery best in terms of our overall cost curve position as a result of<br \/>\nfundamental operating changes, the technical and product marketing expertise we<br \/>\nhave applied, and the wholesale upgrade of our portfolio,&#8221; he added.<\/p>\n<p>Overall, the company said it<br \/>\nexpected to grow its production volumes by 20%-to-25% by 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While bullish on copper, the miner has n copper, Anglo has also cut production guidance for 2020 to between 620,000 and 670,000 tonnes.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154647"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1154647"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154647\/revisions"}],"predecessor-version":[{"id":1154738,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154647\/revisions\/1154738"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1154647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1154647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1154647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}