Anglo American Cut Copper Output Guidance for 2023

SEATTLE (Scrap Monster): Leading miner Anglo American released production report for the third quarter of the current year. The company lowered its copper production guidance for 2023.

The overall copper production surged higher significantly by 42%, mainly driven by progressive increase in production from Quellaveco, Peru. The production from its Chile operations recorded decline by 4% over the previous year. Meantime, the production from the company’s platinum group metals operations remained more or less flat.

ALSO READ:

Anglo American Partnered with Mitsubhishi Materials on Responsible Copper Value Chain

The Copper Shortage is Getting Real

According to company press release, the iron ore production recorded decline by 4% over the previous year, mainly due to planned plant maintenance at Minas-Rio. The lower grades resulted in 7% dip in nickel production. The steelmaking coal production declined sharply by 21%. Meantime, rough diamond production registered decline by 23%.

The company expects its copper production to range between 830,000 and 870,000 metric tons in 2023, lower than the earlier forecast of between 840,000 and 930,000 tons. The lower forecast is mainly on account of curtailments at its Chilean operations. The company is on track to deliver full year 2023 guidance across all other products, the press release noted.

Anglo American noted that the shift to green energy and electrification will boost the demand for copper, especially in products such as solar panels and electric cars.