Anglo cuts manufacturing, ups prices at Quellaveco and Chile mines

Anglo CEO Duncan Wanblad stated the mine will increase the London-listed firm’s complete international manufacturing by 10% in copper equal phrases and take the diversified miner’s complete copper manufacturing near 1 million tonnes per yr.

[RELATED: Chile rejects second Anglo American project in two months]

Output at Quellaveco – which is solely powered by renewable power and employs autonomous drilling and haulage fleets – shall be ramped up over the following 9-12 months.

Manufacturing steering for Quellaveco in 2023 and 2024 is unchanged at 320,000-370,000 tonnes of copper. Anglo additionally stated that money prices on the operation at the moment are pegged at $1.50 per pound, up from $1.35 beforehand.

The corporate additionally adjusted downwards its copper manufacturing steering for Chile to 560,000-580,000 tonnes from its earlier forecast of 560,000-600,000 tonnes, citing decrease throughput at its Los Bronces operations, which have been hampered by water restrictions and “a change in ore traits”.

Anglo additionally upped common prices at its copper operations to $1.60 a pound from $1.50 earlier than, reflecting decrease volumes and inflation.

The copper value has been in retreat since hitting all-time highs in March and was final buying and selling at $3.30 a pound ($7,275 a tonne) in New York, a 10-week low.

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