Anglo American Upgrades Kumba Iron Ore's 2017 Production Guidance

By Razak Musah Baba Features Dow Jones Newswires

Anglo American PLC (AAL.LN) Thursday increased its 2017 production guidance for Kumba Iron Ore in South Africa as it reported an 8% increase in copper equivalent production in the second quarter of 2017, compared with the same period of 2016.

Continue Reading Below

The miner said for the half year ended June 30, copper equivalent production increased by 9% from the year earlier.

"We have delivered another strong production quarter across most of our businesses," Chief Executive Mark Cutifani said. "Through the improvements we have made to our portfolio and the efficiencies we are driving, we continue to unlock the potential of our world class assets. The production ramps at Gahcho Kue, Minas-Rio and Grosvenor are also contributing to these ongoing positive performance trends. We have increased the full year production guidance for Kumba Iron Ore and are on track to deliver full year guidance across the rest of our products."

Kumba Iron Ore's full-year production guidance has been increased to 41 to 43 million tons from 40 to 42 million tons as a result of the improved performance.

Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

Continue Reading Below

July 20, 2017 02:47 ET (06:47 GMT)