Anglo American working to divest steelmaking coal, copper production up y/y

Duncan Wanblad, Chief Executive of Anglo American, said:”At the end of June, the Grosvenor mine experienced an underground fire and the workforce was safely evacuated without injury. As a result of the incident, the operation is suspended and Grosvenor’s production is excluded from the Steelmaking Coal guidance for the second half of the year. “In May, we announced our plan to accelerate our strategy by simplifying the portfolio and focusing on our world-class assets in copper, premium iron ore and crop nutrients. We are working at pace to execute on the asset divestments, including Steelmaking Coal – with the intention of optimizing value for our shareholders while minimizing frictional costs, mitigating execution risks, and enabling the delivery of significant sustainable cost savings. Work is progressing with the aim of substantively completing this transformation by the end of 2025.”the analyst tells investors in a research note…Copper production is tracking well to our full year plan and is 2% higher than the first half of 2023, with the 6% decrease in the second quarter driven by lower throughput at Los Bronces and El Soldado, and planned lower grades at Quellaveco, partially offset by higher throughput at Collahuasi driven by the fifth ball mill.