Anglo American Cuts Annual Copper Target After Snow in Chile
- Severe winter weather hits production at Los Bronces operation
- Company maintained forecasts for most of its other commodities
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Anglo American Plc, the second-best performer on the FTSE 100 Index this year, cut its annual target for copper output after heavy snow at operations in Chile. The shares slumped the most in more than three weeks.
Production will be 570,000 to 600,000 metric tons this year, down from a forecast of as much as 630,000 tons, as heavy snow hit mining at higher altitudes at the Los Bronces mines, London-based Anglo said in a statement Wednesday. The outlook for 2017 was also cut. Anglo trimmed its target for Brazilian iron ore.