Anglo American Says Fourth-Quarter Copper Production Rises 23%by
Anglo American Plc said copper production increased 23 percent in the fourth quarter, while it also mined more nickel than a year earlier.
Copper output from its retained operations rose to 181,400 metric tons from October through December, the London-based company said Thursday. Nickel output increased to 10,500 tons, while coking-coal output increased to 5.5 million tons. Production of platinum, diamonds and iron ore from its Kumba operations in South Africa all declined. Kumba plans to cut about 3,900 jobs as part of plans to reduce costs.
Anglo, based in London, is seeking to turn around its fortunes with a drastic downsizing plan. The company said last month it will reduce by more than half the number of mines it owns and eventually lower employee numbers to 50,000, from 135,000.
Miners have been battered by headwinds from slowing growth in China, their biggest customer, and gluts in metals to energy markets. That’s forced producers, including Anglo, to scrap dividend and sell assets, while Glencore Plc and Freeport McMoran Inc. have sold shares to strengthen their finances.