LONDON (dpa-AFX) - Shares of Anglo American Plc (AAUKY.PK, AAL.L) were gaining around 5 percent in the morning trading in London after the British miner reported Thursday that its second-quarter total production, calculated on a copper equivalent basis, grew 11 percent from last year, mainly with strong growth in copper production. The company also maintained its production outlook for fiscal 2023.
The results mainly reflected the ramp-up of its new Quellaveco copper mine in Peru, which has now reached commercial production levels.
In its quarterly production report, the company noted that copper production increased 56 percent to 209,000 tonnes from last year's 134,000 tonnes. Production from operations in Chile decreased 2 percent.
Steelmaking coal production increased 28 percent from last year to 3.4 million tonnes, reflecting higher production at the open cut operations, which were impacted by unseasonal wet weather last year.
Iron ore production also increased 9 percent.
Meanwhile, production dropped 4 percent for Nickel, 9 percent for Platinum group metals, and 5 percent for rough diamonds to 7.6 million carats, due to the planned reduction in South Africa. In Botswana, production increased by 6 percent to 5.8 million carats.
Looking ahead for fiscal 2023, copper production is still expected at 840,000-930,000 tonnes.
In London, Anglo American shares were trading at 2,422.50 pence, up 5.19 percent.
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