Production figures from Anglo American PLC (LON:AAL) for the third quarter of 2017 presented a broadly reassuring picture, with copper and diamond production notably higher than the comparable quarter a year ago, platinum production broadly flat, and thermal coal production down.
The company chooses to present overall production on a copper equivalent basis, and copper equivalent production was up by 6% on the comparable quarter in 2016.
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Furthermore, for the first nine months of the year, copper equivalent production increased by 8%, when set against the comparable period a year earlier.
During the quarter, actual copper production increased by 5% to 147,300 tonnes, a reflection, partly of improving grades. For the first nine months of fiscal 2017, copper is up more marginally in comparison to the first nine months of 2016, by just 200 tonnes at 430,700 tonnes.
Quarterly diamond production rang in at 9.2mln carats, up a significant 46% on the comparable period a year ago, and a still impressive 29% for the nine month period.
Nickel production fell to 11,200 from 11,300 tonnes, while thermal coal fell from 7.4mln to 6.3mln tonnes.
Met coal production was marginally up, and iron ore production marginally down.
Platinum production came in at 621,000 ounces for the quarter, although guidance has been lowered following the closure of an unprofitable operation.
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"We have delivered another strong production performance across our business,” said chief executive Mark Cutifani.
Grosvenor production has materially stepped-up as the new operating procedures have been implemented, while Gahcho Kué and Minas-Rio continue to make positive contributions. We have further increased production guidance at Kumba Iron Ore as we continue to improve our broader productivity performance. In Platinum, we have taken necessary steps to remove unprofitable ounces from production as we focus on value over volume."