Anglo American (LON:AAL) has reported a largely solid set of production results for Q3 2016. Operational performance, particularly, in the bulk commodities was strong although the copper division was weak. Kumba iron ore production was up 3% YoY and 35% QoQ to 11.8mnt due to productivity improvements with Sishen performance improving significantly following the pit reconfiguration. The Minas Rio ramp up continued with a 53% YoY and 29% QoQ increase to 3.5mnt iron ore. Export met coal was up 1% YoY and 4% QoQ to 5.5mnt as the ramp up at Grosvenor was offset by geological issues at Foxtree. Meanwhile export thermal coal production was flat YoY although up 9% QoQ to 8.8mnt.
Platinum production of 619koz was up 1% YoY and 5% YoY. Copper production of 140kt was weak, down 9% YoY 3% QoQ as a result of lower grades and strike action at Los Bronces and El Soldado, although this was expected.
Diamond production of 6.3mnct was up 4% YoY although down 2% QoQ reflecting De Beers response to trading conditions. Full year guidance remains unchanged at 26-28mncts.