Anglo American PLC (LSE:AAL) said production was broadly flat in the third quarter, but warned that it expects 2022 output for iron ore, nickel and metallurgical coal to be at the lower end of its guidance range.
Higher production in the third quarter from its new Quellaveco copper mine in Peru, metallurgical coal and De Beers was offset by expected lower copper ore grades in Chile and some operational challenges at its Kumba iron ore business, said the FTSE 100 miner.
"As we move through the final quarter, we are focused on maintaining this operational momentum to deliver our full year guidance,” said chief executive Duncan Wanblad.
“We do continue to feel the effects of dislocations in the global economy on our business - in energy and across supply chains and labour markets - and are planning accordingly for 2023, confident in the strategic position of our business.”
The diversified miner retained its 2022 production guidance for diamonds, subject to trading conditions and further Covid-19-related disruptions. In line with normal seasonal trends, it said it anticipates that diamond sales in the final quarter of the year will be affected by the normal temporary closure of cutting and polishing factories for the religious holidays in India.
The shares were down 2.7% at 2,698.50p in late morning trade.