A nine and four per cent increase in production of copper and iron ore respectively were among the highlights of Anglo American’s 2024 fourth quarter (Q4).
The upswing of copper production was attributed to Anglo American’s Quellaveco mine in Peru achieving its strongest quarter of the year, while the Los Bronces mine in Chile continued its “solid performance”.
Similarly, the Minas-Rio iron ore mine in Brazil produced a record 25 million tonnes for 2024.
“All of our businesses delivered their full year production guidance following another solid operational performance in the fourth quarter,” Anglo American chief executive Duncan Wanblad said.
“Our forward production guidance is unchanged in copper with growth in 2026 driven by higher grades in Chile, with this production level then maintained in 2027.”
While production across platinum group metals, steelmaking coal and nickel was low, Anglo American is continuing its focus on operational excellence, simplifying its portfolio to focus more on copper and iron ore.
“We are making excellent progress with our portfolio simplification,” Wanblad said. “In November we announced agreements to sell our steelmaking coal business for up to $4.9 billion in aggregate gross cash proceeds.
“Our focus on operational excellence is bringing far greater efficiency, underpinning our solid production performance in 2024.”
Wanblad said Anglo American would continue to grow its copper business in the coming years. The company has also left its iron ore guidance unchanged.
“We are simplifying our portfolio at pace to focus on copper, premium iron ore and crop nutrients, offering a highly attractive and differentiated investment proposition with a structurally lower cost base,” he said.
“This higher margin and more cash generative Anglo American will offer greater resilience through the cycle and possesses outstanding value-accretive growth optionality in each of our businesses.”
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