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Anglo American 1Q Copper,Iron Ore Output Up;Thermal Coal Down

iconApr 22, 2010 14:52
Source:SMM

Apr 22, LONDON (Dow Jones)--Global diversified miner Anglo American PLC (AAL.LN) Thursday reported a broad increase in first quarter production from year-ago levels across most of its major products including iron ore, copper and platinum, but thermal coal output was slightly lower.

The miner's iron ore and manganese division accounted for 23% of earnings before interest, taxes, depreciation and amortization, or Ebitda, in 2009. Coal was 23% of Ebitda and base metals, which includes copper, was about 33%.

Iron ore production was up 23% to 12.33 million metric tons for the three months to Mar. 31, compared with 9.99 million tons during the same period a year earlier.

Anglo's copper production rose 7% to 160,800 tons from 150,500 tons.

Thermal coal production dropped 1% to 10.98 million tons while coal produced in partnership with South Africa's state-owned power utility Eskom Holdings Ltd was down 3% to 8.17 million tons. Metallurgical coal output rose 32% to 3.59 million tons.

The miner's Anglo Platinum Ltd. (AMS.JO) subsidiary saw platinum output rise 11% to 446,700 troy ounces from 404,000 ounces in the year-earlier period.

Anglo's share of diamond output from De Beers S.A. was meanwhile up more than six-fold to 7.01 million carats. Anglo owns 45% of the gemstone miner.

Platinum and diamond contributed 10% and 3% of Ebitda respectively in 2009.

Anglo American shares closed Wednesday at 2814 pence a share, up 3.8% since the beginning of the year.

 

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