SMM2, 20 March: continued improvement in basic business productivity and higher-than-expected prices helped (Anglo American), a global diversified mining company, increase its profit before interest, tax, depreciation and amortization by 4 per cent to $9.2 billion in 2018 from a year earlier.
In addition, the diversified miner generated $3.2 billion in attributable free cash flow in 2018, generating $3.5 billion in profits attributable to shareholder owners, up 12 per cent from 2017.
Anglo American doubled its per capita productivity and mining margins rose 12 percentage points to 42 per cent.
Production of Collahuasi and Los Bronces mines in Chile increased, with copper production up 15 per cent to 668000 tons in 2018 compared with 579000 tons in 2017.
Coking coal production rose 11 per cent to 21.8 million tonnes from 19.7 million tonnes in 2017, driven by record results at the Moranbah mine and an increase in Grosvenor production. Both mines are in Australia.
Platinum production rose 4 per cent to 2.4 million ounces from 2.3 million ounces in 2017.
Palladium production rose 3 per cent to 1.6 million ounces from 1.5 million ounces in 2017.
Iron ore production fell 4 per cent to 43.1 million tons from 45 million tons in 2017 as a result of restrictions on railway operations throughout 2018, according to Kumba Iron Mine, a subsidiary of Anglo American Resources Group earlier this month. Kumba decided to improve the quality of its products to maximize the value of the ore enclosed by port railings, which in turn reduced its total production.
Anglo American's thermal coal export output fell by 1 per cent to 18.4 million tons from 18.6 million tons in 2017 as a result of the continued transition between mining areas.
As a result of the planned 40-day shutdown of the Barro Alto mine in Brazil, nickel production fell by 3 per cent to 42000 tons from 44000 tons in 2017.
Manganese production increased to 3.6 million tons from 3.5 million tons in 2017, an increase of 3 per cent, reflecting improved availability of concentrators and favourable weather conditions for Anglo American's Australian operations.
Referring to the company's new growth, Cutifani said Anglo would not do anything beyond its capabilities. Large projects such as the Quellaveco copper mine, which the company owns in Peru, are very good for growth. Anglo American is also exploring opportunities to discover copper deposits in Brazil.
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