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Anglo-American resources plan to cut spending by $1 billion as a result of the epidemic
Apr 24,2020 13:47CST
The content below was translated by Tencent automatically for reference.

SMM4, March 24: in the face of the challenges of the epidemic, Anglo said on Thursday that it would cut capital spending by about $1 billion to $40 to $4.5 billion in 2020, which could affect spending in the coming years.

The company's assets in South Africa generate most of its profits, and Anglo has had to cut spending and cut costs since South Africa went into a blockade.

In the first quarter, Anglo American's platinum, palladium, iron ore and diamond production all fell year-on-year as a result of the outbreak. The company said various control measures taken in response to the epidemic and economic uncertainty will affect the start of the project and the progress of some projects.

Anglo-American Resource output data for the first quarter of 2020

At present, South Africa's operating rate is only 50%, in addition, Anglo American also lowered the 2020 platinum, palladium, iron ore, diamonds and thermal coal production targets.

Anglo American has been hit harder than its peers, according to Tyler Broda, capital markets analyst at Royal Bank of Canada.

Construction of Anglo's Quellaveco copper mine in Peru has been suspended for at least three months and is still scheduled to go into production in 2022.

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