Anglo American Q1 production falls at most units
The global mining company said first-quarter production at most of its units fell, or remained flat.
JOHANNESBURG - Global mining company Anglo American Plc said first-quarter production at most of its units fell, or remained flat, as it cut production, sold assets, and reconfigured mines to cope with the slump in commodities prices.
Anglo American, which announced in February a sweeping strategic overhaul, said iron ore production at its unit Kumba Iron Ore Ltd fell 27 percent as its Sishen mine moves to a lower cost pit configuration.
Diamond production at its De Beers unit fell 10 percent to 6.9 million carats, following a cut in production due to low prices, while overall copper production fell 15 percent due to the sale of its Norte assets in Chile last year, the company said.
The fall in commodities prices has hit the company's share price, prompting groups such as ShareSoc and Institutional Shareholder Services to question Chief Executive Mark Cutifani's salary, which they say is too high.
However, Anglo American said its nickel production grew 67 percent, while platinum production rose 4 percent.