Anglo American Downsized Copper Production Target for 2023

SEATTLE (Scrap Monster): Anglo American plc. cut its copper output target for 2023, citing deteriorating ore grades at its mines in Chile. Also, the miner reduced the higher end of its output guidance for the current year.

The copper output from its mines are expected to range between 840,000 and 930,000 tonnes in 2023, significantly down from the prior estimate of between 910,000 tonnes and 1.02 million tonnes. The production guidance for the current year has now been lowered from 640,000 to 680,000 tonnes to between 650,000 and 660,000 tonnes of copper, said the company press release.

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The miner foresees 3% dip in overall output in 2022. However, the production is expected to grow by 5% in 2023. A similar jump in output is expected in 2024. Also, the production in 2025 is expected to be in line with 2024. The capital spending for the next three years is projected at $5-$6.5 billion per annum.

According to Duncan Wanbland, Chief Executive, Anglo American, the key priorities for the company in 2022 have been to restore normal operations after Covid-19 pandemic and to ensure safety of its employees. The company is focused on driving consistent performance and delivering value-adding growth across its operations.