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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Anglo American plc    AAL   GB00B1XZS820

ANGLO AMERICAN PLC

(AAL)
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Anglo American's second-quarter output rises 2%, on track to hit 2019 targets

07/18/2019 | 04:26am EST
FILE PHOTO: A worker attends to machinery at a smelter plant at Anglo American Platinum's Unki mine in Shurugwi

LONDON (Reuters) - Anglo American on Thursday posted a 2% rise in second quarter output and reaffirmed full-year production targets, boosted by a restart of operations at its Brazilian iron ore mine and higher volumes of coking coal.

Prices of iron ore, used with coking coal to make steel, have outperformed other base metals and hit five-year highs after a Vale dam disaster in Brazil led to production shut-ins.

Anglo American's iron ore production was helped by the ramp-up of the Minas Rio mine in Brazil and a strong performance from coking coal after plant upgrade work in the first quarter, helping offset the impact of reduced diamond production.

"We remain broadly on track overall to deliver this full year's production targets," CEO Mark Cutifani said in a statement.

Diamond production at the company's De Beers unit fell 14% as work continues at its Venetia mine in South Africa to switch to underground mining from open pit and against a backdrop of weaker demand and lower prices.

The company revised its diamond production forecast down to about 31 million carats, at the lower end of its previous 31-33 million carats range, citing weaker trading conditions.

The weaker market was partly because of "caution due to macro-economic uncertainty, including the U.S.-China trade tensions", it said, adding De Beers would continue to produce in response to demand for the year.

Copper production increased by 1% and platinum rose 3% year on year.

Minas Rio's iron ore production climbed to 5.9 million tonnes. Anglo American restarted operations there in December after receiving regulatory approval to step up production following a prolonged outage because of a leak.

Anglo American is still waiting for one more permit needed for work on a tailings dam, which it says is expected before the end of the year.

Metallurgical, or coking, coal production increased by 11% following site improvements, while thermal coal, used for power, fell 8% because of a lack of water.

In a note, analysts at Bernstein reiterated their outperform rating for Anglo American but said the results were mixed.

Anglo American's share price slipped 1% by 0820 GMT. The stock has risen by nearly 25% since the start of the year.

(Reporting by Yadarisa Shabong in Bengaluru and Barbara Lewis in London; editing by Deepa Babington)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 2.42% 2413.5 Delayed Quote.-2.89%
BASE CO., LTD. -2.47% 5920 End-of-day quote.-3.74%
BASE,INC. 1.35% 13560 End-of-day quote.38.93%
DOW JONES AFRICA TITANS 50 INDEX 0.91% 529.97 Delayed Quote.2.07%
DOW JONES SOUTH AFRICA(ZAR) -0.30% 1857.53 Delayed Quote.5.65%
S&P AFRICA 40 INDEX -0.05% 169.75 Delayed Quote.0.92%
SWITCH, INC. 1.18% 17.13 Delayed Quote.4.64%
VALE S.A. -0.20% 93.17 End-of-day quote.6.54%
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Financials (USD)
Sales 2020 27 873 M - -
Net income 2020 2 492 M - -
Net Debt 2020 6 813 M - -
P/E ratio 2020 16,4x
Yield 2020 2,75%
Capitalization 43 865 M 43 983 M -
EV / Sales 2020 1,82x
EV / Sales 2021 1,44x
Nbr of Employees 60 000
Free-Float 89,4%
Chart ANGLO AMERICAN PLC
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Anglo American plc Technical Analysis Chart | AAL | GB00B1XZS820 | MarketScreener
Technical analysis trends ANGLO AMERICAN PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 39,27 $
Last Close Price 32,18 $
Spread / Highest target 48,2%
Spread / Average Target 22,0%
Spread / Lowest Target -18,1%
EPS Revisions
Managers and Directors
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Stephen Thomas Pearce Finance Director & Executive Director
Anthony Martin O'Neill Executive Director & Group Technical Director
Anne L. Stevens Independent Non-Executive Director
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