A mixed bag for Anglo American (AAL) at the first-quarter mark, but shareholders can take heart from key production figures that demonstrated significant year-on-year growth.
After a considered start to his tenure, chief executive Mark Cutifani’s review of Anglo’s worldwide assets is starting to bear fruit. Anglo’s first-quarter copper, metallurgical and nickel output - which accounts for half of operating profits - beat analyst estimates. Production was also heading in the right direction at Kumba Iron Ore and the De Beers diamond unit. Crucially, the troubled Minas-Rio iron ore project remains on track (and on re-jigged budget) to ship its first ore by the end of the year. But prolonged industrial action continues to peg back full-year expectations at the Amplats subsidiary; miners remain out on strike despite a new offer being tabled by Amplats, Lonmin (LMI) and Impala Platinum.
