UK-based mining giant Anglo American has announced its production results for the fourth quarter and full year of 2023.
In the fourth quarter, the company produced 13.8 million mt of iron ore, decreasing by 12.1 percent compared to the same quarter of the previous year and by 10.4 percent compared to the third quarter. The company’s fourth quarter production was in line with its expectations. Although Minas-Rio had a record quarterly performance, increasing production by 15 percent compared to the fourth quarter of 2022, this was more than offset by a planned slowdown in Kumba's production to align with third-party logistics constraints, resulting in an overall decrease in iron ore production. In 2023, the company’s iron ore production totaled 59.9 million mt, up by one percent year on year.
The company’s iron ore sales in the fourth quarter totaled 16.41 million mt, up by 18.2 percent, while its iron ore sales in 2023 came to 61.49 million mt, up by six percent, both year on year.
In the fourth quarter last year, the company’s iron ore production at Kumba decreased by 27.4 percent year on year to 7.23 million mt, while in 2023 its iron ore production at Kumba went down by 5.3 percent year on year to 35.71 million mt. In the given quarter the production at Sishen came to 5.96 million mt, while production at Kolomela was 1.28 million mt. In the given quarter, total iron ore sales from the Kumba mine increased by 32.5 percent year on year to 9.5 million mt, primarily due to industrial action by trade unions and improved performance at Saldanha Bay port.
Regarding its Brazilian iron ore project Minas Rio, Anglo American said that its iron ore output amounted to 6.57 million mt in the fourth quarter, up by 14.9 percent year on year, while it increased by 12.2 percent in 2023 to 24.2 million mt.
Meanwhile, the company’s average sales price in 2023 increased by three percent from 2022, reaching $114/mt.
Anglo American’s iron ore production guidance for 2024 is at 58-62 million mt, unchanged from the previous guidance.