Anglo Becomes the Latest Big Miner to Trim Production Plans
(Bloomberg) -- Anglo American Plc trimmed production goals for most of its commodities next year and also said it will spend more money then previously expected.
While the cuts are all relatively small, they’re the latest example of how the world’s biggest miners are struggling to keep up supply in the face of challenges ranging from water scarcity to continuing Covid-19 disruptions. Other mega producers including Rio Tinto Group and Vale SA have missed or cut forecasts recently.
In an investor update Friday, Anglo said its 2022 production of copper, platinum-group metals, nickel, iron ore and coking coal will all be lower than previous forecasts. It only maintained its target for diamonds.
Anglo also said it expects capital spending to be higher next year, at as much as $6.7 billion, primarily because it rolled over planned spending from this year that was delayed by pandemic disruptions.
Anglo’s shares slipped as much as 1%, while most of its rivals rose slightly.
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