Shares in mining group Anglo American were up by 4.73 per cent yesterday, despite the company’s failure to meet analysts’ expectations in its production update for the three months to 31 March.
Copper production fell by 17 per cent in the first quarter of 2015, down to 171,800 tonnes from 202,000 tonnes in the same period of 2014, while nickel production dropped by 27 per cent from 9,200 tonnes to 6,700 tonnes.
The firm attributed the poor performance in copper to the decision to take one of its processing plants offline for 51 days during the first three months of the year.
The decline in nickel was blamed on the scheduled rebuild of its Barro Alto furnaces, which is on track for completion in the final quarter of this year, according to the company.
Meanwhile, platinum production was up by 50 per cent, from 357,000oz to 536,000oz, which was below forecasts for the quarter.
Anglo’s diamond business, De Beers, saw production increase to 7.7m carats, up two per cent from 7.5m carats in 2014.
The group reduced its full year production guidance from 32-34m carats to 30-32m carats, and said the decision was made “in light of current trading conditions”.