African Minerals production falls

African Minerals – the Aim-listed iron ore miner founded by Frank Timis, the colourful former boss of Regal Petroleum – yesterday posted a fall in third-quarter production from four million tonnes to three million tonnes quarter-on-quarter, while sales fell from 3.4m tonnes to 2.8m tonnes over the period. Full-year sales guidance remains unchanged. “[The company] should comfortably be able to achieve its full-year sales guidance, while lifting its overall production, with better weather conditions in the fourth quarter, more transhipping capacity and a repaired conveyor belt,” said broker Investec, adding that the third quarter is the peak of the wet season.