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Anglo Bid to Boost Copper, Iron Ore Output Hit By Southern Hemisphere Rain
Apr. 21, 2011 10:24AM PST
Base Metals Investing Bloomberg reports that Anglo American Plc (LON:AAL,PINK:AAUKY) posted declines in output of copper, coal and iron-ore in the first quarter as heavy rain hindered expansion plans.
Bloomberg reports that Anglo American Plc (LON:AAL,PINK:AAUKY) posted declines in output of copper, coal and iron-ore in the first quarter as heavy rain hindered expansion plans.
The market news is quoted as saying,
Iron-ore output fell 19 percent to 9.9 million metric tons mainly due to “wet pit conditions, resulting from excessive rainfall” at the mines of Kumba Iron Ore Ltd. (KIO), in which Anglo owns a 65 percent stake, the company said in a statement today. Copper production fell 14 percent to 138,800 tons, while coking coal output was 37 percent lower at 2.1 million tons.