Anglo ups iron and copper output

Anglo American said copper production rose 13.4% to 168,500 tonnes in the quarter to end-September, compared to Q3 2008, due to higher throughput and recoveries at Los Bronces and improved grades, recoveries and performance at Collahuasi. Iron ore production increased 15.7% to 11.9 million tonnes as the Sishen jig plant continued to ramp up to full production. The jig plant achieved production of 996kt in September, equating to annualised production of 12Mtpa, on track to achieve its planned annualised rate of 13Mtpa during the fourth quarterPlatinum refined production increased 15.8% to 629koz, on track to meet full year target of 2.4 million ounces. Two additional high cost shafts were placed on care and maintenance. The group announced a labour reduction of 11,715, exceeding its full year plan, with a further 4% productivity improvement achieved since June 2009. Thermal coal production declined by 1.0% and metallurgical coal production declined by 2.6%, as production was matched to demand in export markets. Coal production at Eskom mines improved, with demand increasing by 7.3%. There was a continued improvement in the demand for rough diamonds. Third quarter production 43% higher than second quarter and on track for full year production at 50% of 2008 levels. $671m was raised in the third quarter: the Tongaat Hulett stake sold for a total consideration of $523m and the Hulamin stake sold for a total consideration of $148m. The group had undrawn committed bank facilities and cash increased to over $10bn in the period. Results for the full year to end-December 2009 will be announced on 19th February 2010. Story provided by Business Financial Newswire