Global mining company Anglo American reported a 24% increase in annual copper production for the year, reaching 826,000 metric tons, which was slightly below their forecasted range of 830,000-870,000 tons. The company's Q4 2023 copper output decreased by 6% to 230,000 tonnes, but overall 2023 production was up compared to 2022. Anglo American's 2024 copper production guidance remains unchanged at 730,000–790,000 tonnes, with specific projections for Chile and Peru. Additionally, Anglo American's Q4 2023 nickel output rose by 9% to 11,100 tonnes, with a full-year increase of 1% at 40,000 tonnes. The production guidance for 2024 is maintained at 36,000-38,000 tonnes. Meanwhile, Sherritt International, another mining company, reported that it faced operational challenges at its Moa mine and refinery in 2023 but has since resolved these issues. Sherritt has implemented a cost mitigation and cash conservation program to align better with the current nickel price environment, including cutting spending and headcount. For 2024, Sherritt's Moa JV production guidance for finished nickel is 30,000-32,000 tonnes, and cobalt is 3,100-3,400 tonnes. The company's Q4 share of finished nickel and cobalt at Moa JV was 3,744 tonnes and 330 tonnes, respectively, with full-year production slightly below guidance at 28,672 tonnes for nickel and 2,876 tonnes for cobalt. Sherritt's CEO commented on the oversupply in the nickel market, which has put downward pressure on prices, and noted the challenges from lower demand from steel mills and higher inventory build-up.
#Copper Swing Toward $3 Would Be Typical - Copper's price of about $3.80 a pound on Feb. 6 was first reached in 2006, which may have implications for a downward pendulum swing in 2024. #China's decline, as indicated by the about 24% one-year drop in the Hang Seng Index, likely… https://t.co/HjQ70ILfFH
Anglo American posts 24% rise in annual copper output https://t.co/UYYJtHWCJ5 https://t.co/4J6ujtJdXM
Lower #nickel demand from steel mills, less metal buying in Asia as MHP & matte intermediate availability rose & customers delayed buying to cut stocks & holding/financing costs & sought better prices, led to higher than expected inventory build-up, Sherritt says
Sherritt says 2024 Moa JV production guidance for finished #nickel is 30,000-32,000 tonnes on a 100% basis, while finished #cobalt production guidance is 3,100-3,400 tonnes
Sherritt’s Q4 share of finished #nickel and #cobalt at the Moa JV was 3,744 tonnes and 330 tonnes, respectively, it says. On a 100% basis, FY 2023 finished nickel & cobalt production was 28,672 tonnes and 2,876 tonnes, respectively, slightly below their annual guidance ranges.
Sherritt is "better aligned with the current #nickel price environment" after implementing a cost mitigation and cash conservation program. Has optimized operating plans for 2024 & beyond, plus cut spending & headcount
Sherritt CEO says knew 2023 would be transitional for Moa mine but didn't anticipate "encountering the more immediate operational issues we found ourselves facing at the mine and consequently at the refinery." Has successfully resolved each of these operational hurdles #nickel
"Nickel pricing suffered [in 2023] from a significant oversupplied market due to the conversion of Class II #nickel into intermediates suitable for the electric vehicle market and even into Class I LME-deliverable metal, putting further downward pressure on pricing.” Sherritt CEO
Anglo American says Q4 2023 #nickel output was +9% at 11,100 tonnes amid improved operational stability. FY2023 was +1% at 40,000 tonnes, and production guidance for 2024 is unchanged at 36,000-38,000 tonnes.
Anglo American says Q4 2023 #copper production was -6% at 230,000 tonnes but 2023 output was +24% vs 2022 at 826,000 tonnes. Production guidance for 2024 is unchanged at 730,000–790,000 tonnes (Chile 430,000-460,000 tonnes; Peru 300,000-330,000 tonnes).
⚠️ ANGLO AMERICAN POSTS 24% RISE IN ANNUAL COPPER OUTPUT (Reuters) Global miner Anglo American on Thursday reported a 24% rise in copper production last year to 826,000 metric tons, lower than a previously forecast range of 830,000-870,000 tons. The company left its 2024…