Trending: Anglo American's Production Result Beats Market Expectations
0945 GMT - Anglo American is among the most mentioned companies across news items over the past 4 hours, according to Factiva data, after the mining company booked better-than-expected production figures for the second quarter. The FTSE 100-listed company backed its full-year targets for most divisions, including for its key copper and iron ore operations after both produced more than expected by many analysts. Due to a fire incident at a major coal mine in Australia reported earlier this month, Anglo reduced its full-year target for the division, although the size of the cut was as expected, RBC analysts said in a note. The mine has been stabilized and the procedures preceding a safe re-entry into the mine are expected to take several months, the company said. Anglo is amid a group-wide restructuring which entails the demerger or divestment of its storied diamond unit De Beers. Anglo said in the production report that it might further reduce production to preserve cash in the unit. Shares rose as much as 2.3% in early trading. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)
(END) Dow Jones Newswires
July 18, 2024 06:02 ET (10:02 GMT)
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