Anglo American's coal production up in H1, lowers guidance for CY'24

Anglo American's steelmaking coal production increased by 16% y-o-y to 8.018 million tonnes (mnt) in first half of calendar year 2024 (H1CY'24) vs. 6.889 mnt in H1CY'23, driven by higher production from the Grosvenor underground mine and Dawson open cut operation. However, this was partially offset by challenging strata conditions at the Aquila underground longwall and higher waste tonnes extracted at the Capcoal open cut operation.

Steelmaking coal production increased by 12% y-o-y to 4.238 mnt in Q2 2024 vs. 3.780 mnt in Q1 2024.

The miner has lowered production guidance for steelmaking coal in 2024, which is now 14-15.5 mnt, revised down from the previous 15-17 mnt. This change is due to the underground fire at Grosvenor on 29 June 2024 which led to the suspension of operations.

Unit cost guidance for steelmaking coal in 2024 has been updated to $130-140/t, an increase from the previous guidance of around $115/t. This adjustment reflects the lower than expected production.