Anglo American shares suffer biggest one-day fall since financial crisis
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GUEST - Peter Major, director of mining at Modern Corporate Solutions
ANGLO American has reduced capital expenditure across its operations by $200 million (R3.79 billion) after cutting production at Kumba Iron Ore and moving to only one plant at the Los Bronces copper mine in Chile as it pursues lower costs to survive tough market conditions and near-term constraints.
For 2023, Anglo American had capex of $5.8bn, a reduction of $200m compared to the previous year “due to prioritisation” of capital. By mid-next year, the company plans to reduce costs by a further $500m and an additional $500m by year-end 2024 on account of streamlined efficiencies.
ANGLO American has reduced capital expenditure across its operations by $200 million (R3.79 billion) after cutting production at Kumba Iron Ore and moving to only one plant at the Los Bronces copper mine in Chile as it pursues lower costs to survive tough market conditions and near-term constraints.
For 2023, Anglo American had capex of $5.8bn, a reduction of $200m compared to the previous year “due to prioritisation” of capital. By mid-next year, the company plans to reduce costs by a further $500m and an additional $500m by year-end 2024 on account of streamlined efficiencies.
