Iron ore and coal output up at Anglo American

LONDON (ShareCast) - Mining (Euronext: SMI.NX - news) giant Anglo American (Berlin: NGLB.BE - news) 's diggers were working overtime in the final quarter of 2011, with iron ore and coal production both higher year-on-year. Iron ore production, at 12.43m tonnes, was 5% higher than in the fourth quarter of 2010 and was 2% higher than the preceding quarter's output. The group said excellent progress was made at Kolomela mine, which was brought into production ahead of schedule and which produced 1.2m tonnes of iron ore during the fourth quarter. Moving on to coal, the group produced 4.06m tonnes of export metallurgical coal in the fourth quarter, up 4% from the 3.89m tonnes produced the year before and up 1% on the preceding quarter's output, as the group's Australian mines (Xetra: A0BLDP - news) continued to recover from disruption caused by floods earlier in the year. Thermal coal production eased, however, to 3.36m tonnes from 3.73m tonnes the year before and 3.98m tonnes the quarter before. Copper production increased by 10% year-on-year (YOY) to 170,000 tonnes, and by 22% compared to the prior quarter, due to the commissioning of the Los Bronces expansion and higher ore grades at Los Bronces, Collahuasi and El Soldado. Fourth quarter nickel production increased by 125% YOY to 9,900 tonnes, and by 52% compared to the third quarter, as production from Barro Alto continued to ramp up. Platinum refined production decreased by 19% YOY to 710,000 ounces, mainly due to a greater number of safety stoppages resulting in lower mine production and increased processing of lower grade surface stockpiles. Equivalent refined platinum production declined by 9% YOY to 583,200 ounces, due to a higher number of safety stoppages. This was offset by a strong performance at Mogalakwena's North pit and full ramp up at Unki mine. Diamond production decreased by 24% YOY to 6.5 million carats. This reduction mainly reflects De Beers' deliberate focus on increasing waste stripping, as well as scheduled maintenance at the Debswana and DBCM operations in recognition of short-term global macro-economic volatility. Shares in the mining company rose 45p to just under 2700p in the first hour of trading after the production update.