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Anglo American keeps full-year output guidance broadly unchanged

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 25 (Reuters) - Anglo American (LSE: AAL.L - news) trimmed its full-year production guidance for coking coal exports but said most of its output guidance was broadly unchanged since its update in July.

It lowered full-year production guidance for export metallurgical coal to 20.5-21.5 million tonnes from 21-22 million following the completion of the Foxleigh sale in Australia at the end of August.

Coking coal has been the best performing commodity this year, surging by more than 200 percent, meaning even small changes in output can impact profits and prices.

Chief Executive Mark Cutifani said in a statement that operational improvements were continuing across the portfolio.

He added that De Beers diamond production had been "modestly higher", reflecting improved market conditions relative to the same time a year earlier, but said he maintained "a cautious outlook". (Reporting by Barbara Lewis and Mamidipudi Soumithri; editing by Jason Neely)