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Anglo production Q3 output up 6 percent output, platinum cut

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 24 (Reuters) - Anglo American (LSE: AAL.L - news) on Tuesday reported a 6 percent rise in total output for the third quarter but said it had cut its platinum production to remove "unprofitable ounces".

It lowered its production guidance for platinum to 2.30-to-2.35 million from 2.35-to-2.40 million ounces following the closure of unprofitable production at Bokoni, which was placed on care and maintenance in the quarter.

It raised guidance for iron ore output at South African's Kumba unit again following a previous update in July.

CEO Mark Cutifani said the reduction in platinum guidance signalled the company's determination to remove "unprofitable ounces from production as we focus on value over volume". (Reporting by Barbara Lewis; editing by Jason Neely)