By Victoria Zou | MySteel
Diversified miner Anglo American plc has shaved its output forecast for iron ore for the coming three years, according to its latest update to investors on December 10.The company lowered the annual output guidance at its Kumba iron ore asset – the subsidiary in South Africa – to 42-43 million tonnes for 2020-2022, down from the previous 43-44 million tonnes range. For 2019, the output forecast remains unchanged in the range of 42-43 million tonnes.
Anglo said that achieving the output targets would be “subject to rail performance”, adding that “domestic offtake volumes” had led the company to decrease its guidance for 2020 forward from the previous range.
“We have adjusted Kumba down by 1 mtpa due to the announced closure of Arcelor Mittal’s steel plant in South Africa, it being one of our domestic steel customers,” an Anglo official said in an emailed comment to Mysteel Global.
Kumba’s core products are iron ore lumps of Fe content around 64-65.2% and iron ore fines with an Fe content in the range of 63.2-64.6%. The capacity of the former is put at about 30 million t/y and around 15 million t/y for the latter, according to the company…Full Story