UPDATE 2-Anglo American platinum output falls 40 pct after strikes

jueves 17 de julio de 2014 05:11 GYT
 

* Second-quarter platinum output falls 40 pct

* Iron ore, copper production rises

* Shares fall as much as 1.8 pct (Adds details, analyst comment, share price)

By Karen Rebelo

July 17 (Reuters) - Anglo American Plc, smarting from a five-month strike at its platinum mines, reported a sharp drop in quarterly output of the precious metal that overshadowed higher copper and iron ore production.

Anglo's shares fell as much as 1.8 percent in early trading after the miner reported a 40 percent drop in platinum output for the second quarter, the result of lost production at its key mines in South Africa.

The decline, which is expected to damage first-half earnings, masked a slight increase in production of iron ore, the biggest money earner for Anglo last year.

Iron ore production rose 2 percent to 11.5 million tonnes for the three months ended June 30. Output of copper, which contributed about a quarter of the company's earnings last year, rose 6 percent to 194,400 tonnes.

Numis Securities analyst Cailey Barker said Thursday's production update was "not an awful set of results". He said production of nickel, copper and metallurgical coal was better than had been expected.   Continuación...