Diversified mining company Anglo American on Thursday emphasised its embedding of operational resourcefulness across its asset base and highlighted its second-quarter performance as being strong.

Moreover, the strategy reviewing Johannesburg- and London-listed centenarian described its copper production as "tracking well to the full year plan" and its asset divestment execution work as proceeding at pace.

"We've delivered a strong second quarter performance as we continue to embed operational excellence across the asset base," was the comment of Anglo CE Duncan Wanblad.

Minas-Rio in Brazil achieved record second quarter performance on the iron-ore front, steelmaking coal production increased by 26%, total Kumba Iron Ore sales increased by 3%, attributable share of Collahuasi copper production increased by 5%, output at Anglo American Platinum's Amandelbult platinum group metals (PGMs) mine increased by 7%, refined PGM production increased by 7%, PGM sales volumes increased by 14%, and in South Africa, diamond production increased by 8% as the Venetia mine transitions underground.

"Our copper operations in Chile and Peru both performed well against our plans. We are focused on continuing to deliver our strategic priority of operational excellence - improving performance stability is driving increased confidence in operational plans, including production volumes and unit costs.

"De Beers' diamond production reflects the lower revised guidance announced in our first quarter production report. Trading conditions became more challenging in the second quarter as Chinese consumer demand remained subdued.

"With higher than normal levels of inventory remaining in the midstream and an expectation for a protracted recovery, we are therefore actively assessing options with our partners to further reduce production to manage our working capital

and preserve cash," said Wanblad in a release to Mining Weekly.

At the end of June, the Grosvenor steelmaking coal mine in Australia experienced an underground fire and as a result of the incident, the operation is suspended and Grosvenor's production is excluded from steelmaking coal guidance for the second half of the year.

"In May, we announced our plan to accelerate our strategy by simplifying the portfolio and focusing on our world-class assets in copper, premium iron-ore and crop nutrients.

In working to execute on the asset divestments, including steelmaking coal, it is intent on minimising frictional costs, mitigating execution risks, and enabling the delivery of sustainable cost savings.

"Work is progressing with the aim of substantively completing this transformation by the end of 2025," Wanblad added.

Iron-ore production guidance for 2024 is unchanged at 58-62-million tonnes (Kumba 35-37 million tonnes; Minas-Rio 23-25 million tonnes). Kumba is subject to third-party rail and port availability and performance.

Iron-ore unit cost guidance for 2024 is unchanged at $37/t, with Kumba at $38/t and Minas-Rio at $35/t.

PGM production guidance for 2024 for metal in concentrate and refined production is unchanged at 3.3-3.7-million ounces.

Production remains subject to the impact of Eskom load-curtailment, of which there was none in the second quarter. Unit cost guidance for 2024 is unchanged at $920/PGM ounce.

The disposal of the 50% interest in Kroondal has resulted in Kroondal moving to a 100% third-party purchase of concentrate arrangement and transition to a toll arrangement in the second half of this year.

Rough diamond production decreased by 15% to 6.4-million carats, primarily reflecting the lower production guidance announced in the first quarter production report in response to the higher than normal levels of inventory in the midstream, and the expectation for a protracted recovery in demand.

Demand for rough diamonds recovered slightly at the start of 2024 following the cessation of the voluntary moratorium on rough diamond imports into India in late 2023, and improved demand for d...