Anglo American cuts output guidance for diamonds, platinum due to Covid-19

JOHANNESBURG  – Mining conglomerate Anglo American on Thursday revised full year production guidance for diamonds down to 25-27 million carats from the previous 32-34 million carats, citing the negative impact of the Covid-19 pandemic on operations.

It also cut the platinum output forecast to 1.5-1.7 million ounces from 2.0-2.2 million ounces and that for palladium to 1.0-1.2 million ounces from the 1.4 million ounces predicted earlier.

Mining companies were not spared when Southa Africa’s government imposed a lockdown for all but essential services from March 27 to curb transmission of the coronavirus which has spread rapidly across the globe from the first case in China last December.

The regulations have since been relaxed to allow mining operations to partially resume.

“Our overwhelming priority is the safety of our people, their families and our host communities,” Anglo American chief executive Mark Cutifani said in the company’s production report for the first quarter ended March 31.