Anglo under pressure amid PGM hit, warns De Beers may cut production

Mining giant Anglo American said on Thursday while it's keeping its guidance for 2024 unchanged, its platinum group metals (PGM) business is under pressure, and it may cut production at De Beers.

In fourth quarter production updates from the Anglo stable, which includes iron ore miner Kumba and PGM business Amplats, the group said production slipped for most of its commodities to end-December, with the exception of nickel and steelmaking coal.

The production was in line with expectations, said CEO Duncan Wanblad, including a deliberate slowdown at Kumba to draw down stock levels built up as a result of Transnet's poor rail performance.