Anglo adds to iron ore pain

Wednesday, 11 December 2019

Headlines today for iron ore are for less next year courtesy of Anglo:

Anglo American has trimmed its production forecasts for iron ore, diamonds and coal for the next two years, the mining company said in an update for investors on Tuesday.

Anglo American lowered its forecast for its Kumba Iron Ore business from 42-43 metric tonnes (Mt) from 43-44 Mt, cut its diamond production outlook for 2020 and 2021, and lowered its 2020 metallurgical coal production outlook to 21-23 Mt from 22-24 Mt.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.