Headline: "Anglo American's Copper and Diamond Output Slips in Q3, 2024 Outlook Unchanged"

Anglo American, a global mining company, reported double-digit declines in copper and diamond production for the third quarter but maintained its 2024 commodity outlook. Copper production fell by 13% and rough diamond output decreased by 25% due to prolonged weak demand in the July-September quarter. Anglo stated that its De Beers diamond unit is exploring options for further production cuts.

In the first nine months of 2024, copper production decreased by 4% to 575,000 tons, and diamond production fell by 21% to 18.9 million carats. While evaluating potential additional production cuts, the company still expects to produce between 730,000-790,000 tons of copper and 23-26 million carats of rough diamonds this year.

After fending off a $49 billion takeover bid from major rival BHP Group in May, Anglo American is restructuring to focus mainly on copper, the energy transition metal. Following the sale of its steelmaking coal assets in Australia, nickel mines in Brazil, and divestment from De Beers and platinum unit Amplats, copper will constitute 60% of Anglo's operations.

Anglo American will retain its copper assets in Chile, iron ore mines in South Africa and Brazil, and the Woodsmith fertilizer project in the UK, which it is slowing down. The company also reported a 6% drop in steel coal production in the third quarter, following the closure of the Grosvenor mine in Queensland after an underground fire. The world's third-largest metallurgical coal exporter has lowered its annual production forecast from 15-17 million tons to 14-15.5 million tons.