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for the first three months of the year, but cut its 2024 production guidance for diamonds, as its inventory levels remain high in slow recovery market.
In Chile, where the company has the bulk of it copper operations, production rose 6%, with Collahuasi and El Soldado mines more than compensating for a weaker quarter at Los Bronces. Production in Peru will be weighted to the second half of the year, as a result of the copper grades temporarily declining to between 0.6%-0.7% in the first half of the yea, the company said.Anglo’s diamond unit De Beers saw output drop 23% in the first quarter as a slow recovery in the market triggered production cuts.
The company also mentioned that the ongoing economic growth uncertainty has led to a cautious purchasing behaviour. It anticipates a slow recovery in rough diamond demand for the remainder of the year as a result.
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