Anglo American forecasts better 2022, 35% growth over next decade
Group is banking on diamonds and iron ore, while planning to harness early copper from its Quellaveco project in Peru
London - Anglo American on Friday forecast a stronger performance in 2022, banking on diamonds and iron ore, while planning to harness early copper from its Quellaveco project in Peru.
Quellaveco is a $5bn development and one of the world’s largest untapped copper resources.
The company said it was set to deliver 35% growth over the next decade at margins of 50%, while forecasting capital expenditure of $6.2bn to $6.7bn for 2022.
It also announced a leadership change with Tom McCulley, who has led the development of Quellaveco, taking over from Chris Fraser as CEO of Crop Nutrients.
Anglo said that its Woodsmith polyhalite project in Britain would require an investment of $700m in 2022.
Anglo bought Woodsmith for £386m ($510m) in 2020, identifying the project in the North York Moors National Park as a “tier one” asset — a large scale, long-life, high margin deposit of polyhalite, a multi-nutrient fertiliser.
Reuters