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Anglo-American Resources Group (AAL.L) (AGLJ.J) said on Tuesday that its overall output growth for the period 2018-2021 will be higher than previously estimated, but this year's cost is expected to be lower than previously estimated.
Anglo-American Resources Group told investors and analysts in its latest forecast that, boosted by increased production of copper, diamonds and platinum metals, overall production in 2018 will be 2% higher than previously estimated and costs will be 5% lower than previously estimated.
The company also said it expects output to grow by 3% in 2019 and 5% in 2020 and 2021, boosting its share price. Anglo-American Resources Group also produces coal, nickel and iron ore, with its share price leading the rise in the UK Blue Chip Index.
"Over the next three to five years, our business will basically grow by about 20 percent," said CEO Mark Cutifani.
Anglo-American Resources Group also raised its long-term sustained capital expenditure to $2.8-3.1 billion, mainly boosted by increased expenditure on Quellaveco, a copper project in Peru.
Anglo American shares closed up 5.5% to 16.616 pounds in London on Tuesday.
Anglo-American Resources Group's outlook contrasts with BHP. AX's BLT. L. BHP Billiton hinted in October that copper production would decline.


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