AngloAmerican Plc : End of the year in line with expectations. Upward revision to our forecasts for 2021-2022. Outperform recommendation reiterated
>2020 production (solid) in line with our estimates - AngloAmerican has published a trading update that is in line with our forecasts with a return to production in H2 2020 at 95% of the 2019 capacity utilisation rate thanks notably to a good performance at Los Bronces (copper, Chili) and Minas Rio (iron ore, Brazil) offsetting the (slight) disappointment from De Beers (diamonds, 3% of 2020e EBITDA vs 14% in 2018). Management has indicated that 1/ the sales trend for ...Anglo American is a global mining company with a portfolio of mining operations and undeveloped resources. Co. is focused on diamonds, copper, platinum group metals (PGMs), and bulk commodities and other minerals. Co.'s segments include: De Beers, which produces rough and polished diamonds; Copper, which produces copper; Platinum, which produces PGMs; Iron Ore and Manganese, which produces iron ore, manganese ore and alloys; Coal, which produces metallurgical coal and thermal coal; and Nickel, which produces nickel.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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