In the first nine months of 2024, copper production fell by 4% to 575,000 tonnes and diamond production fell by 21% to 18.9 million carats.

Global miner Anglo American on Thursday posted double-digit declines in third-quarter copper and diamond output but maintained its 2024 guidance for the commodities.

Anglo said its copper output fell 13% in the July-September quarter, while rough diamond production fell 25% on cuts due to prolonged lower demand.

Its diamond unit De Beers is exploring options for further production cuts in the future, Anglo said.

In the first nine months of 2024, copper production fell by 4% to 575,000 tonnes and diamond production fell by 21% to 18.9 million carats.

Anglo still expects to produce between 730,000 and 790,000 tonnes of copper and 23-26 million carats of rough diamonds this year, even as it considers further output cuts in the future.

Its shares, which have risen about 18% this year, opened up 2.2%.

The mining giant is restructuring its business to focus primarily on copper, the energy transition metal, after rejecting a $49 billion takeover offer from its biggest competitor, BHP Group, in May.

Copper will account for 60% of Anglo's business after it sells its Australian steelmaking coal assets and its nickel mines in Brazil, as well as divesting De Beers and its Amplats platinum business in South Africa.

Apart from its copper assets in Chile, Anglo will also retain iron ore mines in South Africa and Brazil, as well as the Woodsmith fertiliser project in the UK, which it has now slowed down.

Anglo said steelmaking coal production fell 6% in the third quarter after it shut its Grosvenor mine in Queensland due to an underground fire.

The London-listed miner, the world's third-largest exporter of metallurgical coal, cut its annual output forecast to 14-15.5 million tonnes from a previous forecast of 15-17 million tonnes.

Anglo said the final round of bidding for the coal assets was already underway and it expected to announce the sale agreement within months.