- Mining company Anglo American lowered its production guidance for diamonds, iron ore and coal over the coming three years, but upped its outlook for copper and palladium.

Overall, the company said it expected to grow its production volumes by 20%-to-25% by 2023.

Production in 2019 was seen rising 1-2%, while unit costs would fall 5%. In 2020, output was expected to rise 3%.

Anglo American said it also expected to meet a $3bn-to-$4bn target of incremental annual earnings before interest, tax, deprecation and amortisation between 2017 and 2022.

'We are building on the complete transformation of both the quality of our portfolio and our performance over the last six years,' chief executive Mark Cutifani said.

'Anglo American is now amongst the very best in terms of our overall cost curve position as a result of fundamental operating changes, the technical and product marketing expertise we have applied, and the wholesale upgrade of our portfolio.'

'We will continue to upgrade our asset portfolio over time and we see our progress continuing on all fronts as we also bring a number of high quality growth projects online during the next three years, delivering 20-25% production growth by 2023.'

At 1:31pm: [LON:AAL] Anglo American PLC share price was -19.5p at 2058p

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