The Coal Trader

Coal Mining Anlgo American

Anglo American’s Queensland Met Coal Falls Short of Guidance

Anglo American’s Queensland metallurgical (met) coal production reached 16.0 million tonnes (mt) in 2023, exceeding the lower end of its 16.0-19.0 mt guidance but falling short of expectations. The company expects a similar range for 2024, with some production cost changes.

Met Coal Highlights:

  • 2023 production: 16.0 mt, up 7% YoY but below guidance.
  • 2024 guidance: 15.0-17.0 mt, production cost around $115/t.
  • 2023 production cost: $121/t, exceeding $105/t guidance due to lower output from Moranbah.
  • Aquila and Grosvenor mines boosted Q4 2023 output, while Moranbah faced challenges.
  • Next longwall moves at Moranbah and Grosvenor scheduled for July-September.
  • Hard coking coal production up 1% in 2023, PCI and semi-soft coking coal up 29%.

Key Questions for Management:

  • How will you address challenges at Moranbah to meet 2024 production targets?
  • Can you provide more details on cost factors impacting met coal production?
  • What strategies are in place to optimize production costs and achieve the $115/t target?

Iron Ore:

  • 2023 production: 59.9 mt, up 1% YoY, meeting guidance (57.0-61.0 mt).
  • 2024 guidance: 58.0-62.0 mt, production cost $37/t.
  • Record output at Minas-Rio offset by South African transport issues.
  • Average iron ore price in 2023: $114/t, up 3% YoY.

Key Questions for Management:

  • How will you address rail underperformance in South Africa affecting Saldanha Bay stocks?
  • What factors are driving the 2% reduction in 2024 iron ore production guidance?


  • Manganese ore production declined slightly in 2023.

Overall, Anglo American’s Queensland met coal performance missed expectations, but iron ore output remained steady. The company’s 2024 guidance suggests continued focus on productivity and cost management across its portfolio.