LONDON (Reuters) – Global miner Anglo American on Thursday reported a 24% rise in copper production last year to 826,000 metric tons, lower than a previously forecast range of 830,000-870,000 tons.

The company left its 2024 copper output guidance unchanged at 730,000-790,000 tons. The metal is used for electric vehicles and renewable infrastructure, key planks for energy transition.

Analysts have forecast a copper deficit from this year after Panama ordered the closure of a First Quantum mine with capacity of 350,000 tons per year and as major producers including Anglo, Glencore, Codelco and Vale Base Metals expect lower supply from their operations.

The London-listed company in December announced $1.8 billion of spending cuts by 2026, which it is prepared to deepen in the event of worsening demand for the metals it mines.

Production of rough diamonds fell 8% to 31.9 million carats in 2023. Diamond demand in major consumer China dropped last year as economic slowdown curbed appetite for luxury items.

Iron ore production rose by 1%, while platinum group metals (PGMs) registered a 5% output drop, Anglo said.

(Reporting by Clara Denina; Editing by David Goodman)

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