Net profit of coal giant Anglo American climbed 3% year on year to $30.9 billion, said the firm its yearly report released on March 2.
The profit attributable to shareholders slumped 41% from $3.55 billion in 2019 to $2.01 billion, data showed.
The miner produced 16.8 million tonnes of coking coal in 2020, a year-on-year fall of 26%, while sales also tumbled 25% from 2019 to 16.9 million tonnes.
The company set its 2021 coking coal production guidance at 18-20 million tonnes.
In May 2020, a gas explosion at Anglo's Grosvenor coal mine, with production capacity up to 5 million tonnes per annum (Mtpa), in Australia's Queensland state has injured five people and then the miner halted the production there. The Grosvenor mine will be restarted in the second half of 2021.
On February 22, Anglo American suspended production of Moranbah North coking coal mine in Queensland for the same reason of rising gas level on the longwall two days earlier.
The Moranbah North mine has 6.5 Mtpa production capacity and is scheduled to reopen within one month.
The accident at Grosvenor and uncertainty about reopening dates, together with China's restrictions on Australian coal, have promoted the firm to push back its expansion plan of the processing plant at the Moranbah-Grosvenor mine to 2022. By then, the plant's processing capacity is expected to rise from 16 Mtpa to 20 Mtpa, with the first production expected in 2024 at the earliest.
(Writing by Rebecca Liu Editing by Harry Huo)
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