LONDON, April 23 (Reuters) - Global miner Anglo American said on Thursday slashed its capital expenditure guidance for the year by about $1 billion and warned of delays some projects due to coronavirus.
The London-listed miner said overall production in its first quarter fell by 4% mainly due to lockdown measures in South Africa which hurt platinum, iron ore and diamond output.
The miner said it had identified costs savings of about half a billion dollars in addition to benefitting from weaker producer currencies and low oil prices.
Capital expenditure will be reduced by about $1 billion to $4-$4.5 billion, Anglo said, adding that the lower revisions this year may impact spending in future years.
Anglo's South African operations, which account for about 50% of the group's core profit, were now operating at 50% capacity despite an extension of lockdown.
The miner revised down its 2020 output for thermal coal, platinum, palladium and iron ore and diamonds. (Reporting by Zandi Shabalala; Editing by Toby Chopra)