Anglo American (LON: AAL), the diversified miner, said third-quarter copper production fell 5% to 174,900 tonnes, but kept its 2026 guidance. Output was 183,500 tonnes a year earlier and 1% higher than the second quarter’s 173,200 tonnes.
Chile produced 94,200 tonnes, down 6%. Anglo blamed unprecedented weather, including record snowfall and related unplanned maintenance, and lower-grade stockpile ore at Collahuasi. Throughput and mining rates at Los Bronces were more than 10% below the second quarter. Peru produced 80,700 tonnes, down 3% on the year but up 8% on the second quarter.
Full-year copper guidance is unchanged at 700,000 to 760,000 tonnes, weighted to the second half. Nine-month output is 518,500 tonnes, down 1%. Chief executive Duncan Wanblad said the company is on track to meet its 2026 guidance, supported by the planned improvement in copper ore grades in the fourth quarter.
Unit cost guidance, the expected cost of producing each pound of copper, improved to about 139 cents a pound from 145. Peru fell to about 50 cents from 65 on strong by-product realisations, income from other metals mined alongside copper. Chile stays at about 210 cents. Copper sold at a realised 623 cents a pound so far this year, 40% above last year’s 446.
On the merger with Teck Resources, China’s anti-trust approval is the final outstanding regulatory milestone.
We continue to engage constructively with China’s anti-trust regulator, with this being the final outstanding regulatory milestone required for completion. Expected completion timing by March 2027 remains unchanged.
Duncan Wanblad, chief executive, Anglo American
Elsewhere, premium iron ore fell 4% to 13.8 million tonnes as Kumba, its South African unit, dropped 19% on a planned plant tie-in, while Minas-Rio in Brazil rose 24%. Diamond output fell 11% to 6.8 million carats, and the year-to-date realised price is $97 a carat, down 37%.
De Beers took full ownership of the Gahcho Kué mine on 16 October after enforcing security over Mountain Province’s 49% stake. It now guides to 25 to 28 million carats, from 21 to 26 million. Anglo’s sale of its steelmaking coal business to Dhilmar for up to $3.875bn is on track to complete by the first quarter of 2027, and the nickel sale to MMG awaits European Commission approval.