Anglo American plc (LON:AAL) has announced its Production Report for the third quarter ended 30 September 2026
Duncan Wanblad, CEO of Anglo American, said:
“Operational performance was resilient across the business, continuing our momentum from the first half of the year despite extreme winter weather in Chile. We are on track to meet our 2026 guidance, supported by the planned improvement in copper ore grades in the fourth quarter. In Copper, Quellaveco production increased from the second quarter, benefiting from the expected improvement in the ore grades, while record snowfall and related unplanned maintenance later in the third quarter affected production in Chile. In Premium Iron Ore, Minas-Rio benefited from higher plant availability, while Kumba’s tie-in of its first ultra-high-dense-media-separation (UHDMS) module reduced production as planned, albeit with sales largely unaffected as stockpiles were drawn down. We continue to manage controllable costs tightly, particularly in the context of pressures from energy input cost volatility and higher ocean freight rates impacting spot iron ore price realisations. However, strong by-product credits and cost performance see Copper Peru unit cost guidance improved to c.50 c/lb (previously c.65 c/lb).“We continue to make progress on our portfolio optimisation. The sale of our Steelmaking Coal business in Australia to Dhilmar for up to $3.875 billion in cash is on track to complete by the first quarter of 2027, while we continue to work through the European Commission’s regulatory approval process for the agreed sale of our Nickel business. At De Beers, we continue to work towards a transaction in a challenging market, having taken decisive action to protect cash and preserve value.
“Our merger with Teck to form a copper-focused global metals and minerals champion continues to progress and integration planning is now at an advanced stage. 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.”
Q3 2026 overview
| Production | Q3 2026 | Q3 2025 | % vs. Q3 2025 | YTD 2026 | YTD 2025 | % vs. YTD 2025 |
| Simplified portfolio | ||||||
| Copper (kt)(1) | 175 | 184 | (5)% | 519 | 526 | (1)% |
| Premium iron ore (Mt)(2) | 13.8 | 14.3 | (4)% | 44.4 | 45.7 | (3)% |
| Manganese ore (kt)(3) | 1,031 | 973 | 6% | 2,699 | 2,067 | 31% |
| Exiting businesses | ||||||
| Diamonds (Mct)(4) | 6.8 | 7.7 | (11)% | 21.7 | 17.9 | 22% |
| Steelmaking coal (Mt) | 2.9 | 1.9 | 53% | 6.5 | 6.2 | 4% |
| Nickel (kt) | 10.4 | 10.1 | 3% | 28.6 | 29.4 | (3)% |
• Copper production decreased by 5% to 174,900 tonnes, primarily driven by unprecedented weather events in Chile, and processing lower-grade stockpile ore at Collahuasi.
• Premium iron ore production decreased by 4% to 13.8 million tonnes, due to commencing the tie-in of the first UHDMS module at Kumba, partially offset by higher plant availability at Minas-Rio, reflecting the planned shutdown in the comparative period.
• Manganese ore production increased by 6% to 1,031,400 tonnes, reflecting increased operating levels in Australia and improved productivity and operating improvements in South Africa.
• Rough diamond production decreased by 11% to 6.8 million carats, primarily driven by planned plant maintenance at Orapa and a slowdown at Venetia ahead of the previously announced production pause.
• Steelmaking coal production increased by 53% to 2.9 million tonnes, primarily driven by the ramp-up of longwall production at Moranbah North.
• Nickel production increased by 3% to 10,400 tonnes, reflecting timing of maintenance at Barro Alto.
• Production and unit cost guidance remains unchanged for 2026, except for lower Copper Peru unit costs of c.50 c/lb (previously c.65 c/lb) and De Beers production of 25-28 million carats (previously 21-26 million carats), with unit costs revised accordingly to c.$70/carat (previously c.$80/carat).
Production and unit cost guidance for 2026(1)
| 2026 production guidance | 2026 unit cost guidance(2) | ||
| Simplified portfolio | |||
| Copper(3) | 700-760 kt | c.139 c/lb | |
| (previously c.145 c/lb) | |||
| Chile | 390-420 kt | c.210 c/lb | |
| Peru | 310-340 kt | c.50 c/lb | |
| (previously c.65 c/lb) | |||
| Premium Iron Ore(4) | 55-59 Mt | c.$41/tonne | |
| Kumba | 31-33 Mt | c.$45/tonne | |
| Minas-Rio | 24-26 Mt | c.$36/tonne | |
| Exiting businesses | |||
| Diamonds(5) | 25-28 Mct | c.$70/carat | |
| (previously 21-26 Mct) | (previously c.$80/carat) |
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.900 CLP:USD, c.3.4 PEN:USD, c.5.2 BRL:USD, c.16.50 ZAR:USD.
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers’ proportionate consolidated share of costs and associated production.
