Source: Sharecast
Updating on trading, the blue chip miner saw copper production fall 5% in the three months to 30 September, to 174,900 tonnes, hit by unplanned maintenance and record snowfall in Chile. Premium iron ore production was also down, off 4% at 13.8m, while manganese ore was 6% stronger at 1.03m tonnes.
However, despite the quarterly drop, the miner reaffirmed full-year guidance for copper production of between 700,000 and 760,000 tonnes, and for premium iron ore of 55m to 59m tonnes. It also trimmed cost forecasts, and now expects copper production unit costs to be around 139 cents per pound, compared to previous guidance for 145 cents.
Chief executive Duncan Wanblad said: "Operating 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."
Wanblad also confirmed that Anglo American’s blockbuster $53m all-share merger with Canada’s Teck Resources, first announced last autumn, was continuing to progress, with integration planning 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," he said. The deal is set to complete by March 2027.
Alongside the merger, Anglo American is also streamlining its portfolio through a major overhaul. It has already sold off its South African platinum business, and the disposal of its steelmaking coal, diamonds and nickel businesses remains underway, it confirmed.
As at 0845 BST, Anglo American’s London-listed shares were largely flat at 3,889p.
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