Anglo American cuts 2026 copper output forecast

(Sharecast News) - Anglo American on Thursday ‍cut 2026 copper production forecasts after a 10% ‍decline in output last year. The mining giant - currently in the middle of a merger with Canada's Teck Resources - now expects 2026 ‌copper production of between 700,000 - and 760,000 ‌tonnes, down from previous guidance of 760,000-820,000 tons, due to lower production ‍from its partly owned Collahuasi mine in Chile.

Production in 2025 came in at 695,000 metric tonnes.

"Copper production steps up from 2027, and our maiden 2028 guidance is expected to see our Chile operations produce over 125kt more copper than in 2025," said chief executive Duncan Wanblad.

Anglo added that it expected to take around $200 min charges for the second half ​of last year related to rehabilitation provisions at its Chile copper operations.

The company is pivoting operations to focus on copper and iron ore, ‌while it also looks to spin off or sell the ailing De Beers diamond business along with metallurgical coal and nickel assets.

"We are committed to seeing our portfolio transformation through to its conclusion," ​Wanblad said in a production report.

Anglo said is reviewing the value of the De Beers diamonds business ⁠after its 2025 rough diamond production dropped ‍12% to 21.7 million carats. It cut its production forecast for 2026 to a range of 21 million - 26 ​million carats, from 26 million - 29 million previously, in response to "challenging" demand.

Reporting by Frank Prenesti for Sharecast.com