Anglo American PLC shares were around 1% in Thursday's early trade, after it reported lower copper production in the fourth quarter of 2025 and updated guidance for 2026.
Copper output was 169,500 tonnes in Q4, down 14% year-on-year. Full-year 2025 copper production totalled 695,200 tonnes, which the company said was within guidance.
Anglo American attributed the quarterly decline mainly to lower ore grades at Quellaveco, as well as lower grades and recoveries at Collahuasi, partly offset by higher grades and stronger plant performance at Los Bronces.
“We delivered another strong production quarter in our Copper and Premium Iron Ore businesses to end 2025, in line with our guidance," said chief executive Duncan Wanblad.
In premium iron ore, production increased 6% to 15.1 million tonnes in Q4, with full-year production of 60.8 million tonnes, also within guidance. Manganese ore output rose 22% to 908,500 tonnes, reflecting more normalised production following cyclone-related disruption in 2024.
The production report comes as the company continues to move towards its agreed, high-impact merger with Canada's Teck Resources, a process that comes with portfolio reorganisation.
In its “exiting businesses”, Anglo American reported rough diamond production of 3.8 million carats, down 35%, and steelmaking coal production of 2.1 million tonnes, down 15%.
Guidance
Anglo American reduced 2026 copper guidance to 700,000–760,000 tonnes from 760,000–820,000 tonnes, citing expected Collahuasi output similar to 2025 levels and lower grades through 2026.
It said it will temporarily restart the second plant at Los Bronces in 2026, adding about 25,000 tonnes of copper. Premium iron ore 2026 guidance was increased to 55–59 million tonnes.
In London, Anglo shares were down 35p or 0.98%, changing hands at 3,526p.