Anglo American PLC (LSE:AAL), the FTSE 100 diversified miner, kept its full-year production and cost guidance unchanged across its core copper and premium iron ore divisions after a first quarter it described as tracking well to plan.
Its transformational merger with Canadian miner Teck Resources on course to close between September 2026 and March 2027.
The all-important Teck transaction, which will create a copper-focused global critical minerals business, cleared a South Korean regulatory hurdle during the quarter, leaving Chinese antitrust approval as the final outstanding milestone before closing.
A sale of the steelmaking coal business is expected to be agreed in the second quarter of 2026, while the disposal of De Beers, the world's largest diamond producer by value, is also progressing, with an update anticipated during the year.
Copper production for the three months to 31 March 2026 edged up 1% to 170,400 tonnes, with higher output from the Los Bronces mine in Chile following the restart of its second processing plant, offset by anticipated grade declines at Quellaveco in Peru, where production is weighted towards the second half of the year.
Full-year copper guidance remains unchanged at 700,000 to 760,000 tonnes at a unit cost of approximately 172 cents per pound.
Premium iron ore output was broadly flat at 15.2 million tonnes, down 2% against the prior year period, with minor declines at both the Kumba operation in South Africa and Minas-Rio in Brazil.
Annual iron ore guidance is unchanged at 55 to 59 million tonnes.
Manganese ore production surged 118% to 759,100 tonnes, a recovery from the prior year period when output was curtailed by the impact of Tropical Cyclone Megan on Australian operations in March 2024.
At De Beers, rough diamond production rose 17% to 7.1 million carats, though trading conditions remained difficult, with the consolidated average realised price falling 19% to $101 per carat as geopolitical and tariff pressures weighed on demand.
Steelmaking coal output fell 31% to 1.5 million tonnes, reflecting the continued ramp-up at Moranbah North following a safety incident in March 2025, alongside severe weather disruption at the Dawson open-cut operation in Queensland.
Chief executive Duncan Wanblad said the conflict in the Middle East was creating considerable market volatility but that Anglo American's supply chain was currently supporting business continuity.