Anglo sticks to copper forecast after snow in Chile hits quarter
Anglo American’s third-quarter copper production fell 5% to 174,900 metric tons after record snowfall in Chile, but it maintained its 2026 forecast of 700,000 to 760,000 tons and raised its diamond production outlook to 25 million to 28 million carats.
1. Copper output falls
Anglo American produced 174,900 metric tons of copper in the July-September quarter, down from 183,500 tons a year earlier. Copper output for the first nine months fell 1% to 519,000 tons from 526,000 tons. The company maintained its 2026 forecast of 700,000 to 760,000 tons, citing higher grades at its Collahuasi and Quellaveco mines.
2. Diamond outlook raised
Anglo raised its diamond production estimate to 25 million to 28 million carats from 21 million to 26 million after taking full ownership of Canada’s Gahcho Kue mine. Rough diamond output was 21.7 million carats in the first nine months, compared with 17.9 million a year earlier. The company said trading conditions showed signs of stabilising as demand improved in the United States and India, though lab-grown stones continued to weigh on the market.
3. Restructuring continues
Anglo’s planned sale of De Beers remains under way, and CEO Duncan Wanblad said the company continues to work toward a transaction in a challenging market. A consortium backed by Richemont is the preferred bidder, while Anglo is also negotiating with Botswana, which owns 15% of De Beers and is seeking to increase its stake. Anglo’s $53 billion all-stock merger with Teck Resources is awaiting final approval from China, with completion timing by March 2027 unchanged.
