Q2 2026 Production Report
23 July, 2026
Anglo American plc Production Report for the second quarter ended 30 June 2026.
Duncan Wanblad, CEO of Anglo American, said: "We have delivered another strong quarter across both Copper and Premium Iron Ore, with performance tracking well to plan. In Copper, both Collahuasi and Quellaveco increased production from the first quarter, while the restart of the second plant at Los Bronces continues to provide incremental profitable production. In Premium Iron Ore, Kumba and Minas-Rio maintained stable operational performances. As the conflict in the Middle East continues to cause global market volatility, we are beginning to see some inflationary pressures primarily through higher fuel and other mining consumables. Our supply chain is actively managing these input costs and we have benefited from strong by-product credits in Copper in the first half of the year. This and strong cost control has driven a reduction in our unit cost guidance for Copper Chile to c.210 c/lb (previously c.230 c/lb) and Copper Peru to c.65 c/lb (previously c.100 c/lb).
"Our portfolio optimisation gained further momentum during the quarter. In May we announced an agreement to sell our Steelmaking Coal business in Australia to Dhilmar for up to $3.875 billion in cash, with completion expected by the first quarter of 2027. We are also progressing the sale process for De Beers, while concurrently advancing streamlining opportunities to improve cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets. For the agreed sale of our Nickel business, we are continuing to work through the European Commission's anti-trust approval process.
"Our merger with Teck is on track to form a copper-focused global metals and minerals champion, with the expected completion window of September 2026 to March 2027 unchanged. We continue to progress towards completion, with anti-trust approval from China the final outstanding regulatory milestone. While both companies will operate entirely separately until completion, integration planning is well advanced, focused on ensuring that once the transaction closes we will be well positioned to begin the work to realise the material value and synergies we have identified from Anglo Teck."
Q2 2026 overview
| Production | Q2 2026 | Q2 2025 | % vs. Q2 2025 | Q1 2026 | % vs. Q1 2026 |
|---|---|---|---|---|---|
| Simplified portfolio | |||||
| Copper (kt)(1) | 173 | 173 | 0% | 170 | 2% |
| Premium iron ore (Mt)(2) | 15.4 | 15.9 | (3)% | 15.2 | 1% |
| Manganese ore (kt)(3) | 908 | 746 | 22% | 759 | 20% |
| Exiting businesses | |||||
| Diamonds (Mct)(4) | 7.8 | 4.1 | 88% | 7.1% | 9% |
| Steelmaking coal (Mt) | 2.0 | 2.1 | (1)% | 1.5 | 32% |
| Nickel (Kt) | 9.1 | 9.5 | (4)% | 9.1 | 0% |
- Copper production was flat at 173,200 tonnes, primarily due to higher throughput at Los Bronces, offset by processing lower-grade stockpile ore at Collahuasi and the anticipated lower grades at Quellaveco.
- Premium iron ore production decreased by 3% to 15.4 million tonnes, primarily due to planned plant maintenance at Kumba and the impact of lower ore grade and mass recovery at Minas-Rio.
- Manganese ore production increased by 22% to 908,300 tonnes, reflecting higher operating levels following the impacts of a tropical cyclone in Australia which affected the comparative period.
- Rough diamond production increased by 88% to 7.8 million carats, primarily driven by extended maintenance at Orapa which affected the comparative quarter and planned higher-grade ore at both Jwaneng and Gahcho Kué.
- Steelmaking coal production was broadly flat at 2.0 million tonnes, primarily driven by expected difficult strata conditions at Aquila offset by the ramp-up of Moranbah North.
- Nickel production decreased by 4% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
- Production and unit cost guidance remains unchanged for 2026, except for lower Copper Chile unit costs of c.210 c/lb (previously c.230 c/lb) and Copper Peru unit costs of c.65 c/lb (previously c.100 c/lb). Overall, Copper unit cost guidance is revised lower to c.145 c/lb (previously c.172 c/lb).
Production and unit cost guidance for 2026(1)
| 2026 production guidance | 2026 unit cost guidance(2) | |
|---|---|---|
| Simplified portfolio | (reaffirmed) | |
| Copper(3) | 700–760 kt | c.145 c/lb (previously c.172 c/lb) |
| Chile | 390–420 kt | c.210 c/lb (previously c.230 c/lb) |
| Peru | 310–340 kt | c.65 c/lb (previously c.100 c/lb) |
| Premium Iron Ore(4) | 55–59 Mt | c.$41/tonne |
| Kumba | 31–33 Mt | c.$45/tonne |
| Minas-Rio | 24–26 Mt | c.$36/tonne |
| Exiting businesses | ||
| Diamonds(5) | 21–26 Mct | c.$80/carat |
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.900 CLP:USD, c.3.4 PEN:USD, c.5.2 BRL:USD, c.16.50 ZAR:USD (previously c.860 CLP:USD, c.3.2 PEN:USD, c.5.3 BRL:USD, c.16.00 ZAR:USD).
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Footnotes
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American’s 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Notes
- This Production Report for the second quarter ended 30 June 2026 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 16 for information on forward-looking statements.
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