Anglo American warns 2026 copper production likely lower than forecast

[Dump Trucks transporting Platinum ore for processing]
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Anglo American (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) said Tuesday its FY 2026 copper production could come in lower than previously expected [https://www.bloomberg.com/news/articles/2025-10-28/anglo-warns-2026-copper-output-likely-to-be-lower-than-expected] because of challenges at the key Collahuasi mine in Chile, adding to an already tight copper market.

Anglo (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) said it is now reviewing its Chilean copper production guidance for 2026, up from 410,000 tons last year and after saying previously it expected production to rise to 440,000-470,000 tons from 380,000-410,000 tons this year.

In its Q3 production update [https://www.angloamerican.com/media/press-releases/2025/28-10-2025], Anglo (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) said its Q3 copper output climbed to 183,500 metric tons from 181,000 tons in the year-earlier quarter, as the company benefited from higher grades at its Quellaveco and Los Bronces mines in Latin America, but fell to 526,000 tons in the first nine months from 575,000 in 2024.

At Collahuasi, Anglo (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) expects production rates for 2026 will be broadly similar to 2025 but rebound significantly in 2027 and beyond, while seeking to partially mitigate the impact of lower production at the mine next year.

The company added that it is assessing options to increase production elsewhere in Chile, including a potential restart of the second plant at Los Bronces.

However, Anglo's (OTCQX:AAUKF [https://seekingalpha.com/symbol/AAUKF]) (OTCQX:NGLOY [https://seekingalpha.com/symbol/NGLOY]) steelmaking coal production plunged 54% Y/Y to 1.9 million tons due largely to a fire in March at its Moranbah North mine, and iron ore production fell 9% Y/Y to 14.3 million tons as a planned pipeline inspection at its Minas-Rio facility mine in Brazil hurt output.

The company kept its FY 2025 copper production guidance at 690,000-750,000 tons, while raising its iron ore output guidance to 58 million-62 million tons from 57 million-61 million tons previously, after a pipeline inspection at its Minas Rio operation in Brazil was completed ahead of schedule.

Copper prices have rallied ~25% YTD, as concerns have mounted over a series of supply setbacks, including a fatal mudslide at Freeport McMoRan's Grasberg mine in Indonesia and flooding at Ivanhoe Mines' Kamoa-Kakula complex in the Democratic Republic of Congo.

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