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(Sharecast News) - Mining giant Anglo American reported a mixed first quarter production performance on Tuesday, with gains in several key commodities offset by weatherrelated disruption and operational challenges elsewhere.
Anglo American said copper output edged 1% higher to 170,400 tonnes, supported by increased production at Los Bronces and Collahuasi on the back of higher throughput, partly offset by expected lower grades at Quellaveco. Premium iron ore production slipped 2% to 15.2m tonnes following slightly lower volumes from Kumba and MinasRio.
Manganese ore output jumped 118% to 759,100 tonnes as operations recovered from the temporary cyclonerelated suspension in Australia in March 2024, while roughdiamond production rose 17% to 7.1m carats, driven by planned ore release at Gahcho Ku and higher volumes from Venetia's underground operations.
Steelmaking coal production fell 31% to 1.5m tonnes, reflecting reduced output at Moranbah North, while nickel production declined 7% to 9,100 tonnes due to maintenance at Barro Alto and Codemin.
Copper realisations rose sharply across all regions, while iron ore and diamonds weakened, with the group's average copper price increasing 29% yearonyear to $5.72 per pound, with Chile and Peru up 26% and 32% respectively. Premium iron ore prices slipped 5% to $91 per wet metric tonne, with similar declines at Kumba and MinasRio. Steelmaking coal prices strengthened, with hard coking coal up 16% to $199 a tonne and PCI up 13% to $160. Nickel prices rose 7% to $6.71 per pound. Diamond prices, on the other hand, remained under pressure, with consolidated average realised prices down 19% to $101 per carat.
Looking ahead, Anglo American left its 2026 copper production guidance unchanged at 700,000 to 760,000 tonnes, with output in both Chile and Peru still expected to be weighted toward the second half of the year. Anglo American said Chile's contribution of 390,000 to 420,000 tonnes remained subject to water availability, while Peru's 310,000 to 340,000tonne outlook reflected its expected grade profile. Unitcost guidance was also maintained at around $1.72 per pound for 2026, with Chile at roughly $2.30 and Peru at about $1.00.
As of 0845 BST, Anglo American shares were up 1.21% at 3,675.50p.
Reporting by Iain Gilbert at Sharecast.com
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