Anglo American Copper Output Drops 5% as 2026 Target Holds

Anglo American’s copper production fell 5% from a year earlier in the third quarter, but the miner kept its 2026 output target and lowered its unit-cost forecast despite disruptions in Chile.

The company produced 174,900 metric tons of contained copper in the three months ended Sept. 30, down from 183,500 metric tons a year earlier. Output for the first nine months was 518,500 metric tons, compared with 525,700 metric tons in the same period of 2025.

Chile accounted for 94,200 metric tons in the quarter, a 6% annual decline. Severe winter weather affected operations, while lower-grade ore reduced output at Collahuasi and El Soldado. At Collahuasi, Anglo American’s share of output was 42,000 metric tons, 11% below a year earlier.

Peruvian output reached 80,700 metric tons, 3% below a year earlier and 8% above the second quarter.

Anglo American kept its full-year copper production target at 700,000 to 760,000 metric tons. It cut its unit-cost forecast to about 139 U.S. cents per pound from 145 cents. The forecast for Peru fell to about 50 cents per pound from 65 cents, while the Chile forecast remained about 210 cents per pound.

“We are on track to meet our 2026 guidance,” Anglo American CEO Duncan Wanblad said. The company expects improved ore grades in the fourth quarter.