Anglo American (LSE:AAL), the London-listed diversified miner, reported third-quarter copper production of 174,900 tonnes, down 5% from the same period last year, as record snowfall in Chile disrupted operations.
The group lowered its 2026 copper unit cost guidance to about 139 US cents per pound from a previous 145 cents, driven chiefly by an improvement at its Peru operation, where unit costs are now expected at about 50 cents per pound against a prior forecast of 65 cents.
Chief executive Duncan Wanblad said operational performance had been "resilient across the business, continuing our momentum from the first half of the year despite extreme winter weather in Chile."
Meanwhile, the miner said it remains on track to meet 2026 guidance, supported by an expected improvement in copper ore grades in the fourth quarter.
Copper production in Chile fell 6% to 94,200 tonnes, with extreme weather and planned lower ore grades at Collahuasi and El Soldado offsetting higher output at Los Bronces, where throughput benefited from the restart of a second processing plant.
At Collahuasi, Anglo's attributable copper production dropped 11% to 42,000 tonnes, hit by severe weather in Chile's Tarapacá region that has continued into the fourth quarter, alongside continued processing of lower-grade stockpile ore.
The mine has now re-entered the higher-grade phases of its Rosario pit, which the company said should support higher planned production rates through the rest of the year and into 2027.
Collahuasi's desalination plant remains affected by a May ruling from Chile's Second Environmental Tribunal that partially set aside its environmental authorisation; the operation continues to rely on alternative water sources while working with authorities on a restart.
In Peru, Quellaveco produced 80,700 tonnes, down 3% on lower ore grades, though recoveries improved to 85.6% from 83.8% and production remains weighted to the second half of the year in line with its expected grade profile.
Premium iron ore production fell 4% to 13.8 million tonnes, as Kumba in South Africa began tying in its first ultra-high-dense-media-separation module, cutting output by 19%, while Minas-Rio in Brazil rose 24% on higher plant availability following a prior-year shutdown.
Kumba's sales held up as the company drew down stockpiles, with total iron ore sales up 9% in the quarter.
Rough diamond production at De Beers fell 11% to 6.8 million carats on planned maintenance at Orapa and a slowdown at Venetia ahead of its previously announced production pause, while the average realised diamond price dropped 37% to $97 a carat.
The company raised its 2026 De Beers production guidance to 25-28 million carats from 21-26 million carats, while cutting unit cost guidance to about $70 a carat from $80.
Steelmaking coal production jumped 53% to 2.9 million tonnes on the ramp-up of longwall production at Moranbah North, as Anglo's sale of the Australian coal business to Dhilmar for up to $3.875 billion remains on track to complete by the first quarter of 2027.
Wanblad said the company continues to work through the European Commission's regulatory approval process for its agreed nickel sale, and is "working towards a transaction" for De Beers "in a challenging market."
On the proposed merger with Teck, Wanblad said integration planning is "now at an advanced stage," with China's anti-trust regulator representing "the final outstanding regulatory milestone required for completion," and expected completion timing by March 2027 unchanged.