Anglo American's Q3 copper output fell 5% on Chile snow, but it keeps 2026 outlook
Anglo American reported a 5% drop in third-quarter copper output after record snowfall in Chile, yet kept its 2026 production forecast unchanged.
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what happened
Anglo American said copper production fell 5% in the July-September quarter, to 174,900 metric tons from 183,500 tons a year earlier, according to Reuters. The company blamed record snowfall in Chile. For the first nine months, output dropped 1% to 519,000 tons. Despite this, Anglo kept its 2026 copper forecast at 700,000 to 760,000 tons, citing higher ore grades at the Collahuasi and Quellaveco mines.
The diamond outlook moved the other way. Anglo lifted its estimate to 25-28 million carats from a previous 21-26 million, after taking full ownership of the Gahcho Kue mine in Canada. Its $53 billion all-stock merger with Teck Resources still awaits approval from China, with completion expected by March 2027.
why it matters
For copper traders, the key point is that a quarterly shortfall from Chile has not prompted a cut to annual targets. The pending sale of De Beers and the Chinese decision on the Teck deal remain the main company-specific events to watch.
market impact
Copper: Chilean supply shortfall is supportive, while the unchanged annual guidance limits the effect; Anglo American: awaiting China's decision on Teck
tags
instruments
sources
- Anglo sticks to copper forecast after snow in Chile hits quarter — Reuters, 20 October 2026 at 07:21 UTC
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