Anglo American Warns 2026 Copper Shortfall

Anglo American warned 2026 copper output could be lower than previously expected after lower ore grades at its key Collahuasi mine prompted a review of Chile guidance, with an update due in Q1 2026 while 2025 and 2027 group guidance remain unchanged. Third-quarter copper production was broadly flat at 183,500 tonnes, but year‑to‑date copper is down about 9% and Chile output fell sharply. The company raised Minas‑Rio iron ore guidance for 2025 to 23–25 million tonnes. Anglo said it is assessing options to partially offset the shortfall, including potentially restarting a second plant at Los Bronces and boosting production elsewhere in Chile. Steelmaking coal output more than halved after a fire at the Moranbah North mine; Peabody terminated a planned acquisition and Anglo has restarted a formal sales process for the coal business. The company said the developments add to tighter global copper markets as demand from the clean‑energy transition and AI rises, with prices up significantly year‑to‑date.