Anglo American Q1 copper output rises, iron ore drops; back FY output view

Anglo American

28/04/2026 07:12

Overview

UK-based diversified miner's Q1 copper output rose 1% yr/yr, premium iron ore fell 2%

Manganese ore production more than doubled, rebounding from prior-year cyclone disruption

Rough diamond output up 17%, but average realized diamond price fell 19% amid weak demand

Outlook

Anglo American maintains 2026 copper production guidance at 700-760 kt, unit cost c.172 c/lb

Company maintains 2026 premium iron ore guidance at 55-59 Mt, unit cost c.$41/tonne

De Beers 2026 diamond production guidance unchanged at 21-26 mln carats, unit cost c.$80/carat

Result Drivers

COPPER OUTPUT - Higher throughput at Los Bronces and Collahuasi drove copper production, offsetting lower grades at Quellaveco

IRON ORE SLIP - Premium iron ore production fell 2%, with Kumba impacted by lower Kolomela output and planned stock drawdown, partly offset by higher Sishen production

DIAMONDS - Rough diamond production rose 17% on planned ore release and higher volumes from Venetia underground and Gahcho Kué, but realized prices fell 19% amid weak demand and a shift to lower-value goods

Company press release: ID:nRSb1058Ca

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rough Diamond Sales Revenue
$648 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the diversified mining peer group is "buy"

Wall Street's median 12-month price target for Anglo American PLC is GBp3,800.00, about 4.6% above its April 27 closing price of GBp3,631.50

The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 25 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)