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Anglo American keeps copper guidance after weather cuts Q3 output; diamond outlook rises
Copper output fell 5% to 174,900 tonnes, but the 2026 range stayed at 700,000–760,000 tonnes while diamond guidance moved to 25–28 million carats.
Anglo American reported a 5% year-over-year decline in third-quarter copper production to 174,900 tonnes after extreme winter weather and planned maintenance disrupted its Chilean operations. The company nevertheless kept 2026 copper guidance at 700,000–760,000 tonnes.
The mix matters more than the headline decline alone. Quellaveco in Peru improved 8% from the second quarter, the group lowered its copper unit-cost outlook, and diamond guidance rose to 25–28 million carats after Anglo American took full ownership of Gahcho Kué.
Chile drove the copper decline
Extreme winter weather, including record snowfall, and planned maintenance reduced output at the Chilean copper operations. Reuters reported Q3 copper production of 174,900 tonnes versus 183,500 tonnes a year earlier.
Peru improved from the previous quarter
Quellaveco produced 80,700 tonnes. That was 3% below the year-earlier quarter but 8% above Q2, with plant recoveries improving to 85.6%.
Guidance held, while costs moved lower
Copper guidance stayed at 700,000–760,000 tonnes. The company expects grades to improve in the fourth quarter and cut its group copper unit-cost outlook to about 139 cents per pound, including about 50 cents per pound for Peru. These are forecasts, not completed results.
Iron ore showed a split picture
Premium iron-ore production fell 4% to 13.8 million tonnes. Kumba output declined 19% to 7.5 million tonnes, while Minas-Rio rose 24% to 6.3 million tonnes.
The diamond range rose for an accounting reason
Diamond production fell 11% in Q3 to 6.8 million carats, but 2026 guidance increased to 25–28 million carats. The company said the change reflects full ownership of Gahcho Kué and 100% reporting from the fourth quarter, not a claim that demand has fully recovered. Reuters noted that rough-diamond conditions were stabilizing while lab-grown competition remained a pressure.
