By Adam Whittaker

Anglo American lowered its 2027 copper guidance as production fell in the fourth quarter. Diamond output fell 35% on year to 3.8 million carats, a decrease mainly driven by maintenance closures at its Jwaneng and Orapa mines in response to market conditions. Diamond market conditions could generate an impairment at the full-year results, it said.

On copper guidance:

"In the Q3 2025 production report, management indicated that Copper production guidance for 2026 would be updated during the first quarter of 2026, and would include the expectation that production levels at Collahuasi would be similar to levels achieved in 2025 as the mine continues through a phase of lower grade ore and refractory stockpiles until the end of 2026."

"Total Copper production guidance for 2026 is therefore revised to 700,000-760,000 tonnes (previously 760,000-820,000 tonnes)."

On iron ore guidance:

"Production guidance for 2026 increased to 55-59 million tonnes (previously 54-58 million tonnes) (Kumba 31-33 million tonnes; Minas-Rio 24-26 million tonnes (previously 23-25 million tonnes)). Minas-Rio's production guidance is revised higher reflecting expected strong operational performance and higher recoveries enabled by stable ore feed at the plant. During 2026, Kumba's production will be lower than 2025 reflecting the tie-in of the Ultra-High-Dense-Media-Separation (UHDMS) project which is planned in the second half of 2026, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance."

"Production guidance for 2027 is unchanged at 59-63 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 24-26 million tonnes)."

"Production guidance for 2028 is 58-62 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 23-25 million tonnes). Minas-Rio's production is slightly lower than 2027 as the mine moves into areas with more ore feed variability, offsetting the throughput benefit from the recleaner flotation columns implementation."

On diamond guidance:

"Production guidance for 2026 is revised to 21-26 million carats (100% basis) (previously 26-29 million carats), in response to the challenging rough diamond trading conditions. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand."

On copper production:

"Copper production for 2025 was 695,200 tonnes and within our guidance range. Copper production in the fourth quarter of 169,500 was 14% lower than the comparative period, primarily reflecting lower production from Quellaveco due to anticipated lower ore grades."

On De Beers:

"The mining business delivered strong operational performance at lower output levels as the business produced into prevailing levels of demand."

"Rough diamond production in the fourth quarter decreased by 35% to 3.8 million carats, primarily due to the maintenance shutdowns at Jwaneng and Orapa"

"The full year consolidated average realised price declined by 7% to $142/ct, primarily driven by a 12% decrease in the average rough price index and the impact of stock rebalancing initiatives, partially offset by stronger demand for higher value stones across the year as a whole. However, the Q4 realised price was impacted by the sales mix, which saw a higher proportion of lower value goods being sold. The average rough price index does not reflect the effect of stock rebalancing actions. The equivalent price index reduction including the impact of stock rebalancing actions would be a 25% decrease year-on-year."

"The Group is undertaking an impairment review of De Beers' carrying value, assessing the impact of diamond market conditions, which could potentially lead to an impairment at the full year results."

On steelmaking coal production:

"Steelmaking coal production decreased by 15% to 2.1 million tonnes, primarily impacted by the sale of our minority interest in Jellinbah which completed in January 2025, along with lower production at the Dawson open cut operation due to wet weather and mine sequencing in the quarter. This was partially offset by higher production achieved at the Aquila underground mine enabled by continued strong longwall performance."

On iron ore production:

"Premium iron ore production for 2025 was 60.8 million tonnes and within our guidance range. Production during the fourth quarter was 15.1 million tonnes, 6% higher than the comparative period primarily due to higher production from Kumba."

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

February 05, 2026 06:28 ET (11:28 GMT)

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