London, Feb 6, 2026, 09:03 GMT — Regular session
- Anglo American shares slipped 1.7% to 3,401 pence early in London trading, pushing their decline into a second day.
- The miner lowered its copper output forecast for 2026 and announced a review of De Beers’ carrying value.
- Investors are eyeing the Feb. 20 results for specifics on costs, asset sales, and the timeline for the Teck partnership.
Anglo American AAL.L shares fell again on Friday, dropping 1.7% to 3,401 pence. This came after a steep decline the day before, as investors reacted to lower copper production and a downgraded forecast.
The timing is crucial as Anglo’s full-year results are just two weeks away, and the latest production update has raised fresh doubts about its near-term copper growth. The company is set to report on Feb. 20.
Copper is stealing the spotlight. It’s also the reason the market has largely cut Anglo some slack, as the group shifts its portfolio toward “future-enabling” metals.
On Thursday, the company announced its 2025 copper output dropped 10% to 695,000 tonnes. It also lowered its 2026 copper guidance to a range of 700,000-760,000 tonnes, blaming reduced production at its Collahuasi mine in Chile. The guidance reflects the company’s forecast for output.
Chief executive Duncan Wanblad reported “another strong production quarter” in copper and premium iron ore. He added the group will temporarily restart a second plant at Los Bronces in 2026 to offset weaker volumes from Collahuasi. Anglo flagged around $0.2 billion in second-half 2025 charges tied to long-term rehabilitation provisions at its Chilean copper operations. Meanwhile, De Beers’ underlying EBITDA is expected to turn negative in 2025 as the company starts an impairment review of the diamond unit’s carrying value. https://www.angloamerican.com/media/press-releases/2026/05-02-2026
Morgan Stanley’s Alain Gabriel reported that fourth-quarter copper production missed estimates by about 5%, though much of the shortfall had been flagged earlier. He added the revised 2026-2028 copper guidance sits “within 1% of consensus estimates.” https://www.investing.com/news/earnings/anglo-american-trims-2027-copper-guidance-as-quarterly-output-falls-4486723
The retreat comes as London shares and miners broadly take a hit after a volatile week packed with major corporate news.
Anglo is juggling several key initiatives. The formal sale process for steelmaking coal is “progressing well,” it said. Meanwhile, the company is navigating regulatory hurdles in nickel and pushing forward with the De Beers separation.
But there are clear risks. Copper output depends heavily on water supply, while the anticipated boost from 2027 rests on grades and execution in Chile. Plus, the De Beers review could weigh on sentiment if diamond demand remains sluggish.
Investors will turn their attention to Feb. 20, awaiting any impairment ruling on De Beers, updates on the Chile rehabilitation charges, and clues on whether Anglo will accelerate, delay, or adjust its schedule for asset disposals and the Teck merger approvals.
