London, Feb 5, 2026, 08:10 GMT — Regular session
- Anglo American shares slipped in early London trading following a drop in 2025 copper output and a downgrade to 2026 guidance
- Miner signals a potential impairment review for De Beers and forecasts a loss for the unit in 2025
- Investors await Feb. 20 results for answers on charges, diamonds, and the future of the Teck deal
Anglo American (AAL.L) shares slipped 0.5% to 3,543 pence in early London trading Thursday, following the miner’s downgrade of its copper output forecast for 2025 and a cut to the 2026 projection. Investing
The update arrives at a tricky point. Copper’s emerged as the market’s go-to “transition metal” play, and Anglo is pushing to shift its portfolio more heavily into copper as it sheds weaker assets.
This precedes the company’s full-year results due later this month, with investors awaiting more clarity on charges in Chile and any additional impact from diamonds.
Anglo reported a 10% drop in copper production for 2025, down to 695,200 tonnes. Its fourth-quarter output was even weaker, falling 14% to 169,500 tonnes. The company also trimmed its 2026 copper production forecast to 700,000-760,000 tonnes, down from the previous 760,000-820,000 tonnes range. For 2028, it provided initial guidance of 790,000-850,000 tonnes. Londonstockexchange
Chief Executive Duncan Wanblad said a “strong copper price environment” enabled Anglo to temporarily restart a second plant at Los Bronces, offsetting the lower output expected from Collahuasi this year.
The report put the spotlight on De Beers. Rough diamond output dropped 12% in 2025, landing at 21.656 million carats. Anglo revised De Beers’ 2026 production outlook down to 21 million-26 million carats from the earlier 26 million-29 million range, pointing to weak demand and bloated inventories.
Anglo announced it is reassessing De Beers’ carrying value and anticipates De Beers’ underlying EBITDA will turn negative in 2025. This shortfall could push the group’s underlying effective tax rate beyond its current guidance range, the company said.
On the balance sheet front, Anglo signaled roughly $0.2 billion in charges for H2 2025 linked to long-term rehabilitation provisions at its Chile copper assets.
The miner remains focused on its wider restructuring. Wanblad emphasized the company is “committed to seeing our portfolio transformation through to its conclusion” as it navigates planned separations and disposals alongside its merger of equals with Canada’s Teck Resources. Reuters
Copper prices have swung sharply since January’s surge pushed LME copper to a record $14,527.50 a tonne. That jump has fueled bullish bets but also raised alarms that the rally outpaced actual physical demand. Reuters
Mining stocks moved in line with metal prices. Anglo gained alongside other London-listed miners as copper and gold staged a recovery, despite the FTSE 100 retreating from a record peak earlier this week. Reuters
The downside scenario is straightforward. Anglo’s copper outlook is under pressure from declining grades at major sites and hinges on water supply. A sharper drop in diamonds might lead to a larger impairment charge and disrupt planned divestments.
