Diversified miner Anglo American has reported a 14% quarter-on-quarter decrease in its copper production to 170 000 t in the fourth quarter ended December 31, 2025, and a 10% year-on-year decrease in copper production to 695 000 t for the 12 months ended December 31, 2025.

The group says its copper output for the full year was still within guidance of between 690 000 t and 750 000 t, but has lowered its production guidance for this year to between 700 000 t and 760 000 t – compared with a previously targeted 760 000 t to 820 000 t.

The company recorded lower production from its 44%-owned Collahuasi mine, in Chile, and its 60%-owned Quellaveco mine, in Peru, both owing to lower grades. This was offset by higher copper grades and a strong plant performance at the 50.1%-owned Los Bronces mine, in Chile.

Los Bronces production increased by 10% year-on-year to 42 500 t in the fourth quarter.

At Collahuasi, Anglo’s attributable share of copper production decreased by 16% year-on-year to 47 000 t in the fourth quarter, while production at the 100%-owned El Soldado copper mine, in Chile, decreased by 22% year-on-year to 9 700 t. This mine also recorded planned lower ore grades owing to a transition between mine phases.

Quellaveco’s production decreased by 22% year-on-year in the fourth quarter to 70 300 t, as the mine works through natural fluctuations in the grade profile.

Notably, the Quellaveco mine will reach capital payback this year after reaching its one-million-tonne production milestone.

Anglo CEO Duncan Wanblad notes that the Collahuasi mine reached its highest historical level of throughput, which helped to mitigate the impact of lower-grade ore feed.

“Looking ahead, we continue to focus on operational excellence and growth. For 2026, solid progress on mine development activities and strict cost control, coupled with the strong copper price environment, are allowing us to temporarily restart the second plant at Los Bronces,” he confirms.

The additional plant will deliver profitable production to partly mitigate lower production from Collahuasi this year. The second plant is expected to produce an additional 25 000 t this year.

Wanblad notes that production from Collahuasi is expected to progressively improve owing to the mining of higher-grade ore zones during 2026, but production increases will be weighted to the second half of the year.

The company advises that underlying earnings for the second half of its 2025 financial year have been impacted on by $200-million in charges relating to long-term rehabilitation provisions at the Chilean copper mines.

Anglo plans to ramp up copper production throughout 2027 to reach an additional 125 000 t/y by 2028. The company targets copper production of between 790 000 t and 850 000 t in 2028.

IRON-ORE, MANGANESE
Wanblad also noted strong production in its premium iron-ore segment for the fourth quarter. Iron-ore output increased by 6% year-on-year to 15.1-million tonnes in the fourth quarter. 

Production for the full year was, however, flat at 60.8-million tonnes.

Kumba Iron Ore, in South Africa, increased its full-year production by 1% year-on-year to 36.1-million tonnes. Production for the fourth quarter, of 8.6-million tonnes, was 10% higher year-on-year.

Anglo's other premium iron-ore producer Minas-Rio, in Brazil, produced 6.5-million tonnes of iron-ore for the fourth quarter, which was 1% higher year-on-year. Full-year production at the mine, however, decreased by 1% year-on-year to 24.75-million tonnes.

The production guidance for this year has been increased to between 55-million and 59-million tonnes of iron-ore, compared with the previously guided 54-million to 58-million tonnes. The production guidance for 2027 remains at 59-million to 63-million tonnes, and for 2028, between 58-million and 62-million tonnes.

Meanwhile, Anglo's manganese ore production increased by 22% year-on-year to 908 500 t for the fourth quarter of 2025, reflecting more normalised production levels following the impact of the temporary suspension caused by tropical cyclone Megan, in Australia, in March 2024.

Full-year manganese production was 30% higher year-on-year at 2.98-million tonnes.

CORPORATE ACTIVITY
Wanblad assures shareholders that the group remains committed to concluding its portfolio transformation, while plans to merge with Teck Resources progress.

"The formal sale process for steelmaking coal is progressing well, and we continue to ramp up Moranbah North ahead of transitioning to normal longwall operations. In nickel, we continue to work through the regulatory process and we are progressing the separation of De Beers," he says.

"2025 has been a year of significant transformation and a defining moment in Anglo American's long history. We were delighted to receive Investment Canada Act approval in December for our merger with Teck, following overwhelming support from both companies' shareholders – a major milestone in our journey towards becoming Anglo Teck.

"We continue to secure key regulatory approvals for the transaction and we are advancing our integration plans, ensuring that once the transaction closes, we are ready to begin delivering the exceptional value that we have identified as a major global critical minerals champion," he added.