Anglo American reports 10% drop in 2025 copper output, cuts 2026 guidance

LONDON, Feb 5 (Reuters) - Global miner Anglo American AAL.L on Thursday posted a 10% drop in copper production last year to 695,000 metric tons, the lower end of its guidance, and cut its 2026 forecast for the transition metal.

The London-listed miner now expects 2026 copper production of between 700,000 and 760,000 tons, from a previous forecast of 760,000-820,000 tons, partly due to lower production from its co-owned Collahuasi mine in Chile.

Anglo said it expects to record around $200 million in charges for the second half of 2025 related to rehabilitation provisions at its Chile copper operations.

The London-listed miner in September announced a plan for a $53 billion all-stock, nil-premium merger with Canada's Teck Resources TECKb.TO that would create the world's fifth-largest copper producer. The metal is used for electric vehicles and renewable infrastructure.

Both companies have undergone significant restructuring in recent years, driven in part by previous takeover attempts.

Anglo is refocusing on copper and iron ore, while seeking to spin off or sell its struggling De Beers diamond business, as well as its metallurgical coal and nickel assets. None of these divestments have yet been completed.

"We are committed to seeing our portfolio transformation through to its conclusion," CEO Duncan Wanblad said in a statement on Thursday, adding that the company was progressing each sale or separation process.

Anglo said is reviewing the value of the De Beers diamonds business after its 2025 rough diamond production dropped 12% to 21.7 million carats. It cut its production forecast for 2026 to a range of 21 million to 26 million carats, from 26 million to 29 million previously, as demand remains low and inventories high.

The company also said De Beers was likely to post a loss in 2025.

Anglo will post its 2025 financial results on February 20.