Anglo American's copper output rises, but Chile challenges loom for 2026

Anglo American reported a steady rise in copper production for the third quarter, driven by strong performances in Peru and Chile, though the company flagged a significant production challenge at its key Collahuasi operation in Chile for the coming year.
According to the group’s third-quarter 2025 production report, total copper output increased 1% to 183,500 tonnes compared to the same period last year, and was up 6% from the previous quarter. 
This was underpinned by a 21% surge in production from the Quellaveco mine in Peru and a 14% increase from the Los Bronces mine in Chile.
However, this growth was offset by a sharp 27% drop in attributable production from the Collahuasi joint venture, which is navigating a planned phase of lower ore grades. 
The report revealed that this issue is expected to persist, with production in 2026 now forecast to be "broadly similar to 2025," delaying a significant rebound until 2027.
"Chile copper production guidance for 2026 (440,000–470,000 tonnes) is being reviewed... and will be updated during the first quarter of 2026," the company stated, highlighting a key near-term headwind for one of the world's largest copper miners.
The operational update comes as Anglo American seeks to position itself as a pure-play critical minerals champion, with its proposed merger with Teck Resources aimed at creating a company with more than 70% copper exposure.
Meanwhile, the copper division benefited from favourable market conditions. 
The year-to-date average realised price was 446 c/lb, 6% higher than the same period in 2024 and above the average LME price, aided by provisional pricing adjustments.

 Mathew Nyaungwa, Editor-In-Chief, Rough & Polished