ANGLO American shares climbed 5% on Thursday after the group trimmed its 2026 copper cost forecast and stuck by its production targets for its newly streamlined business, News24 reported.
Quarterly copper output held flat against last year at 173,200 tons, while premium iron ore slipped 3% to 15.4 million tons, the group said. Its CEO Duncan Wanblad described the results as solid, adding that the performance was tracking to plan.
Anglo trimmed its group copper unit cost guidance by 16%, even as fuel and consumables costs rose on the back of Middle East tensions. The stock has gained 45% for the year.
Kumba Iron Ore, which has become Anglo’s principal South African unit under a recent restructuring, saw output fall 4% to 8.8Mt after scheduled maintenance at Kolomela overlapped with rail upkeep — a hit partly cushioned by a 1% gain at Sishen despite unusually heavy rain.
Sales dropped 4% to 9.4Mt following a 10-day third-party logistics shutdown, though Anglo left its full-year output target at 31 to 33Mt unchanged.
Wanblad pointed to further portfolio simplification, including a deal to offload the Australian steelmaking coal unit for up to $3.88bn, alongside ongoing plans to sell its nickel arm and De Beers. The proposed Teck Resources tie-up remains on course pending Chinese approval, with results due 30 July.
