2Q26 Production Previews – Diversified Miners

Research evidence excerpt

2Q26 Production Previews – Diversified Miners

Idea

July 9, 2026 06:21 AM GMT

Morgan Stanley & Co. International plc+MMetals & Mining | Europe Alain Gabriel, CFA

Equity Analyst

2Q26 Production Previews – Alain.Gabriel@MorganStanley.comIoannis Masvoulas, CFA +44 20 7425-8959

Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

Diversified Miners Morgan Stanley Australia Limited+

Rahul Anand, CFA

We preview 2Q26 production for the diversified miners. Our Equity Analyst

R.Anand@morganstanley.com +61 2 9770-1136

forecasts are broadly in line with consensus, with the market

RMB Morgan Stanley Proprietary Limited+

focused on copper asset performance and, crucially, 1H26 cost Brian Morgan

actuals and FY26 guidance updates amid higher energy prices Equity Analyst

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

and broader inflationary pressures.

Morgan Stanley & Co. International plc+

# Anglo American: We expect the market's focus to be on the copper mine Ferdinand Huber

Research Associate

performance, notably with the Los Bronces second-plant restart, which partially Ferdinand.Huber@morganstanley.com +44 20 7677-2702

offsets Collahuasi grade/throughput softness (recovery skewed to 4Q26 and more Adahna Ekoku

meaningfully in 2027). Iron ore is mixed: we expect stronger Kumba production to Equity Analyst

Adahna.Ekoku@morganstanley.com +44 20 7425-0578

offset softer Minas-Rio shipments. We expect the company to update its FY26 cash

Morgan Stanley Australia Limited+

cost guidance.

Michael A Stancliff

# Glencore: We expect the market's focus to be on copper momentum, notably Michael.Stancliff@morganstanley.com +61 2 9770-9253

Copper Africa and Collahuasi, with our forecasts modestly ahead of consensus. Cash