Anglo American PLC (AAL.L): Q2‘26 production - inline on copper/iron ore, 2026 unit cost guidance upgraded for copper

Research evidence excerpt

Anglo American PLC (AAL.L): Q2‘26 production - inline on copper/iron ore, 2026 unit cost guidance upgraded for copper

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23 Jul 2026 03:52:16 ET │ 12 pages

Anglo American PLC (AAL.L)

Q2'26 production - inline on copper/iron ore, 2026 unit cost guidance

upgraded for copper

CITI'S TAKE Rating Suspended

Price (22 Jul 26 16:30) £35.29 AAL delivered a decent set of production results for Q2'26 with sequential

Target price - improvement across the portfolio, while the results broadly met our

expectations for copper and iron ore. Production recovery was seen the Expected share price return -

most for met coal (+29%) and manganese (+19%) among the minor Expected dividend yield -

commodities, while copper and iron ore production improved between 2- Expected total return -

3% vs last quarter. We flag that following the seasonal slow start in Q1'26, Market Cap £41,573M

AAL has guided for a 2H'26 weighted for production. The company has US$55,604M

reiterated its guidance for full year 2026 production, while unit cost

guidance for copper is now revised upwards. AAL is now expecting copper

unit cost at USc145/lb, vs USc172/lb earlier. The guidance upgrade is

mostly driven by better than expected by-product credits, which has been Ephrem RaviAC

a key trend across the sector this quarter given the higher gold/silver +44-20-7986-2462

prices. ephrem.ravi@citi.com

Krishan M Agarwal

Steady production at Copper/iron ore assets — copper production at 173kt is up +44-020-7986-4092

2% vs last quarter with production increase across Chilean and Peruvian assets. krishan.agarwal@citi.com

Higher throughput at Los Bronces was partly offset by lower grades at Collahuasi,

Ijeoma Ihuegbuwhile Quellaveco delivered slightly better production. Iron ore shipments at both