Anglo American Plc (AAL.L): JunQ’26: Encouraging operational trends across the core portfolio

Research evidence excerpt

Anglo American Plc (AAL.L): JunQ’26: Encouraging operational trends across the core portfolio

Equity Research

23 July 2026 | 8:53PM BST

Anglo American Plc (AAL.L): JunQ’26: Encouraging operational trends

across the core portfolio

AAL reported JunQ copper production slightly below expectations at 173kt (vs. Matt Greene

+44(20)7051-0489 |

GSe/Visible Alpha at ~176kt), offset by stronger-than-expected iron ore. Copper matt.greene@gs.com

Goldman Sachs International

unit cost guidance to 145c/lb from 172c/lb previously, while maintaining production

Riccardo D’Agata

and cost guidance across the remainder of the portfolio. While copper production +44(20)7051-0958 |

was slightly below expectations, we view the underlying operational trends across riccardo.dagata@gs.comGoldman Sachs International

Anglo’s copper portfolio as broadly encouraging, with copper output still expected

to be weighted towards 2H.

At Collahuasi, recoveries improved despite lower grades as the operation

continued processing lower grade stockpiles ahead of access to higher grade ore

from the Rosario pit later this year. Production has been unaffected by the

desalination plant shutdown, with the operation continuing to source water from

alternative supplies (including QB), while the pipeline and pumping infrastructure

connecting the coast to the mine remains fully operational. Teck disclosure suggests

QB/Collahuasi have not seen the adverse weather currently impacting Chile. At Los

Bronces, Donoso 2 ramp up continues to improve mining flexibility and support

throughput from the restarted second concentrator, although recent heavy snowfall

at the mine could present some near-term risk to Q3 production.

Quellaveco delivered another strong quarter, with throughput and recoveries