Copper delivers. Eyes remain on costs.

Research evidence excerpt

Copper delivers. Eyes remain on costs.

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Anglo American

Reiterate Rating: NEUTRAL | PO: 3,800 GBp | Price: 3,630 GBp

Q2 production beat. By-products help on copper costs. 24 July 2026

Anglo American reported Q2 production only numbers. Most commodities ahead of Equity

consensus. Key commodities = Iron ore, copper. H1 copper 343.6kt, flat YoY, inline vs

Visible Alpha consensus. Restart of second plant at Los Bronces continues to provide

Key Changesincremental production. Iron ore production 30.6Mt, -2% YoY, +3% vs consensus.

Company flags some inflationary pressure due to higher fuel and mining consumables. (US$) Previous Current

Guide: Minor changes to copper guide. Strong by-product credits and cost control have 2027E EPS 2.52 2.51

reduced unit cost guidance for Copper Chile and Copper Peru. Copper unit cost guidance

now c.145 c/lb (vs c. 172 c/lb). Model: We update our model to reflect production Jason Fairclough >>

Research Analyst

figures, FY26E EBITDA broadly unchanged at $7.9bn. Maintain Neutral, price objective MLI (UK)

GBp3800 based on 1x our sum-of-parts (SOTP). Shares look fairly valued. +44 20 7995 0225 jason.fairclough@bofa.com

Unlocking portfolio simplification. DeBeers restructuring. ReinhardtResearch Analystvan der Walt >>

Portfolio optimisation progressing. Coal: Sale of coal to Dhilmar for up to $3.875bn MLI (UK)

announced in May. Completion expected by Q1 2027. DeBeers: Sale of DeBeers Paul Kirjanovs >> Research Analyst

progressing. Advancing streamlining opportunities to improve cost performance and MLI (UK)

reduce capex. Earlier this month, DeBeers announced restructuring measures including a Felicity Robson >>

2-year shut down of the Venetia mine. Outlook for rough diamond market remains Research Analyst MLI (UK)

challenging.