Anglo American PLC reports flat second‑quarter copper output and lowers cost forecast

Anglo American PLC (London: AAL.L, AAM.SW, AAUKY.PK) released its second‑quarter production report on 23 July 2026. The company confirmed that copper output for the period ended 30 June remained unchanged at 173 200 tonnes, a level comparable to the same period in the previous year.

Cost outlook

In a statement published by Avanza.se, Anglo American announced that it is revising its copper cost forecast downward. The adjustment reflects improved operating efficiencies and lower input prices. No specific figures for the new cost range were disclosed, but the company indicated that the revised forecast would strengthen profitability in the face of volatile commodity prices.

Production highlights

  • Copper: 173 200 tonnes, flat versus Q2 2025.
  • Other metals and minerals: The company’s broader portfolio includes iron ore, manganese, metallurgical coal, base metals (copper, nickel), and precious metals such as platinum and diamonds. Production figures for these commodities were not detailed in the Q2 report.

Market context

  • FTSE 100 performance: The benchmark index remained largely unchanged on 23 July, reflecting cautious investor sentiment amid mixed sectoral results.
  • European mining sector: European mining stocks closed higher on 21 July, supported by gains in technology and materials sectors.

Company fundamentals

Anglo American operates globally across Africa, Europe, the Americas, Asia, and Australia. As of 21 July 2026, the company’s market capitalization stood at 50.25 billion GBX, with a share price of 3 529 GBX. The price‑to‑earnings ratio is negative at –41.47, indicating earnings losses during the reporting period.

The company’s focus on cost discipline, coupled with stable copper production, positions it to navigate the current commodity‑price volatility.