Anglo American Shares Surge 5.2% as Q2 Copper, Iron Ore Production Beats Expectations

Anglo American reported strong operational performance in Q2 for both copper and iron ore production. The company's share price rose by 5.2% after the release of the quarterly report.

Copper production was flat at 173,200 tons due to higher throughput at Los Bronces offset by processing lower-grade stockpile ore at Collahuasi and anticipated lower grades at Quellaveco. Copper unit cost guidance was revised lower to 145 c/lb from previously expected 172 c/lb.

Premium iron ore production fell by 3% to 15.4 million tons, primarily due to planned plant maintenance at Kumba and the impact of lower ore grade and mass recovery at Minas-Rio. Anglo American's CEO Duncan Wanblad said they were beginning to see some inflationary pressures primarily through higher fuel and other mining consumables.

The company is progressing towards completion of its merger with Teck, expected to be completed between September 2026 and March 2027. The merger aims to form a copper-focused global metals and minerals champion.