Berenberg Trims Anglo American Target Price Amid Quellaveco Royalty Changes

Berenberg has reduced its target price for Anglo American from 5,200p to 5,100p, citing an updated model after the miner's second-quarter production report.

The reduction is largely due to adjustments linked to Peruvian royalty changes at Quellaveco, which impacted Anglo American's iron ore production.

Berenberg analysts noted that Anglo American's Q2 copper output of 173,000 tonnes beat their forecast of 164,000 tonnes, while diamonds delivered a solid beat at 7.8m carats against its 5.8m carat forecast.