Anglo American reported a 5% year-on-year decline in third-quarter copper production to 174,900 tonnes, while retaining its annual output forecast and progressing toward the proposed merger with Teck Resources. The transaction remains subject to regulatory approval in China, the final major clearance outstanding, with completion targeted.
Copper production was affected primarily by severe winter weather at operations in Chile and lower ore grades. In Peru, output at Quellaveco improved compared with the second quarter as grades strengthened, partly offsetting weaker performance elsewhere.
Anglo American maintained its 2026 copper production guidance of 700,000–760,000 tonnes. The company also reduced its expected copper unit costs in Peru, supported by operational improvements and stronger by-product credits.
Teck combination awaits final major regulatory approval
Integration planning for the proposed combination with Teck Resources is well advanced, according to Anglo American. The transaction has not closed, and Chinese antitrust approval remains the final major regulatory clearance required before completion.
The proposed merger would bring together a broader portfolio of producing mines and development projects across Chile, Peru and Canada, significantly increasing the combined group’s exposure to copper. The deal remains targeted for completion.
Copper’s importance to electricity networks, renewable energy, data centres and industrial electrification is a key factor behind the proposed combination. Developing large-scale copper projects has become increasingly difficult and expensive, increasing the strategic importance of existing producing mines and established development assets.
Portfolio restructuring continues
Anglo American’s wider portfolio changes remain incomplete. The planned disposal of its Australian steelmaking-coal business is expected to close in the first quarter of 2027, while the proposed sale of its nickel business remains under review by the European Commission. The transactions form part of the company’s effort to simplify its portfolio around priority assets, with copper occupying a central position in its strategy.
No new external mine-financing package was announced alongside the October production update. The latest announcement instead centres on operating performance and progress toward the proposed merger. Until Chinese regulatory approval is secured and the transaction closes, the combined Anglo American–Teck portfolio remains a proposed mining group rather than an established operating entity.
