Anglo American (LSE:AAL) reported flat Q2 copper at 173.2kt with costs trimmed to ~$1.45/lb as higher Los Bronces throughput offset weaker grades at Collahuasi and Quellaveco; iron ore and coal missed estimates while diamonds beat, and the group remains part of a US$53bn merger under Chinese review.
Previous Week Recap
- Copper Output Flat, Costs Cut: Anglo American Q2 copper output 173,200t, flat YoY. Higher Los Bronces throughput offset by lower grades at Collahuasi and Quellaveco. Firm FY guidance; copper unit cost cut to ~$1.45/lb.
- Anglo American Teck Merger Review: Anglo American (AAL) is part of a proposed US$53B merger with Teck Resources; Chinese regulator review is underway with no remedies requested so far.
- Q2 Outputs and Copper Cost Trim: Anglo American Q2: copper output 173k t, iron ore 15.4m t, coal 2.0m t, diamonds 7.8m ct. Realised copper $6.08/lb; blended copper cost cut to $1.45/lb.
- Q2 Volumes: Iron, Coal, Diamonds: Anglo American Q2: iron ore 15.4mt (below 15.7mt estimate), steelmaking coal 2.0mt (below 2.4mt), diamonds 7.8m carats (above 5.8m) — key volume figures for traders.
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