How Is Anglo American Plc (LSE:AAL) Trading Today?

Anglo American Plc (LSE:AAL) shares eased 1.51% to around 3,770p today, as investors weigh a third-quarter production report that left full-year guidance in place and raised the outlook for diamonds.

The report, published on 20 October 2026, showed copper production of 174,900 tonnes, premium iron ore output of 13.8 million tonnes and a 6% increase in manganese ore to 1.03 million tonnes. Steelmaking coal production rose 53% year on year to 2.9 million tonnes.

Mining shares often move with metal prices, currency trends and global growth expectations, so daily share price changes can reflect market-wide factors as well as company updates.

About Anglo American Plc

Anglo American is a globally diversified Mining group. Its portfolio is built around copper, premium iron ore and manganese, alongside steelmaking coal and the De Beers diamond business, which are part of a portfolio simplification programme.

Copper operations include Collahuasi and Los Bronces in Chile and Quellaveco in Peru. Premium iron ore comes from Kumba in South Africa and Minas-Rio in Brazil, while manganese is produced in Australia and South Africa.

This mix gives LSE:AAL exposure to metals linked to electrification, infrastructure development, steelmaking and consumer demand.

Q3 2026 Production Highlights

Copper production of 174,900 tonnes was 5% lower than the same quarter a year earlier, mainly because of unusual weather events in Chile and the processing of lower-grade stockpile ore at Collahuasi. Production at Quellaveco increased from the second quarter as ore grades improved, and the group noted that Chile and Peru output is weighted towards the second half.

Premium iron ore production fell 4% to 13.8 million tonnes as Kumba began tying in its first ultra-high-dense-media-separation module, partly offset by higher plant availability at Minas-Rio. Sales were largely unaffected because stockpiles were drawn down.

Manganese ore rose 6% to 1,031 thousand tonnes, reflecting higher operating levels in Australia and productivity gains in South Africa.

Guidance Maintained and Diamond Outlook Raised

Anglo American kept its 2026 copper production guidance at 700,000 to 760,000 tonnes. It also lowered unit cost guidance for Copper Peru to around 50 cents per pound from about 65 cents previously.

De Beers production guidance was raised to 25 to 28 million carats from 21 to 26 million carats. Rough diamond production in the third quarter was 6.8 million carats, reflecting planned maintenance at Orapa and a slowdown at Venetia ahead of its previously announced production pause.

Steelmaking Coal Recovery

Steelmaking coal production increased 53% to 2.9 million tonnes, mainly because of the ramp-up of longwall production at Moranbah North in Australia following the incident in March 2025. Output at Aquila and Capcoal was slightly higher, while Dawson was broadly unchanged.

For the first nine months, steelmaking coal production was up 4.8% at 6.5 million tonnes.

Pricing Backdrop

Realised prices provided a helpful backdrop. The average realised copper price for the first nine months of 2026 was 623 US cents per pound, around 40% above the same period of 2025. Premium iron ore realised prices averaged $82 per tonne FOB, compared with $92 per tonne a year earlier.

Interim results earlier in the year showed underlying EBITDA of around $4.0 billion, up 35% year on year, illustrating the effect of higher copper pricing on group earnings.

Portfolio Simplification and Corporate Progress

The group continues to progress its planned sale of assets, including its coal and diamond businesses, as it focuses on copper, iron ore and manganese. In the production report, management said it continues to engage constructively with China's anti-trust regulator, describing this as the final outstanding regulatory milestone for completion of its planned combination with Teck, with expected completion timing by March 2027 unchanged.

These steps are intended to create a more focused Business with a larger copper presence.

Growth Catalysts

Copper remains the central growth theme for LSE:AAL. Demand linked to power grids, renewable energy, electric vehicles and data infrastructure supports a constructive long-term outlook, while the second-half weighting of production at Chilean and Peruvian operations could help volumes in the final quarter.

Cost improvements at Copper Peru, higher manganese output, the steelmaking coal ramp-up and a raised diamond outlook all provide additional operating tailwinds.

Factors to Monitor

Mining output can be affected by weather, grade profiles, water availability and logistics. Commodity prices and currency movements also influence reported earnings.

Investors typically follow the pace of portfolio changes, regulatory timelines and quarterly production updates for further clarity.

Conclusion

Anglo American's 1.51% move to around 3,770p today comes after a quarter that maintained full-year guidance and brought several positives, including a 53% increase in steelmaking coal, a 6% rise in manganese and a higher diamond outlook.

Copper output, iron ore logistics, portfolio changes and metal prices remain the main themes for LSE:AAL.