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    Anglo American and De Beers: production, price and M&A signals for mine planners

    October 21, 2026|

    Reviewed by Joe Ashwell

    Anglo American and De Beers: production, price and M&A signals for mine planners

    First reported on MINING.com

    30 Second Briefing

    Anglo American held full-year copper guidance at 700,000–760,000 tonnes despite a 5% Q3 output drop to 174,900 tonnes, with Chilean production down 6% to 94,200 tonnes after record snowfall and lower grades at Collahuasi and El Soldado, and unit costs cut to about 139 cents/lb. The group is progressing its Teck Resources merger for completion by March 2027 and advancing a $3.9 billion sale of Australian steelmaking coal assets, while De Beers struggles with an 11% fall in Q3 rough output to 6.8 million carats and a 37% slide in average realised prices to $97/ct. Anglo has written down De Beers by $6.8 billion over three years and is seeking around $1 billion for its 85% stake, with Botswana’s 15% holding and pre-emptive rights central to any sale expected as early as Q4 2026.

    Technical Brief

    • Nine‑month copper production totalled 518,500 tonnes, just 1% down year‑on‑year despite Chilean weather disruption.
    • Anglo cut copper unit‑cost guidance from 145 to ~139 US cents/lb through by‑product credits and tighter cost control.
    • Premium iron ore production slipped 4% to 13.8 Mt as Kumba upgrades constrained output despite Minas‑Rio gains.
    • Manganese volumes increased 6% to 1.03 Mt, while steelmaking coal surged 53% to 2.9 Mt in the quarter.
    • Sale of Australian steelmaking coal assets to Dhilmar is structured for up to US$3.9 billion consideration.
    • De Beers’ Q3 rough diamond sales rose to 9.8 Mct, lifting revenue slightly to US$731 million despite price pressure.
    • Anglo has booked US$6.8 billion of De Beers impairments over 2023–2025, versus a US$5.1 billion buy‑in cost in 2012.
    • Botswana supplies about 70% of De Beers’ rough output and holds pre‑emptive rights over Anglo’s 85% stake sale.
    • Raised De Beers 2026 production guidance to 25–28 Mct assumes full consolidation of Canada’s Gahcho Kué mine.

    Our Take

    The planned sale of Anglo American’s 85% stake in De Beers at an estimated $1 billion valuation sits awkwardly alongside tech-sector interest in Anglo’s copper and ‘data-centre metals’ equity reported on 15 October 2026, signalling a portfolio pivot away from structurally weaker diamond pricing and towards growth metals like copper and nickel.

    Our database shows relatively few uranium project items compared with copper and battery metals, so Aura Energy’s $500 million Tiris project in Mauritania stands out as one of the larger greenfield uranium developments in recent coverage, potentially giving Anglo and other majors a future option to rebalance away from diamonds into nuclear-linked fuel supply via M&A.

    The 6% drop in Chilean copper output at Los Bronces and other operations comes only weeks after Anglo commissioned desalinated water supply to Los Bronces (29 September 2026), suggesting that while water security is being de-risked, short- to medium-term copper volumes remain vulnerable to climatic and permitting constraints in central Chile.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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