By: Reuters

Anglo American AAL.L reported broadly flat first-half copper production on Thursday and lowered its 2026 copper cost guidance, but said its diamonds and steelmaking coal businesses are expected to post negative underlying earnings in the first half.

The London-listed miner maintained its full-year copper production guidance of 700,000 to 760,000 metric tons. It produced 343,600 tons of copper in the first half, up from 342,200 tons a year earlier.

Anglo said its proposed merger with Teck Resources TECKb.TO remains on track, with Chinese approval the final regulatory hurdle.

The deal would create the world's fifth-largest copper producer as the miner reshapes its portfolio through the sale of its steelmaking coal and nickel businesses and the separation of diamond unit De Beers.

As part of that process, Anglo has selected a preferred consortium led by former De Beers Chief Executive Gareth Penny to acquire De Beers.

Botswana, which owns 15% of the business, is considering whether to exercise its right of first refusal and buy the stake itself or through a third party, a government official said.

Despite an 88% rise in diamond output in the second quarter, Anglo said weak demand and lower prices continued to weigh on the market.

(Reporting by Clara Denina, Editing by Louise Heavens)