Berenberg Revises Model for Anglo American After Q3 Production Report

07:01 AM EDT, 10/22/2026 (MT Newswires) -- Berenberg updated its model for Anglo American (AAL.L, AGL.JO) following the mining giant's third-quarter production report. Anglo American saw a "softer" quarter with copper production of 175,000 tonnes, lower than the research firm's estimate of 193,000 tonnes and the consensus of 185,000 tonnes, impacted by winter weather in Chile and grades at its Quellaveco mine in Peru, Berenberg said in a note published Wednesday. Group iron ore and steelmaking coal volumes were "in line" with the research firm's expectations, while manganese, nickel and diamond volumes came in better than anticipated. As such, Berenberg lowered its EPS estimates for 2026 and 2028, while edging up its forecast for 2027. Sales and EBIT assumptions over the three-year period were also revised. "We reiterate our Hold rating and think that the stock will trade in line with the market until the completion of the Teck merger (on track by March 2027), with Chinese anti-trust regulatory approval remaining the final hurdle," analysts said, maintaining the price target at 43 pounds sterling. "Elsewhere, the sale of Anglo's steelmaking coal business to Dhilmar remains on track for completion in Q1 CY 2027, with the European Commission regulatory approval process progressing regarding the agreed sale of its nickel business to MMG."