英美资源2025Q4铜产量同比减少14%至17万吨，2026年铜产量指引由76-82万吨修订为70-76万吨

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q4 2025, copper production decreased by 14% year-on-year to 170,000 tons, primarily due to expected lower ore grades at the Quellaveco mine [2] - Iron ore production in Q4 2025 increased by 6% year-on-year to 15.1 million tons, driven by improved output from the Kumba mine [3] - Manganese ore production in Q4 2025 rose by 22% year-on-year to 909,000 tons, reflecting a strong operational performance [4] - Diamond production in Q4 2025 fell by 35% year-on-year to 3.8 million carats, mainly due to maintenance shutdowns at the Jwaneng and Orapa mines [5] - Coking coal production in Q4 2025 decreased by 15% year-on-year to 2.1 million tons, impacted by the sale of a minority stake in the Jellinbah project and adverse weather conditions [6] - Nickel production in Q4 2025 increased by 3% year-on-year to 10,300 tons, benefiting from improved grades and recovery rates [6] Production Guidance Summary - For 2026, copper production guidance has been revised to 700,000-760,000 tons from the previous 760,000-820,000 tons, with Chilean production expected to be 390,000-420,000 tons [9] - Iron ore production guidance for 2026 has been raised to 55-59 million tons, reflecting strong operational performance and stable ore supply [13] - Diamond production guidance for 2026 has been adjusted to 21-26 million carats, down from 26-29 million carats due to a challenging trading environment [16] - Coking coal business is being divested, with a transaction expected to be finalized in 2026 [17] - Nickel business is in the process of being sold, with final agreements signed and awaiting regulatory approval [18]