Anglo American faces earnings miss despite lower copper costs Proactive uses images sourced from ShutterstockAnglo American PLC's (LSE:AAL) interim results next Thursday are expected to show stronger copper profitability offset by weaker iron ore pricing and losses from businesses being prepared for sale. The miner's second-quarter production update this week was broadly reassuring, with copper and iron ore output around 1% ahead of expectations, according to Deutsche Bank. UBS, which retained a 'buy' rating and 4,600p price target, warned that first-half EBITDA could undershoot the $3.9 billion consensus. Production of 173,000 tonnes met expectations, while output guidance remained at 700,000-760,000 tonnes. UBS expects lower copper costs to be offset by weaker realised iron ore prices, reflecting higher freight charges and the redirection of cargoes from Bahrain to China.