UK mining giants earnings preview: Antofagasta, Glencore, Rio Tinto and Anglo American report in mid-February
As mid-February’s financial calendar approaches, investors are turning their attention to four of the United Kingdom (UK) market’s most influential mining companies – Antofagasta, Glencore, Rio Tinto and Anglo American – each preparing to report full-year 2025 results between 17 and 20 February 2026.
After a year of volatile commodity markets, shifting demand patterns and ongoing cost pressures, these earnings releases will serve as key barometers not just for individual company performance, but for the wider mining sector’s trajectory into 2026.
Fresnillo et al set the tone
Fourth quarter (Q4) production reports from peers such as Fresnillo provide useful context. Fresnillo’s 2025 interim and Q4 updates highlighted robust profitability driven by higher gold prices and disciplined cost management, even as silver output faced headwinds and the company navigated the buy-back of its Silverstream contract.
Fresnillo’s interim results showed strong revenue growth – up around 30 percent year-on-year (YoY) – and a healthy interim dividend underpinned by cash generation, reinforcing investor confidence in precious metals assets as part of diversified commodity exposure.
Similarly, Chile-focused copper producer Antofagasta delivered solid half-year and quarterly production metrics in 2025, with production volumes and realised prices supporting robust revenues despite a mixed metals price environment.
These results reflect the persistent influence of base metals and precious metals dynamics on earnings outcomes, and set a backdrop against which expectations for Antofagasta, Glencore, Rio Tinto, Anglo American and – in early March – Fresnillo full-year earnings are being shaped.
Antofagasta: Highlights importance of copper, cost control and capital discipline
Antofagasta’s 17 February 2026 full-year earnings should provide a useful read-across for the February earnings season given its relatively pure exposure to copper, a commodity that remains central to the energy transition narrative.
The miner’s most recent updates highlighted solid operational performance and a strong contribution from key Chilean assets such as Los Pelambres and Centinela, supported by steady volumes and disciplined cost control.
Investors have also been focused on capital expenditure and project execution, particularly around expansion work at Centinela and longer-term mine-life extension initiatives, which are designed to sustain output growth while preserving margins.
Glencore: Diversified exposure and energy-linked earnings
Glencore’s earnings, due on 18 of February 2026, will be closely watched for evidence of resilience across its diversified portfolio.
With significant exposure to base metals such as copper, nickel and zinc – as well as energy commodities like thermal coal – Glencore’s results will offer insight into how different commodity cycles have affected overall performance. Market participants will be keen to see whether higher thermal coal prices late in 2025 and stable production volumes have helped offset weakness in certain base metals prices.
Investors will also assess Glencore’s risk management and cost discipline, as well as any commentary on capital allocation, including shareholder returns and reinvestment priorities.
Another pivotal element will be inventory management and trading revenues, which have historically added volatility to Glencore’s earnings patterns and may again prove influential in the full-year figures.
Rio Tinto: Base metals, iron ore and cost control
Rio Tinto is due to publish its full-year results on 19 February 2026. Iron ore remains a cornerstone of Rio’s earnings, and analysts will scrutinise whether pricing and volume trends have sustained revenue growth through 2025.
While iron ore prices softened from earlier peaks, continued demand from steel-producing regions – especially Asia – has underpinned a resilient market that could support near-term earnings stability.
Beyond iron ore, Rio’s diversified portfolio – which includes aluminium, copper and other industrial metals – offers a further lens on global demand patterns.
Cost control and margin maintenance will be central themes: how Rio has managed unit costs, energy expenditures and capital programmes will influence investor confidence in the sustainability of profits as the sector navigates cost inflation.
Anglo American: Portfolio balance and future growth
Anglo American’s earnings release, scheduled for 20 February 2026, is expected to highlight the results of a broad base of commodities, including platinum group metals (PGMs), copper, diamonds and iron ore.
Anglo’s diversified footprint positions it to benefit from both base metals demand and precious metals, but it also exposes the company to idiosyncratic pricing pressures – for example, PGM demand tied to automotive and industrial markets.
Investors will be interested in how Anglo manages capital allocation across this varied portfolio, especially with its strategic emphasis on higher-margin assets and future growth projects.
Commentary on project pipeline execution, cost efficiencies and near-term production guidance will all be relevant to expectations for 2026 performance.
China demand remains crucial
China’s economic performance significantly influences mining company results given the country’s dominant position in metals consumption. Steel production, construction activity and manufacturing all affect demand.
Chinese government stimulus measures and property sector policies directly impact iron ore and other construction material demand and recent policy shifts didn’t manage to alleviate uncertainty.
China’s energy transition policies not only affect copper, aluminium and battery metals demand but also electric vehicle production and renewable energy infrastructure drive requirements.
Economic growth rates in China determine overall industrial metals consumption. Slower growth reduces demand whilst stimulus measures can reverse trends quickly.
Cross-sector themes and market expectations
Across Antofagasta, Glencore, Rio Tinto and Anglo American, common themes are emerging as analysts prepare for the February earnings cycle.
According to LSEG Data & Analytics, most analysts rate the above mentioned UK mining stocks between a ‘buy’ and a ‘hold’ with widely diverging long-term mean share price targets.