Anglo American copper production was 161,000 tonnes in the fourth quarter of 2021, down by 4% year on year. Full year 2021 production was 647,200 tonnes, flat year on year.

"Our copper operations' full year production was in line with the prior year, mitigating the ongoing water challenges from the severe drought conditions," Anglo American said.

Copper production was guided to rise to 680,000-760,000 tonnes in 2022, driven by the ramp up of Anglo American's Quellaveco copper mine in Peru.

Quellaveco is expected to produce its first copper concentrate in the middle of 2022, producing 120,000-160,000 tonnes in the year, and 300,000 tonnes per year for the first 10 years at full production.

The company's rough diamond production was up by 29% year on year in 2021, at 32.3 million carats, thanks to on increased output from Botswana and Namibia to meet renewed consumer demand.

Platinum group metals was 4.3Moz, up by 13% year on year, with 2022 production guided for 4.1-4.5Moz.

"Anglo American continues to screen well versus peers and offers significant near-term copper growth from Quellaveco this year," BMO said.

Anglo American shares edged up 0.1% to 3,416.50p at 12.12 London time.