REG - Anglo American PLC - Anglo American AGM - address to shareholders

Anglo AmericanAnnouncement

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RNS Number : 4395C  Anglo American PLC  29 April 2026

 29 April 2026
 AGM 2026 - Address to Shareholders

Anglo American plc held its Annual General Meeting for shareholders in London
today. The following remarks were made by the Chair and the Chief Executive
Officer.

 

Stuart Chambers, Chair of Anglo American plc, made the following remarks:

 

Good morning, ladies and gentlemen and welcome to Anglo American's 2026 Annual
General Meeting.

 

Notice of this meeting was published to shareholders on 23 March 2026, and a
quorum is present. I therefore declare this meeting duly constituted. Have I
your permission to take the Notice of Meeting as read and formally propose the
resolutions set out in the Notice? Thank you.

 

I will now introduce the members of your Board who join me here today.
Starting on my far left are Anne Wade, Marcelo Bastos and Ian Ashby, three of
our independent non-executive directors. Next to Ian is John Heasley, our
Chief Financial Officer, and next to him is Duncan Wanblad, our Chief
Executive Officer. To my immediate right is Richard Price, our Chief Legal
& Corporate Affairs Officer and Company Secretary, and then Ian Tyler our
Senior Independent Director. Next to Ian are independent non-executive
directors Nonkululeko Nyembezi and Magali Anderson.  Unfortunately, Hilary
Maxson, our Audit Committee chair, was unable to travel to London this week,
but she is following the live broadcast of the meeting. All other Audit
Committee members are present here today.

 

Ensuring we have the right mix of skills, experience and diversity at Board
level that reflects the breadth of our business is critical to effective
governance.

 

You can find the biographies for each director in our Notice of AGM and I
trust that you agree with me in noting the high calibre and diverse experience
of our Board members. Later, I will be asking you to vote on the usual annual
re-election of myself and all other directors.

 

As you will know, your Board has considered the governance arrangements for
the combined company that will take effect following completion of the merger
of Anglo American and Teck - that will be called Anglo Teck plc. In September
2025 we announced the executive directors of Anglo Teck plc, with Sheila
Murray to serve as Chair of Anglo Teck upon completion. At or prior to
completion, Anglo American and Teck will each nominate for appointment 50% of
the non-executive directors of the Anglo Teck plc board. The composition of
the Board in full will therefore be announced in due course.

 

Now, before I ask Duncan Wanblad, our Chief Executive Officer, to give you an
overview of last year's performance, allow me to share some of my perspectives
on your company, Anglo American.

 

Despite the volatility in the world around us, we made great strides in 2025
to ensure that Anglo American is a more agile and resilient business, and one
that is focused squarely on safe, stable and responsible operations. The
progress to simplify our own portfolio, in parallel with advancing our merger
with Teck at some pace - and with such overwhelming shareholder support -
highlights the determination and energy with which we have been repositioning
Anglo American to the forefront of our industry in terms of value-accretive
growth.

 

So, let me now turn to performance for 2025, and starting, as always, with
safety …

 

I commend the management team and our entire workforce for continued safety
progress, again recording our lowest ever total recordable injury frequency
rate. These year-on-year improvements are not by chance and are instead the
result of determined and sustained effort. With that said, I am of course
deeply saddened that we did lose two colleagues during 2025.

 

A death is always a terrible loss, and we are wholly committed to stopping our
people from getting hurt at work. Be in no doubt that we cannot and will not
rest in our efforts to reach our goal of zero harm.

 

2025 was a highly consequential year for the future of our business. In
September, we announced our agreement to combine Anglo American and Teck to
form Anglo Teck - a global mining leader and one of the world's largest copper
producers with considerable growth available.

 

I am exceptionally proud of the excellent groundwork by Duncan and the
leadership team to position the business to take this strategic and highly
value-accretive step, bringing together the very best of two companies which
draw on a set of complementary capabilities and values nurtured over long and
proud histories. I was then of course delighted that we received such emphatic
support from shareholders of both companies in December, with regulatory
approval from the Government of Canada received shortly thereafter, and we
continue to secure other approvals.

 

Through the merger to establish Anglo Teck, be assured that your Board has
every confidence that we are propelling the combined entity to the forefront
of our industry in terms of value-accretive growth in responsibly produced
critical minerals, and we continue to progress this formidable combination
towards completion.

 

When I spoke to you this time last year, I outlined our plans to unlock the
significant potential from our outstanding world-class asset base in three
product groups - namely copper, premium iron ore and crop nutrients. As we
have said time and again, we see these as the future-enabling products
supplying into the three major structural trends of decarbonisation, improving
living standards, and food security, and we expect them to support our
business' success for decades to come.

 

We have continued to build on this momentum, progressing our portfolio
transformation over the course of 2025, in parallel with the merger agreement.
This included the responsible demerger of our PGMs business (Anglo American
Platinum, now Valterra Platinum) in May, as planned.

 

We have also moved ahead with the sale process for our Steelmaking Coal
business following Peabody's decision not to proceed with the previously
agreed transaction, while we also continue to focus on the safe ramp-up of the
Moranbah North mine. We are working towards completing the sale of our Nickel
business, while the separation of our iconic diamond business, De Beers, is
progressing.

 

In a year characterised by volatile markets and slow economic recovery in
China, and with weaker iron ore prices and cyclically low diamond prices,
Anglo American delivered a stable operating and financial performance during
the year.

 

Combined with the strategic progress we are making with the portfolio and a
committed $1.8 billion of cost savings, we delivered a far stronger return for
shareholders, with a Total Shareholder Return (TSR) for the year of 44%, ahead
of the FTSE 100 Index at 35% and the FTSE 350 Mining Index at 41%. In line
with our payout-based dividend policy, the Board has recommended a final
dividend of $0.16 per share, in line with our policy of paying out 40% of
underlying earnings, bringing total cash dividends for the year to $0.23 per
share or $0.2 billion.

 

Let us also remember that shortly following the completion of our merger with
Teck, we will be paying out a $4.5 billion special dividend to Anglo
American's shareholders.

 

On behalf of the Board, I commend the entire leadership team and all our
employees, led by Duncan, for an exceptional year of strategic delivery on so
many fronts, underpinned by unwavering resilience and commitment.

 

I am also very pleased that our shareholders have stood to benefit from
considerable returns as the inherent value of Anglo American is brought to the
fore both through our portfolio optimisation, where we have made great
progress, and through the long-term growth optionality and delivery
capabilities that we intend to embed as we form Anglo Teck.

 

Duncan, over to you.

 

Duncan Wanblad, Chief Executive Officer of Anglo American plc, made the
following remarks:

 

Thank you, Stuart and good morning, everyone.

 

As usual, I will also start with our number one value and first priority,
which is always safety.

 

As Stuart acknowledged, we have made good progress in our safety journey, with
a continuation of the downward trend in injury frequency, recording our lowest
ever rate in 2025. However, we are all profoundly saddened by the two tragic
fatalities of two colleagues following accidents in Brazil and Zimbabwe last
year. It is simply unacceptable and I assure you that we are relentless in our
efforts to create a workplace where everyone returns home safely.

 

Let me now turn to the defining milestone we achieved for our company in 2025:
the merger agreement to form Anglo Teck. The agreement we announced in
September marked a pivotal moment in our long history - a compelling
combination that is designed to unlock significant value both in the near and
long term, while offering, you, our shareholders more than 70% exposure to
copper.

 

We have progressed the merger with pace - having received Investment Canada
Act approval in December, following overwhelming support from both companies'
shareholders - and we continue to secure key regulatory approvals to advance
towards completion either later this year or early next.

 

In parallel with the merger to form a critical minerals champion in Anglo
Teck, we continued to deliver our own strategic priorities of operational
excellence, portfolio optimisation and growth.

 

On our portfolio in particular, we have made great strides to implement
changes to unlock the inherent value within each of our product verticals. In
May, we completed the demerger of the majority of our interest in Valterra
Platinum to our shareholders, as planned, and in September we monetised our
residual 19.9% interest for $2.5 billion in cash. In January 2025, we
completed the sale of our minority interest in Jellinbah to Zashvin for $0.9
billion in proceeds as part of our Steelmaking Coal business divestment.

 

While we were very disappointed that Peabody decided not to complete the
previously agreed transaction for the balance of this business, we expect that
we will successfully reach an alternative sales agreement for value in 2026.

 

For our Nickel business, we are progressing the agreed sale transaction with
MMG through regulatory approval, while the work to separate De Beers
continues, with action under way to strengthen cash flow and position the
business for long-term.

 

Now to reflect on our operational performance and financials from the year.

 

I am particularly delighted with the strong performance at our Copper and
Premium Iron Ore businesses. Both delivered on their 2025 production plans and
saw improved underlying EBITDA, contributing $4.0 billion and $2.9 billion,
respectively. The combined EBITDA of this simplified business therefore
increased to $6.9 billion at a 44% margin, with return on capital employed
higher at 17%.

 

Reflecting robust cost control in an ongoing inflationary environment, we also
achieved our targeted $1.8 billion cost savings run-rate while continuing to
strengthen our balance sheet, driven by the early proceeds from our portfolio
optimisation and our continued focus on cash conversion.

 

Our $0.2 billion total cash dividend of $0.23 per share is in line with our
40% payout policy.

 

Our project development and delivery capabilities are the foundation of how we
expect to create value from our growth pipeline. Our approach to project
development is a holistic one, integrating sustainability with our technical
expertise to both successfully deliver the significant growth options in our
portfolio and realise our sustainability and broader business ambitions.

To this end, we recently updated our Sustainability Strategy - still
underpinned by the three familiar themes that have shaped our approach since
2018: building trust as a corporate leader, contributing to a healthy
environment, and helping create thriving communities. But just as we as a
business and the world around us have evolved, so we have adopted a more
tailored approach: one which accommodates distinct local contexts and balances
global targets with business-specific targets, recognising that one size
rarely fits all.

 

This has been a pivotal year for the future of our business both in terms of
simplifying our portfolio and delivering long-term value-accretive growth
through the transformation merger to create Anglo Teck.

 

The rapid progress we are making towards delivering this highly attractive
combination is down to the sheer calibre of our teams. Together, we are taking
the next strategic step to accelerate our growth, designed to unlock
significant value for our many stakeholders for decades to come.

 

Thank you.

 

 

Following a number of questions from shareholders and their proxies, Stuart
Chambers closed the meeting, by adding:

 

The final results will be announced to the stock exchanges later this
afternoon and will be published on our website. Details of the proxy votes
already received for each resolution are shown on the screen behind me.

 

I am pleased to say that we have received strong support for all 21
resolutions based on the shares already voted that represent approximately 63%
of the share capital.

 

That concludes the business of this meeting. Thank you all for your attendance
today and I now declare the meeting closed.

 

Check against delivery.

 

 

For further information, please contact:

 

 Media                                                                              Investors

 UK                                                                                 UK

 James Wyatt-Tilby                                                                  Tyler Broda

 james.wyatt-tilby@angloamerican.com                                                tyler.broda@angloamerican.com
 (mailto:james.wyatt-tilby@angloamerican.com)

                                                                                  Tel: +44 (0)20 7968 1470
 Tel: +44 (0)20 7968 8759

                                                                                  Michelle West-Russell
 Marcelo Esquivel

                                                                                  michelle.west-russell@angloamerican.com
 marcelo.esquivel@angloamerican.com (mailto:marcelo.esquivel@angloamerican.com)     (mailto:michelle.west-russell@angloamerican.com)

 Tel: +44 (0)20 7968 8891                                                           Tel: +44 (0)20 7968 1494

 Rebecca Meeson-Frizelle                                                            Wade Haggarty

 rebecca.meeson-frizelle@angloamerican.com                                          wade.haggarty@angloamerican.com
 (mailto:rebecca.meeson-frizelle@angloamerican.com)

                                                                                  Tel: +44 (0)20 7968 1464
 Tel: + 44 (0)20 7968 1374

                                                                                  Nathan Morgan
 South Africa

                                                                                  nathan.morgan@angloamerican.com
 Nevashnee Naicker

                                                                                  Tel: +44 (0)20 7968 2154
 nevashnee.naicker@angloamerican.com

 Tel: +27 (0)11 638 3189

 Ernest Mulibana
 ernest.mulibana@angloamerican.com (mailto:ernest.mulibana@angloamerican.com)

 Tel: +27 82 263 7372

 

Notes:

Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding mineral endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally
attractive major demand growth trends.

 

Our integrated approach to sustainability and innovation drives our
decision-making across the value chain, from how we discover new resources to
how we mine, process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainability Strategy commits us to a
series of stretching goals over different time horizons to ensure we build
trust as a corporate leader, contribute to a healthy environment and help
create thriving communities. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources
for our shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is re-imagining
mining to improve people's lives.

 

Anglo American is currently implementing a number of major structural changes
to unlock the inherent value in its portfolio and thereby accelerate delivery
of its strategic priorities of Operational excellence, Portfolio optimisation,
and Growth. The sale of our steelmaking coal and nickel businesses and the
separation of our iconic diamond business (De Beers) continue to progress and
once completed, will focus Anglo American on its world-class resource asset
base in copper, premium iron ore and crop nutrients.

 

www.angloamerican.com (http://www.angloamerican.com)

 

 

 

Group terminology

In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.

Disclaimer: This document has been prepared by Anglo American plc ("Anglo
American"). By reviewing this document you agree to be bound by the following
conditions. The release, presentation, publication or distribution of this
document, in whole or in part, in certain jurisdictions may be restricted by
law or regulation and persons into whose possession this document comes should
inform themselves about, and observe, any such restrictions.

This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation
or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.

No representation or warranty, either express or implied, is provided, nor is
any duty of care, responsibility or liability assumed, in each case in
relation to the accuracy, completeness or reliability of the information
contained herein. None of Anglo American or each of its affiliates, advisors
or representatives shall have any liability whatsoever (in negligence or
otherwise) for any loss or damage of whatever nature, howsoever arising, from
any use of, or reliance on, this material or otherwise arising in connection
with this material.

Forward-looking statements and third party information

This document includes forward-looking statements. All statements other than
statements of historical fact included in this document may be forward-looking
statements, including, without limitation, those regarding Anglo American's
financial position, business, acquisition and divestment strategy, dividend
policy, plans and objectives of management for future operations, prospects
and projects (including development plans and objectives relating to Anglo
American's products, production forecasts and Ore Reserve and Mineral Resource
positions), the anticipated benefits of mergers and acquisitions (including
any assessment or quantification of potential synergies) and sustainability
performance related (including environmental, social and governance) goals,
ambitions, targets, visions, milestones and aspirations. Forward-looking
statements may be identified by the use of words such as "believe", "expect",
"intend", "aim", "project", "anticipate", "estimate", "plan", "may", "should",
"will", "target" and words of similar meaning. By their nature, such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Anglo American or industry results to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
product prices, unanticipated downturns in business relationships with
customers or their purchases from Anglo American, mineral resource exploration
and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the
ability to identify, consummate and integrate pending or potential
acquisitions, disposals, investments, mergers, demergers, syndications, joint
ventures or other transactions, the effects of global pandemics and outbreaks
of infectious diseases, the impact of attacks from third parties on our
information systems, natural catastrophes or adverse geological conditions,
climate change and extreme weather events, the outcome of litigation or
regulatory proceedings, the availability of mining and processing equipment,
the ability to obtain key inputs in a timely manner, the ability to produce
and transport products profitably, the availability of necessary
infrastructure (including transportation) services, the development, efficacy
and adoption of new or competing technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the availability
of sufficient credit, liquidity and counterparty risks, the effects of
inflation, terrorism, war, conflict, political or civil unrest, uncertainty,
tensions and disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations, shortages of
skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and the actions of competitors, activities
by courts, regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or
maintenance of Anglo American's assets and changes in taxation or safety,
health, environmental or other types of regulation in the countries where
Anglo American operates, conflicts over land and resource ownership rights and
such other risk factors identified in Anglo American's most recent Annual
Report. Forward-looking statements should therefore be construed in light of
such risk factors, and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
document. Anglo American expressly disclaims any obligation or undertaking
(except as required by applicable law, rules or regulations) to release
publicly any updates or revisions to any forward-looking statement contained
herein to reflect any change in Anglo American's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.

Nothing in this document should be interpreted to mean that future earnings
per share of Anglo American will necessarily match or exceed its historical
published earnings per share. Certain statistical and other information
included in this document is sourced from third party sources (including, but
not limited to, externally conducted studies and trials). As such it has not
been independently verified and presents the views of those third parties, but
may not necessarily correspond to the views held by Anglo American and Anglo
American expressly disclaims any responsibility for, or liability in respect
of, such information.

No Investment Advice

This document has been prepared without reference to your particular
investment objectives, financial situation, taxation position and particular
needs. It is important that you view this document in its entirety. If you are
in any doubt in relation to these matters, you should consult your
stockbroker, bank manager, solicitor, accountant, taxation adviser or other
independent financial adviser (where applicable, as authorised under the
Financial Services and Markets Act 2000 in the UK, or in South Africa, under
the Financial Advisory and Intermediary Services Act 37 of 2002 or under any
other applicable legislation).

Alternative Performance Measures

Throughout this document a range of financial and non-financial measures are
used to assess our performance, including a number of financial measures that
are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs).
Management uses these measures to monitor the Group's financial performance
alongside IFRS measures to improve the comparability of information between
reporting periods and businesses. These APMs should be considered in addition
to, and not as a substitute for, or as superior to, measures of financial
performance, financial position or cash flows reported in accordance with
IFRS. APMs are not uniformly defined by all companies, including those in the
Group's industry. Accordingly, it may not be comparable with similarly titled
measures and disclosures by other companies.

©Anglo American Services (UK) Ltd 2026.  (TM) and (TM) are trade marks of
Anglo American Services (UK) Ltd.

 

 

Legal Entity Identifier: 549300S9XF92D1X8ME43

 

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