REG - Anglo American PLC - Anglo American Half Year 2025 financial report
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RNS Number : 2872T Anglo American PLC 31 July 2025
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31 July 2025
Anglo American Interim Results 2025
Copper and iron ore lead strong operational and cost performance
• Portfolio simplification: successful demerger of Valterra Platinum
unlocked significant value for shareholders; steelmaking coal and nickel sales
agreed; and De Beers in process
• Strong production and cost performance: EBITDA margins of 48% in copper
and 44% in premium iron ore
• Underlying EBITDA* of $3.0 billion from continuing operations, reflecting
challenging rough diamond trading conditions
• On track to deliver committed $1.8 billion of cost savings: $1.3 billion
realised by the end of June 2025
• Strong cash conversion* at 108%, with further reductions in working
capital delivered
• Net debt* of $10.8 billion, prior to receipt of majority of portfolio
simplification proceeds
• $0.1 billion interim dividend, equal to $0.07 per share, consistent with
our 40% payout policy, reflecting negative earnings from discontinued
operations and lack of contribution from De Beers
Note: Continuing operations includes Anglo American's future portfolio and De
Beers, per accounting requirements; discontinued operations includes the
Platinum, Steelmaking Coal and Nickel businesses.
Duncan Wanblad, CEO of Anglo American, said: "We are delivering on our
strategy, transforming Anglo American into a higher margin, more cash
generative and more valuable mining company. By focusing on our exceptional
copper, premium iron ore and crop nutrients resource endowments, each with
significant value-accretive growth options, we are unlocking material value
for our shareholders by delivering the see-through value of our portfolio, in
which we expect copper to account for more than 60% of EBITDA.
"Safety is our number one value and always our first priority. We continue to
make progress towards our goal of zero harm, with a further major improvement
in the first half on what was our lowest-ever injury rate in 2024. I am,
though, sorry to report the loss of two colleagues following accidents in
Brazil and Zimbabwe. We are unconditional in our commitment to safety and we
extend our heartfelt condolences to their families, friends and colleagues.
"I am delighted that the first half saw our continued strong operational and
cost performance in copper and iron ore, coupled with further momentum towards
our committed $1.8 billion of cost savings. Group underlying EBITDA of
$3.0 billion from continuing operations reflects this focus on cost
discipline, despite the challenging rough diamond market conditions. While
2025 is very much a year of transition, we maintained a strong EBITDA margin
for our go-forward business at 43% (consistent with the prior period, on a pro
forma basis((1))), compared with our current overall margin position of 32%
from continuing operations (2024: 37%).
"We have made further good progress towards our simplified portfolio. In May,
we completed the demerger of the majority of our interest in Valterra Platinum
to our shareholders and we expect to monetise our residual 19.9% interest -
currently valued at $2.6 billion - responsibly over time. We are also
continuing to progress the agreed steelmaking coal and nickel business sale
transactions. We expect a material strengthening of our balance sheet
flexibility upon receipt of proceeds from these transactions. The work to
separate De Beers is well under way, with action taken to strengthen cash flow
as we position De Beers for long-term success and value realisation.
"Our clear and decisive actions are transforming Anglo American into a highly
attractive and differentiated value proposition for the long term, offering
strong cash generation to support sustainable shareholder returns combined
with the capabilities and longstanding relationship networks to deliver our
full value and growth potential."
Six months ended 30 June 2025 30 June 2024 Change
(re-presented)((2))
US$ million, unless otherwise stated
Continuing operations
Revenue 8,954 9,584 (7 %)
Underlying EBITDA* 2,955 3,672 (20%)
EBITDA margin* 32% 37%
Attributable free cash flow* 322 191 69%
Basic underlying earnings per share*($) 0.32 0.71 (55%)
Attributable ROCE* 9% 12% (3%)
Total (including discontinued operations)
Loss attributable to equity shareholders of the Company (1,879) (672) 180%
Basic underlying earnings per share* ($) 0.15 1.06 (86%)
Loss per share ($) (1.58) (0.55) 187%
Interim dividend per share ($) 0.07 0.42 (83%)
Terms with this symbol * are defined as Alternative Performance Measures
(APMs). For more information, refer to page 89.
((1)) Pro forma basis represents reported performance of continuing operations
excluding De Beers, adjusted for committed cost savings.
((2)) Comparative figures are re-presented to show separately results from
discontinued operations, see note 22.
Sustainability performance
Key sustainability performance indicators((1))
Anglo American tracks its strategic progress using KPIs that are based on our
seven pillars of value: safety and health, financial, cost, environment,
people, production and socio-political. In addition to the financial and cost
performance set out above and our operational performance on pages 3-31, our
performance for the remaining four pillars is set out below, with further
detail on pages 12-14.
Sustainability reporting accounts for 100% of managed operations (including
both continuing and discontinued operations) until the date of divestment.
Pillar of value Metric 30 June 2025 30 June 2024 Target((2)) Target achieved
Safety and health Work-related fatal injuries((3)) 2 2 Zero Not achieved
Total recordable injury frequency rate (TRIFR) per million hours 1.20 1.69 Reduction year on year On track
New cases of occupational disease 4 9 Reduction year on year On track
Environment GHG emissions - Scopes 1 & 2 4.3 5.0 Reduce absolute GHG emissions by 30% by 2030 On track
(Mt CO(2)e)((4))
Fresh water withdrawals (ML)((4) (9)) 12,423 17,009 Reduce fresh water abstraction in water scarce areas by 50% by 2030 On track for 2030 target
Level 4-5 environmental incidents 0 0 Zero Achieved
People Women in management((5)) 36% 35% To achieve 33% by 2023 Achieved
Women in the workforce 26% 26%
Voluntary labour turnover 4.5% 4% < 5% Achieved
Socio-political Number of jobs supported 157,199 144,004
off site((6) (9))
Local procurement spend ($bn)((7)) 5.1 6.2
Taxes and royalties ($m)((8)) 1,991 2,481
((1)) Sustainability performance indicators for the six months ended 30 June
2025 and the comparative period are not externally assured.
((2)) Targets indicated are in reference to our existing Sustainable Mining
Plan's commitments and goals.
((3)) 2025 reported performance includes one work-related fatality at the PGMs
business (considered a discontinued operation under financial reporting, but
included in sustainability data per the sustainability basis of preparation).
((4)) Data for current and prior period is to 31 May 2025 and 31 May 2024,
respectively.
((5)) Management includes middle and senior management across the Group.
((6)) Jobs supported since 2018, in line with the Sustainable Mining Plan's
Livelihoods stretch goal. Current and prior period data represented is at
31 December 2024 and 2023 respectively.
((7)) Local procurement is defined as procurement from businesses that are
registered and based in the country of operation - also referred to as
in-country procurement - and includes local procurement expenditure from the
Group's subsidiaries and a proportionate share of the Group's joint
operations, based on shareholding.
((8)) Taxes and royalties include all taxes and royalties borne and taxes
collected by the Group. This includes corporate income taxes, withholding
taxes, mining taxes and royalties, employee taxes and social security
contributions and other taxes, levies and duties directly incurred by the
Group, as well as taxes incurred by other parties (e.g. customers and
employees) but collected and paid by the Group on their behalf. Figures
disclosed are based on cash remitted, being the amounts remitted by entities
consolidated for accounting purposes, plus a proportionate share, based on the
percentage shareholding, of joint operations. Taxes borne and collected by
equity accounted associates and joint ventures are not included. Data is
inclusive of both continuing and discontinued operations, in alignment with
the sustainability performance reporting basis of preparation.
((9)) Prior period comparatives have been restated to reflect data model
updates and the results of external assurance findings at 31 December 2024.
( )
Operational and financial review of Group results for the six months ended
30 June 2025
Operational performance
Production - continuing operations H1 2025 H1 2024 % vs H1 2024
Copper (kt)((1)) 342 394 (13)%
Iron ore (Mt)((2)) 31.4 30.7 2%
Manganese ore (kt)((3)) 1,094 1,140 (4)%
Diamonds (Mct)((4)) 10.2 13.3 (23)%
((1)) Contained metal basis. Reflects copper production from the Copper
operations in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
((2)) Wet basis.
((3)) Anglo American's 40% attributable share of saleable production.
((4)) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
( )
Continuing operations
Production volumes decreased by 9% on a copper equivalent basis, reflecting
lower production at Copper Chile and De Beers.
Copper production decreased by 13% versus the prior period. At Copper Chile,
anticipated lower grades, lower copper recoveries and temporary water supply
constraints impacted Collahuasi, and the planned closure of the smaller Los
Bronces processing plant in July 2024 impacted production at Los Bronces
versus H1 2024. This was partly offset by a 6% increase in production at
Copper Peru resulting from strong plant stability and higher grades.
Iron ore production increased by 2% driven by a 7% increase at Minas-Rio which
was underpinned by improved mass recovery. This was partly offset by a 1%
decrease at Kumba Iron Ore, facilitating the proactive drawdown of on-mine
stockpiles.
Manganese production decreased by 4% reflecting the temporary suspension of
the Australian operations since March 2024 as a result of the impact of
tropical cyclone Megan.
At De Beers, the continued production response to the prolonged period of
lower demand and higher than normal levels of inventory in the midstream
impacted production in the period.
Group unit costs increased by 3% on a copper equivalent basis driven by the
impact of lower production at Copper Chile and increased inflationary
pressures. Excluding negligible foreign exchange impacts, unit costs also
increased by 3%.
For more information on each Business' production and unit cost performance,
please refer to the following pages 16-28.
Discontinued operations
For operational information on each Business' production and unit cost
performance, please refer to the following pages 29-30.
Financial performance
Continuing operations Underlying EBITDA* decreased by 20% to $3.0 billion
largely driven by $0.5 billion lower earnings from De Beers due to continuing
challenging trading conditions. Gross cost savings of $0.3 billion delivered
in the rest of the continuing operations portfolio remain on track to realise
$0.5 billion of cost reductions by the end of 2025 and supported EBITDA
Margin* of 32% despite a 1% reduction in the Group basket price, lower sales
volumes and the impact of inflation. As a consequence, continuing operations
contributed $0.4 billion to total underlying earnings of $0.2 billion.
Despite lower earnings, management actions to support the release of $0.4
billion of working capital primarily through inventory management, as well as
net proceeds on disposal of Jellinbah, ensured only a modest increase in net
debt to $10.8 billion with deleveraging to benefit from future divestment
proceeds.
Underlying EBITDA* - Continuing operations
Underlying EBITDA decreased by $0.7 billion to $3.0 billion (30 June
2024: $3.7 billion). Financial results were predominantly impacted by the
challenging rough diamond trading conditions at De Beers, alongside lower
sales at Copper Chile, driven by the lower production. Despite these
pressures, cost reductions partly offset these impacts and supported an EBITDA
margin* of 32% (30 June 2024: 37%). Our ongoing focus on cost control and
cash generation has positioned us well as we execute our strategy. A
reconciliation of 'Profit before net finance costs and tax', the closest
equivalent IFRS measure to underlying EBITDA, is provided within note 4 to the
Condensed financial statements.
Underlying EBITDA* by segment
$ million Six months ended 30 June 2025 Six months ended 30 June 2024
(re-presented)((1))
Copper 1,756 2,038
Iron Ore 1,410 1,413
Manganese (11) 11
Crop Nutrients (30) (22)
De Beers (189) 300
Corporate and other 19 (68)
Total 2,955 3,672
( (1)) Comparative figures are re-presented to show separately results from
discontinued operations, see note 22.
Underlying EBITDA* reconciliation for the six months ended 30 June 2024 to
six months ended 30 June 2025
The reconciliation of underlying EBITDA from $3.7 billion in 2024 to
$3.0 billion in 2025 shows the major controllable factors (e.g. cost and
volume), as well as those outside of management control (e.g. price, foreign
exchange and inflation), that drive the Group's performance.
$ billion
H1 2024 underlying EBITDA* 3.7
De Beers (0.5)
Price -
Foreign exchange -
Inflation (0.1)
Volume (0.2)
Cost 0.2
Other (0.1)
H1 2025 underlying EBITDA* 3.0
De Beers
Rough diamond trading conditions remained challenged in the first half of 2025
resulting in a reduction in the rough price index, alongside the stock
rebalancing initiatives at De Beers and including the impact of a one-off
benefit from the fair value uplift of a non-diamond royalty right in H1 2024
saw underlying EBITDA* contribution reduce by $0.5 billion.
Price
Excluding the impact of De Beers, average market prices for the Group's basket
of products decreased by 1% compared with H1 2024. This was driven by a 4%
reduction in the weighted average realised price for iron ore. This was
partially offset by a 2% increase in the weighted average realised price for
copper.
Foreign exchange
The Group's average foreign exchange rate basket was broadly in line with H1
2024, creating no period-on-period impact to underlying EBITDA. The favourable
impact of the weaker Chilean peso and Brazilian real was offset by the
stronger South African rand and Peruvian sol.
Inflation
The Group's weighted average CPI was 4% in 2025, broadly in line with the
prior period. The impact of CPI inflation on costs reduced underlying EBITDA
by $0.1 billion (30 June 2024: $0.3 billion).
Net cost and volume
Lower sales volumes impacted EBITDA by $0.2 billion, due to lower production
at Copper Chile. This was partly offset by strong iron ore sales.
This was further offset by the realisation of savings delivered in 2024 seeing
a gross $0.3 billion reduction in costs driven by lower headcount and mining
costs at Kumba and lower overhead costs in Corporate partly offset by
$0.1 billion of headwinds at Collahuasi. We are well on track to realise $0.5
billion of committed savings in 2025.
Other
The $0.1 billion unfavourable movement was driven by lower earnings at
Manganese due to the suspension of operations following the tropical cyclone
in March 2024.
Reconciliation from underlying EBITDA* to underlying earnings* - Continuing
operations
Group underlying earnings decreased to $0.4 billion (30 June
2024: $0.9 billion), driven by lower underlying EBITDA, partly offset by
lower income tax expense due to the lower earnings.
$ million Six months ended 30 June 2025 Six months ended 30 June 2024
(re-presented)((1))
Underlying EBITDA* 2,955 3,672
Depreciation and amortisation (1,130) (1,071)
Net finance costs (293) (275)
Income tax expense (746) (1,025)
Non-controlling interests (399) (440)
Underlying earnings* - continuing operations 387 861
((1)) Comparative figures are re-presented to show separately results from
discontinued operations, see note 22.
Depreciation and amortisation
Depreciation and amortisation was broadly in line at $1.1 billion (30 June
2024: $1.1 billion), as lower shipping rates and the impact of the
impairment at De Beers in 2024 were offset by higher depreciation at Kumba
from the reversal of an impairment at the end of 2024 and the capitalisation
of Kapstevel South in June 2024, as well as Minas-Rio due to higher production
and Copper Chile due to the capitalisation of material projects during the
second half of 2024.
Net finance costs
Net finance costs, before special items and remeasurements, were broadly in
line with the prior period at $0.3 billion (30 June 2024: $0.3 billion).
Income tax expense
The underlying effective tax rate was higher than the prior period at 48.7%
(30 June 2024: 44.1%), impacted by the relative levels of profits arising in
the Group's operating jurisdictions. The tax charge for the period, before
special items and remeasurements, was $0.7 billion (30 June 2024: $1.0
billion).
Non-controlling interests
The share of underlying earnings attributable to non-controlling interests was
flat at $0.4 billion (30 June 2024: $0.4 billion). Amounts principally
relate to minority shareholdings in Iron Ore and Copper.
Reconciliation from underlying EBITDA* to underlying earnings* - Discontinued
operations
$ million Six months ended 30 June 2025 Six months ended 30 June 2024
(re-presented)((1))
Underlying EBITDA - discontinued operations* 93 1,308
Depreciation and amortisation (212) (446)
Net finance costs (85) (139)
Income tax expense - (204)
Non-controlling interests (8) (90)
Underlying earnings* - discontinued operations (212) 429
((1)) Comparative figures are re-presented to show separately results from
discontinued operations, see note 22.
Underlying earnings from discontinued operations was significantly lower
largely driven by lower purchases of concentrate and the impact of flooding at
Amandelbult in Platinum Group Metals (PGMs), as well as the impact in
Steelmaking Coal due to the suspension of Grosvenor from July 2024, the sale
of Jellinbah at the end of 2024 and the underground incident at Moranbah in
March 2025. Due to the lower earnings, tax and non-controlling interests were
both consequently lower.
Reconciliation from underlying EBITDA - Total Group* to underlying earnings*
$ million Six months ended 30 June 2025 Six months ended 30 June 2024
Underlying EBITDA - Total Group* 3,048 4,980
Depreciation and amortisation (1,342) (1,517)
Net finance costs (378) (414)
Income tax expense (746) (1,229)
Non-controlling interests (407) (530)
Underlying earnings* 175 1,290
Special items and remeasurements - Continuing operations
Special items and remeasurements (after tax and non-controlling interests)
from continuing operations are a net credit of $0.1 billion (H1 2024: net
charge of $1.9 billion). This principally relates to tax functional currency
remeasurements of $0.2 billion partially offset by restructuring costs related
to the Group's strategic change programme of $0.1 billion.
Full details of the special items and remeasurements recorded are included in
note 11 to the Condensed financial statements.
Net debt*
$ million 2025 2024
(re-presented)((1))
Opening net debt* at 1 January (10,623) (10,615)
Underlying EBITDA* from subsidiaries and joint operations 2,923 3,626
Working capital movements 361 675
Other cash flows from operations (17) (301)
Cash flows from operations 3,267 4,000
Capital repayments of lease obligations (133) (167)
Cash tax paid (612) (739)
Dividends from associates, joint ventures and financial asset investments 28 42
Net interest((2)) (405) (485)
Distributions paid to non-controlling interests (220) (257)
Sustaining capital expenditure (1,298) (1,495)
Sustaining attributable free cash flow* 627 899
Growth capital expenditure and other((3)) (305) (708)
Attributable free cash flow* 322 191
Dividends to Anglo American plc shareholders (270) (503)
Acquisitions and disposals (49) -
Foreign exchange and fair value movements 69 (3)
Other net debt movements((4)) (121) (401)
Total movement in net debt* - continuing operations (49) (716)
Total movement in net debt* - discontinued operations((5)) (92) 243
Closing net debt* at 30 June (10,764) (11,088)
((1))The 2024 results have been restated to exclude the discontinued
operations for comparability to the current year.
((2))Includes cash outflows of $128 million (30 June 2024: outflows of
$243 million), relating to interest payments on derivatives hedging net debt,
which are included in cash flows from derivatives related to financing
activities.
((3))Growth capital expenditure and other includes $17 million (30 June 2024:
$46 million) of expenditure on non-current intangible assets.
((4))Includes the purchase of shares (including for employee share schemes) of
$40 million and other movements in lease liabilities (excluding variable
vessel leases) increasing net debt by $26 million. 30 June 2024 Includes the
purchase of shares (including for employee share schemes) of $99 million and
other movements in lease liabilities (excluding variable vessel leases)
increasing net debt by $165 million
((5))Includes cash received from the Jellinbah disposal of $870 million;
finance leases included within held for sale at 30 June and thus excluded from
net debt of $141m; offset by capital expenditure of $518 million; Valterra
Platinum dividends paid to non-controlling interests of $297 million and the
net debt impact of the demerger of Valterra Platinum of $151 million including
tax and transaction costs. 30 June 2024 includes cash flows from discontinued
operations of $1,117 million; partially offset by capital expenditure of $762
million and cash tax paid of $145 million.
( )
Net debt (including related derivatives) of $10.8 billion has increased by
$0.2 billion from 31 December 2024. Net debt at 30 June 2025 represented
gearing (net debt to total capital) of 29% (31 December 2024: 27%). The net
debt to EBITDA ratio increased to 1.8x (31 December 2024: 1.3x), as a result
of the slightly higher net debt coupled with the lower underlying EBITDA. This
is temporarily elevated as the portfolio transitions, with proceeds from
expected divestments to be used to deleverage.
Cash flow
Cash flows from operations and Cash conversion* - Continuing operations
Cash flows from operations decreased to $3.3 billion (30 June
2024: $4.0 billion), reflecting the lower Underlying EBITDA from
subsidiaries and joint operations and lower working capital inflow of
$0.4 billion (30 June 2024: inflow of $0.7 million). An inventory inflow of
$0.6 billion was partly offset by a $0.2 billion payables outflow.
These factors contributed to the Group's cash conversion increasing to 108%
(30 June 2024: 93%).
Capital expenditure* - Continuing operations
$ million Six months ended 30 June 2025 Six months ended 30 June 2024
(re-presented)((1))
Stay-in-business 913 1,068
Development and stripping 292 258
Life-extension projects 101 173
Proceeds from disposal of property, plant and equipment (8) (5)
Sustaining capital 1,298 1,494
Growth projects 288 635
Total capital expenditure 1,586 2,129
((1)) Comparative figures are re-presented to show separately results from
discontinued operations, see note 22.
Capital expenditure was $0.5 billion lower compared to the prior period at
$1.6 billion (30 June 2024: $2.1 billion).
Sustaining capital expenditure was lower at $1.3 billion (30 June
2024: $1.5 billion), primarily due to the Collahuasi desalinisation project
spend reducing as it progresses towards completion in 2026.
Growth capital expenditure primarily relates to spend on the Woodsmith project
(Crop Nutrients), the first phase of the Collahuasi debottlenecking initiative
(Copper Chile) and the Kumba Ultra High Dense-Media-Separation (UHDMS) project
(Iron Ore). Growth capital expenditure was lower at $0.3 billion (30 June
2024: $0.6 billion), due to the slow down in development of Woodsmith in the
near term.
Attributable free cash flow* - Continuing operations
The Group's attributable free cash flow was $0.3 billion (30 June
2024: $0.2 billion). Despite lower cash flows from operations this period of
$3.3 billion (30 June 2024: $4.0 billion) driven by lower earnings and a
smaller working capital outflow, a reduction in total capex to $1.6 billion
(30 June 2024: $2.1 billion) and cash tax to $0.6 billion
(30 June 2024: $0.7 billion) fully offset this decrease.
Other movements in net debt - Continuing operations
In addition to the movements in attributable free cash flow, the total
movement in net debt was impacted by dividends to Anglo American plc
shareholders, acquisitions and disposals, foreign exchange and fair value
movements and other net debt movements. The dividend paid to Anglo American
plc shareholders reduced to
$0.3 billion (30 June 2024: $0.5 billion), driven by a reduction in underlying
earnings.
Shareholder returns
In line with the Group's established dividend policy to pay out 40% of
underlying earnings, the Board has proposed an interim dividend of 40% of
first half total underlying earnings, equal to $0.07 per share (30 June 2024:
$0.42 per share), equivalent to $0.1 billion (30 June 2024: $0.5 billion).
Balance sheet
Net assets decreased by $3.0 billion to $25.6 billion (31 December 2024:
$28.5 billion), driven principally by the demerger of the PGMs business,
whereby net assets of $5.6 billion were demerged. This was partially offset by
the recognition of a financial asset investment of $2.3 billion as at 30 June
2025 for the residual 19.9% holding in the PGMs business held at fair value.
Attributable ROCE* - Continuing operations
Attributable ROCE decreased to 9% (30 June 2024: 12%). Attributable
underlying EBIT decreased to $2.0 billion
(30 June 2024: $3.1 billion), reflecting the impact of lower underlying
EBITDA. Average attributable capital employed decreased to $22.8 billion
(2024: $25.6 billion), primarily due to the impact from the impairment
recognised in the prior year at De Beers.
Liquidity and funding
Group liquidity was $12.0 billion (31 December 2024: $15.3 billion),
comprising $5.8 billion of cash and cash equivalents (31 December 2024: $8.1
billion) and $6.2 billion of undrawn committed facilities (31 December 2024:
$7.2 billion).
In March 2025, the Group partially bought back Euro and US dollar denominated
bonds with maturities in 2027 and 2028. The Group used $1.0 billion of cash
to retire $1.0 billion of contractual repayment obligations (including
derivatives hedging the bonds).
Consequently, the weighted average maturity on the Group's bonds increased to
7.8 years (31 December 2024: 7.6 years).
Attractive growth options
Anglo American continues to evolve its portfolio of competitive, world-class
assets towards those future-enabling products that are essential for
decarbonising the global economy, improving living standards, and supporting
food security. In addition to these expansion opportunities, we also have
value-accretive adjacencies in our portfolio where we expect significant value
to be unlocked.
Growth projects (metrics presented on a 100% basis unless otherwise indicated)
Progress and current expectations in respect of our key growth projects are as
follows:
Operation Scope Capex Remaining capex First production
$bn $bn
Copper
Collahuasi Debottlenecking investment in additional crushing capacity and flotation cells c.0.2 c.0.1 2026
is expected to increase plant throughput from c.170 ktpd to c.185 ktpd, adding
production of c.10 ktpa (44% share) on average from 2026. (44% share) (44% share)
Further investments in debottlenecking initiatives have been approved and are
expected to expand the existing plant to the total permitted capacity of 210
ktpd and will add c.15 ktpa (44% share) of production from late 2027.
c.0.3 c.0.3 Late 2027
Beyond that, studies and permitting are required to be finalised for a fourth (44% share) (44% share)
processing line in the plant and mine expansion that would add up to c.150
ktpa (44% share) of production from the early 2030s. The desalination plant
that is currently under construction has been designed to accommodate capital
efficient expansion in light of the growth potential at the asset.
Subject to ongoing studies, permitting, and approvals
Quellaveco The plant throughput was initially permitted to a level of 127.5 ktpd and a
change in legislation in June 2024 has increased the permit allowance from 5%
to 10%, enabling throughput of up to c.140 ktpd.
In order to maximise throughput within the parameters of the current EIA
permit, a rapid permit to increase throughput to 150 ktpd plus the 10%
allowance was obtained in 2025. This provides added flexibility to design
optimal throughput for the plant with limited configuration changes, subject
to sectorial permits associated with the specific design and water
availability.
In light of this, the stage one expansion has been approved and will increase
throughput to c.142 ktpd by late 2026, involving installation of a second
pebble crusher and additional floatation cells.
Efforts will continue to further debottleneck the plant, while conducting
early studies to support Quellaveco's long-term expansion prospects.
c. 0.1 c.0.1 Late 2026
Subject to ongoing studies, permitting and approvals
Sakatti Polymetallic greenfield project in Finland containing copper, nickel, Subject to ongoing studies, permitting, and approvals Early 2030s
platinum, palladium, gold, silver and cobalt. The mine design has been updated
to reflect the latest studies and production profile, expected to deliver
60-80 ktpa copper equivalent production from a state-of-the-art mine design
with minimal surface footprint. The EIA was approved by the Finnish
authorities in 2023 and we are progressing with work to augment existing
studies in support of a Natura 2000 update.
Los Bronces A memorandum of understanding with Codelco was signed in February 2025 to Subject to definitive agreement, ongoing studies, permitting, and approvals. 2030
implement a joint mine plan between Los Bronces and Andina, which is expected
to contribute an additional c.60 ktpa copper equivalent production (average
over 2030-2051).
Work is progressing towards a definitive agreement in H2 2025, with the joint
mine plan expected to start from 2030.
The underground project will partly replace lower grade open-pit tonnes with
higher grade underground tonnes. It is located 5 km from the existing pit and
will use the same plant and tailings deposit capacity used by the current
operation, without requiring any additional fresh water.
The underground development was permitted as part of the wider Los Bronces
integrated project permit granted in 2023. Studies are under way with the aim
being to develop a modern operation with minimal surface impact while
maximising value delivery from the project.
Timing of the underground project is under review, dependent on the
finalisation of the joint mine plan agreement with Codelco. The joint mine
plan excludes the endowments related to Los Bronces underground.
Beyond 2030
Premium iron ore
Minas-Rio The implementation of recleaner flotation columns to enable higher throughput c.0.3 c.0.2 2028
while maintaining product quality. The average impact on production from the
implementation of the recleaners from 2028 to 2040 is expected to be ~2.8
Mtpa.
The acquisition of the neighbouring Serpentina resource from Vale completed in
Q4 2024. Serpentina is of a higher iron ore grade than Minas-Rio's ore and
contains predominantly softer friable ore that together are expected to
translate into lower unit costs and capital requirements. Subject to studies, permitting and approvals.
The combination of Minas-Rio with the scale and quality of the Serpentina
endowment provides a high value option to double Minas-Rio's production. Vale
will also have an option to acquire an additional 15% shareholding in the
enlarged Minas-Rio for cash (at fair value calculated at the time of exercise
of the option), if and when certain events relating to a future expansion
occur. Near-term access to the Serpentina ore as well as the potential future
expansion are both subject to obtaining normal licences, which are expected to
take a number of years.
Kumba The conversion of Sishen's Dense Media Separation plant to an UHDMS plant will c.0.6 c.0.4 2028
enable Sishen to reduce its ROM cut-off grade (from 48% to 40%) and produce
more premium-grade product (from less than 20% to more than 50% of production)
Crop Nutrients
Woodsmith New polyhalite (natural mineral fertiliser) mine being developed in North Refer to page 24 for more information on project progress
Yorkshire, UK. Expected to produce a premium quality, comparatively low carbon
fertiliser suitable for organic use. Final design capacity of c.13 Mtpa is
expected, subject to studies and approval.
Life-extension projects (metrics presented on a 100% basis unless otherwise
indicated)
Progress and current expectations in respect of our key life-extension
projects are as follows:
Operation Scope Capex Remaining capex Expected first production
$bn $bn
Diamonds
Venetia The Venetia underground is a replacement for the open pit and currently is c.2.3 c.0.6 Achieved in June 2023
expected to produce c.4Mctpa. First production was achieved in 2023 with
ramp-up over the next few years as development continues.
The Venetia Underground Project is undergoing a review in order to optimise
cost, capital and production in light of the current market environment.
Jwaneng 9 Mctpa (100% basis) replacement for Cuts 7 and 8. This will extend the life c.0.4 c.0.1 2027
of the mine by 9 years to 2036.
(19.2% share) (19.2% share)
Technology projects((1))
The Group continues to invest in technology projects that relate to its
FutureSmart Mining(TM) approach, including the delivery of Anglo American's
Sustainable Mining Plan targets, particularly those that relate to safety,
energy, emissions and water. The Group has optimised its technology programme,
focusing only on those technologies that will bring the most benefit to the
operating assets and development projects, as well as determining the most
effective manner to execute these programmes. For more information on
technology, please refer to our 2024 Integrated Annual Report, from page 62.
((1))Expenditure relating to technology projects is included within operating
expenditure, or if it meets the accounting criteria for capitalisation, within
Growth capital expenditure.
Sustainability performance
Sustainable Mining Plan
Anglo American's longstanding and holistic approach to sustainability helps to
build trust with our employees and stakeholders across society, reduces
operational risk and delivers direct financial value for our business. Our
reputation as a responsible mining company supports our ability to access
future resource development opportunities, both from the significant
endowments within our business and more broadly - critical to delivering our
growth ambitions.
Our Sustainable Mining Plan is designed to be a flexible, living plan and we
continue to evolve it as we learn and make progress, and as technologies
develop, while also ensuring it stays relevant and suitably stretching, in
tune with our employees' and stakeholders' ambitions for our business. We are
finalising an update to the Sustainable Mining Plan to both reflect the
Group's future portfolio, and to ensure that our sustainability ambitions
deliver tangible value to our many stakeholders at a local level, where it
matters most. Progress against the existing Sustainable Mining Plan targets is
discussed below.
Zero mindset
Occupational safety
We tragically lost two colleagues in fatal incidents in the first half of
2025. On 4 February, Mr Edvan de Jesus Pinto Bogea, a colleague working for
MIP Engenharia, a contractor company working on the construction of the
Filtering Plant Project at Minas-Rio in Brazil was fatally injured in a fall
from height incident during construction activities. On 20 April, Mr Felix
Kore, a colleague working at the Unki PGMs mine in Zimbabwe was fatally
injured in a mobile equipment incident.
The loss of a colleague is a profound reminder of how deeply safety matters.
It affects not just the workplace, but every life connected to it, and we keep
them in our thoughts at this very difficult time. We must remain focused and
vigilant at all times, staying alert to hazards and the risks that surround
us.
We are pleased to report continued progress in our safety performance during
the first half of 2025. Our Total Recordable Injury Frequency Rate (TRIFR) has
shown a sustained downward trend, building on the improvements achieved in
2024 (2024 FY: 1.57; 2025 H1: 1.20). Importantly, we have also seen a
consistent decline in High Potential Incidents, reflecting the effectiveness
of our risk mitigation strategies and operational discipline.
These improvements in our lagging safety indicators are underpinned by strong
performance in key leading indicators. Hazard reporting remains robust,
demonstrating a proactive reporting culture across our operations. Visible
Felt Leadership continues to drive accountability and engagement at all
levels. Planned maintenance is being executed with precision, reducing
unplanned work and enhancing reliability.
Our commitment to safety is unwavering, and these results reflect the strength
of our systems, our people, and our leadership. We remain focused on
continuous improvement to ensure a safe and sustainable operating environment.
Occupational health
Our health and well-being strategy, aligned with the World Health Organization
(WHO) Healthy Workplace model, has been updated to include Total Worker Health
concepts that integrate actions to support the health and well-being of our
workforce and host communities. This integrated strategy incorporates our
WeCare well-being programme and other social performance activities, including
our livelihoods-support programmes. It requires us to work synergistically to
support our people and achieve our health and well-being goals.
Occupational diseases
To date in 2025, there were four reported new cases of occupational disease,
all of which were hearing loss related to historic noise exposure (2024 H1: 9;
2024 FY: 19, of which 14 were related to noise exposure and one was
musculoskeletal). The challenge in occupational disease reporting is that many
hazards do not cause immediately detectable health harms, with most
occupational diseases not clinically definable until many years post exposure.
This means disease cases reported in a given year reflect accumulated and/or
past working conditions and exposures. This is termed "latency of
presentation", and the challenge underscores the importance of ongoing robust
environment monitoring, comprehensive worker education and health
surveillance, regularly updated risk assessments, and proactive control
of hazards with levels over the Occupational Exposure Limit. This is why
reduction and prevention strategies to control all known workplace hazards
down to scientifically proven protective levels remain an ongoing focus at
Anglo American.
We continue to maintain efforts on quality data and evolving the reporting of
our health data to help inform our future decision making.
Healthy environment
Our existing Sustainable Mining Plan includes commitments to be a leader in
environmental stewardship. These include our aims, by 2030, to reduce
operational greenhouse gas (GHG) emissions (Scopes 1 and 2) by 30%; achieve a
50% reduction in fresh water abstraction in water scarce areas; and deliver
net-positive impacts in biodiversity across our managed operations.
Climate change
In the first half of 2025, Scope 1 and 2 GHG emissions for the current
portfolio, including PGMs, were 14% lower than the same period in 2024. This
was largely driven by the shutdown of the Grosvenor mine at Steelmaking Coal
and the Mortimer smelter at PGMs, as well as planned lower production at some
assets, compared to 2024.
We are making progress towards achieving carbon neutrality across our
operations by 2040. Compared with 2019, when our emissions peaked, by 2024 we
had delivered a 31% reduction in our total Scope 1 and 2 emissions.
Year-on-year improvements in the management of methane in our steelmaking
coal business made the largest contribution to this reduction, with
the completion of our renewable energy rollout in South America in 2023 also
making a significant contribution. A major milestone so far in 2025 was the
shift of our managed operations in Australia to 100% renewable electricity
supply. Added to our South American operations, which have been supplied with
100% renewable electricity since 2023, this means that approximately 60% of
the global grid supply for the current Anglo American portfolio (including
PGMs) is currently drawn from renewable sources.
We continue to make progress towards addressing Anglo American's largest
remaining current source of Scope 2 emissions - our electricity supply in
southern Africa. Our jointly owned renewable energy venture with EDF Power
Solutions, known as Envusa Energy, is continuing construction of three
renewable energy projects, known as the Koruson 2 cluster. These projects,
located on the border of the Northern and Eastern Cape provinces of South
Africa, are designed to have a total capacity of 520 MW of wind and solar
electricity generation. In the first half of 2025, the Anglo American Board
approved construction of a 63MW solar plant on one of the waste rock dumps at
Kumba's Sishen mine.
Water
With more than 80% of our global assets (including PGMs) located in water
scarce areas, we need to reduce our dependence on fresh water and are working
on a number of projects and technologies to help us achieve our fresh water
reduction targets.
By the end of 2024, we had reduced fresh water withdrawals by 27% against the
2015 baseline that informs the Sustainable Mining Plan target of a 50%
reduction in fresh water withdrawals by 2030. At mid-year 2025, fresh water
withdrawals are down an additional 27% compared to H1 2024. Our operations
continue to improve their water re-use and recycling rates, reducing their
reliance on fresh water. Group-wide water efficiency increased to 86% in 2024
(2023: 84%). This focus on efficiency continues at all our operations
throughout 2025, with reported H1 2025 efficiency at 85%.
Biodiversity
As custodians of the land and ecosystems around our operations, we seek to
improve the footprint of our operations and direct our efforts towards
delivering positive and lasting environmental outcomes for host communities
and our wide range of stakeholders.
We have now completed detailed biodiversity baseline assessments across all
our managed operations, defining and assessing significant biodiversity
features including key habitats and species, as well as identifying those
ecosystems that require protection and restoration. The progress towards Net
Positive Impact (NPI) was reassessed in 2023, enabling us to begin developing
each site's pathway to maintaining an NPI position throughout the life of the
asset. Detailed biodiversity management programmes have been developed for
each site and have been independently reviewed by our NGO partners.
We continue to implement a range of biodiversity programmes across our its
operations to support delivery of the Biodiversity Management Plans. These
include large-scale land conservation at El Soldado and Minas-Rio, restoration
of degraded land at Los Bronces, and connecting fragmented ecosystems at Kumba
and Minas-Rio. At Quellaveco, collaboration with International Union for
Conservation of Nature and UNEP World Conservation Monitoring Centre is
advancing species monitoring while also supporting community engagement and
afforestation. Collectively, these initiatives contribute to species
protection, ecosystem restoration, data sharing, and long term biodiversity
resilience across landscapes.
Thriving communities
We continue working to strengthen and broaden our social performance
competencies through embedding our social performance management system - the
Social Way - across Anglo American. Through the implementation of the Social
Way, which we believe is one of the most robust and comprehensive social
performance management systems in the mining sector, we protect and enable
both business and stakeholder value. Through our collaborative regional
development initiatives, we are working actively to support local and regional
economies, as well as the lives and livelihoods of the communities where we
operate.
In 2024 we completed an efficiency review of the Social Way Assurance
programme and the revised approach to assurance will be piloted in H2 2025.
Since the launch of our Sustainable Mining Plan, we have supported more than
157,000 off site jobs through livelihoods programmes. One example of where we
are offering support beyond traditional social investment is our Impact
Finance Network (IFN), which supports local growth-stage SMEs to prepare for
and access funding from investors, provides pre-investment technical
assistance, investor matching and catalytic capital and unlocks impact capital
at scale, working with partners to build effective impact investment
ecosystems. To date, the IFN has provided technical assistance and matching to
more than 100 companies globally, supporting more than 53,000 jobs and raising
over $117 million of third-party capital. Building off the work in southern
Africa, we now have a strong footprint in South America. We are into our third
year of operation in Chile and into our second year in Peru, while rolling out
the IFN to Brazil, with a pilot running to the end of 2025.
Trusted corporate leader
Tightly linked to our safety imperative and our Values, we strive to create a
workplace that places people at its heart. We are committed to promoting an
inclusive and diverse environment where every colleague is valued and
respected for who they are, and has the opportunity to fulfil their potential.
At mid-year 2025, we have continued to increase female representation across
the business for our management population, reaching 36%. In addition, in
regard to female representation on the Executive Leadership Team (ELT) we
have increased to 30% (from 25% at the end of 2024). Female representation on
the ELT, plus those reporting to an ELT member, increased to 35% (from 34% in
2024). In addition to ELT representation, we continue to work on other key
performance metrics, such as the percentage of women in the overall
workforce, which has remained at 26%.
To demonstrate the high standards to which we operate, we have actively
worked with multi-stakeholder groups developing and adopting some of the most
trusted sustainability certification programmes for the mining sector,
including the Initiative for Responsible Mining Assurance (IRMA) and the
Responsible Jewellery Council (RJC).
Having met our Sustainable Mining Plan interim target of having half of our
operations undergo third-party audits against recognised responsible mine
certification systems in 2022, we continue to work towards our 2025 target to
have initiated third-party audits of all our relevant operations.
Sites that have undergone third-party assessment include:
- Minas-Rio and Barro Alto mines in Brazil are the first iron ore and
nickel-producing mines in the world to complete an IRMA audit. Both mines
achieved the IRMA 75 level of performance.
- Kolomela and Sishen mines in South Africa are the first iron ore mines in
Africa to complete IRMA audits, achieving an IRMA 75 level of performance.
- Los Bronces and El Soldado copper operations have achieved The Copper Mark
certification. Our first audits in Steelmaking Coal, using the Towards
Sustainable Mining (TSM) standard, were completed at the Capcoal and Aquila
mines.
The success of our business is shared with a wide range of stakeholders,
including national governments and host communities, through the significant
corporate tax, mining tax and royalty payments that we make. Total taxes and
royalties borne and taxes collected amounted to $1,991 million, a 20% decrease
compared with the $2,481 million paid in the prior reporting period.
The Board
Changes to the composition of the Board in 2025 are set out below.
As announced in December 2024, Anne Wade joined the Board as a non-executive
director and a member of the Board's Audit and Sustainability committees on 1
January 2025.
At the date of this report, five (45%) of the 11 Board directors are female
and two (18%) identify as minority ethnic. The names of the directors at the
date of this report and the skills and experience our Board members contribute
to the long term sustainable success of Anglo American are set out on the
Group's website:
www.angloamerican.com/about-us/leadership-team
(https://www.angloamerican.com/about-us/leadership-team)
Principal risks and uncertainties
Anglo American is exposed to a variety of risks and uncertainties which may
have a financial, operational or reputational impact on the Group, and which
may also have an impact on the achievement of social, economic
and environmental objectives.
The principal risks and uncertainties facing the Group relate to the
following:
- Catastrophic and natural catastrophe risks
- Product prices
- Geopolitical
- Cybersecurity
- Permitting and regulatory
- Operational performance
- Safety
- Corruption
- Portfolio and organisational transformation
- Community stakeholder conflict
- Water
- Pandemic
- Climate change
The Group is exposed to changes in the economic environment, including tax
rates and regimes, as with any other business. Details of any key risks and
uncertainties specific to the period are covered in the business reviews on
pages 16-30. Details of relevant tax matters are included in note 7 to the
Condensed financial statements. The principal risks and uncertainties facing
the Group at the 2024 year end are set out in detail in the strategic report
section of the Integrated Annual Report 2024, published on the Group's website
www.angloamerican.com, on 3 March 2025.
Operational and financial business review
Copper
Operational and financial metrics
Production Sales Price Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume volume cost* revenue* EBITDA* margin* EBIT*
kt((1)) kt((2)) c/lb((3)) c/lb((4)) $m((5)) $m $m $m
Copper Total 342 345 436 155 3,666 1,756 48% 1,214 712 18%
Prior period 394 391 429 152 3,875 2,038 53% 1,564 855 25%
Copper Chile 186 192 444 211 2,142 715 33% 360 543 13%
Prior period 247 242 437 176 2,455 1,196 49% 893 620 33%
Los Bronces((6)) 80 82 n/a 248 813 293 36% 126 121 n/a
Prior period 97 92 - 241 873 369 42% 244 146 -
Collahuasi((7)) 83 86 n/a 181 859 379 44% 253 403 n/a
Prior period 125 127 - 119 1,204 782 65% 654 463 -
Other operations((8)) 22 24 n/a n/a 470 43 9% (19) 19 n/a
Prior period 24 23 - - 378 45 12% (5) 11 -
Copper Peru (Quellaveco)((9)) 157 153 427 88 1,524 1,041 68% 854 169 23%
Prior period 147 149 415 112 1,420 842 59% 671 235 17%
((1))Shown on a contained metal basis. Reflects copper production from the
Copper operations in Chile and Peru only (excludes copper production from the
PGMs business).
((2))Shown on a contained metal basis. Excludes 175 kt third-party sales (30
June 2024: 168 kt).
((3))Represents realised copper price and excludes impact of third-party
sales.
((4))C1 unit cost includes by-product credits. Total copper unit cost is a
weighted average.
((5))Group revenue is shown after deduction of treatment and refining charges
(TC/RCs).
((6))Figures on a 100% basis (Group's share: 50.1%).
((7))44% share of Collahuasi production, sales and financials.
((8))Other operations form part of the results of Copper Chile. Production and
sales are from El Soldado mine (figures on a 100% basis, Group's share:
50.1%). Financials include El Soldado and Chagres (figures on a 100% basis,
Group's share: 50.1%), third-party trading, projects, including Sakatti, and
corporate costs. El Soldado mine C1 unit costs increased by 16% to 259c/lb (30
June 2024: 224c/lb).
((9))Figures on a 100% basis (Group's share: 60%).
Operational performance
Copper Chile
Copper production of 185,600 tonnes decreased by 25% (30 June 2024: 246,500
tonnes), due to the anticipated lower grade and lower copper recovery at
Collahuasi and the planned closure of the smaller of the two Los Bronces
processing plants.
At Los Bronces, production decreased by 17% to 80,300 tonnes (30 June 2024:
97,100 tonnes), primarily due to the impact of the smaller Los Bronces
processing plant being put on care and maintenance at the end of July 2024,
partially offset by higher ore grade (0.54% vs 0.48%) and copper recovery.
At Collahuasi, Anglo American's attributable share of copper production
decreased by 33% to 83,400 tonnes
(30 June 2024: 125,000 tonnes), due to anticipated lower ore grade (0.91% vs
1.13%) as well as lower copper recovery and throughput associated with lower
ore feed quality from processing lower grade stockpiles and temporary water
supply constraints.
Production at El Soldado decreased by 10% to 21,900 tonnes (30 June 2024:
24,400 tonnes), principally due to planned lower grade (0.88% vs 0.94%).
Copper Peru
Quellaveco production increased by 6% to 156,600 tonnes (30 June 2024: 147,300
tonnes), reflecting strong plant performance and higher grades (0.77% vs
0.73%). As planned, in 2025, the mine is expected to average similar grades as
2024, while the next phases are opened and developed, allowing for greater
flexibility in the medium and long term. Optimising plant stability and
throughput remains a priority during 2025 as we continue to work to improve
recoveries, including at the coarse particle recovery plant.
Markets
30 June 2025 30 June 2024
Average market price (c/lb) 428 412
Average realised price (Copper Chile - c/lb) 444 437
Average realised price (Copper Peru - c/lb) 427 415
The differences between the market price and the realised prices are largely a
function of provisional pricing adjustments and the timing of sales across the
period.
Copper prices were volatile during the first half of 2025 as strong Chinese
refined demand and a tariff-related surge in US refined copper imports were
partly offset by uncertainty regarding the wider economic impact of US
tariffs. The LME copper price averaged 428 c/lb, up 4% from the comparative
period (30 June 2024: 412 c/lb), with the anticipation of Section 232 tariffs
on copper driving a 127% period-on-period surge in US refined imports during
the first 5 months of the year, drawing refined copper away from more typical
demand centres in Asia and Europe. Chinese refined demand has remained robust,
despite evolving US trade policies, while longer term copper prices are
expected to remain well-supported by continued electrification and energy
transition infrastructure investment.
Financial performance
Underlying EBITDA for Copper decreased by 14% to $1,756 million (30 June 2024:
$2,038 million), driven by lower sales volumes, despite the higher copper
price.
Copper Chile
Underlying EBITDA decreased by 40% to $715 million (30 June 2024: $1,196
million), primarily driven by lower sales volumes and higher unit costs,
partially offset by higher copper prices. C1 unit costs increased by 20% to
211 c/lb (30 June 2024: 176 c/lb), reflecting the impact of lower production
coupled with a shift in the production mix between Los Bronces and Collahuasi,
partially offset by the benefit of higher by-product credits, lower treatment
and refining charges and a weaker Chilean peso.
Capital expenditure decreased by 12% to $543 million (30 June 2024: $620
million), driven by expected lower expenditure at Collahuasi on the
desalination plant project and a weaker Chilean peso.
Copper Peru
Underlying EBITDA increased by 24% to $1,041 million (30 June 2024: $842
million), reflecting higher sales volumes and prices as well as lower C1 unit
costs. C1 unit costs decreased by 21% to 88 c/lb (30 June 2024: 112 c/lb),
reflecting the benefit from lower treatment and refining charges, lower fuel
and maintenance contract costs as well as the deferral of some costs into the
second half of the year.
Capital expenditure decreased by 28% to $169 million (30 June 2024: $235
million), due to rephasing of spend on the tailings management facility and
completion of tailings dam phases.
Operational outlook
Copper Chile
Los Bronces
Los Bronces is a world-class copper deposit, accounting for more than 2% of
the world's known copper resources. A single phase with harder ore is
currently been mined, and until the economics improve, the smaller (c.40% of
total plant capacity) Los Bronces processing plant will remain on care and
maintenance.
Good progress is being made in the development of Donoso 2, the next phase of
the mine, which has higher grade and softer ore. Development activities for
this phase continue and it is expected to be fully opened by early 2027. The
first phase of the Los Bronces integrated water security project is also
ongoing, which will secure a large portion of the mine's water needs through a
desalinated water supply from 2026.
The permitted Los Bronces integrated project work is progressing as planned.
For the mine pit expansion, the first mine phase development has already
started, and for Los Bronces underground, the pre-feasibility study is
advancing and is expected to be finalised during the second half of 2025.
Collahuasi
Collahuasi is a world-class orebody with significant growth potential,
accounting for more than 2% of the world´s known copper resources with over
2.6 billion tonnes of sulphide Ore Reserves at 0.96% TCu grade. The mine is
currently transitioning between phases in the main Rosario pit and is expected
to continue drawing on lower grade stockpiles over the coming period, while
remaining focused on optimising plant feed to mitigate the impact of this
transitional period and completing the key debottlenecking projects. Various
debottlenecking options have been approved and are in execution that are
expected to add c.25,000 tonnes per annum (tpa) (our 44% share) of production
from late 2027. Beyond that, studies and permitting are under way for a fourth
processing line in the plant and mine expansion that would add up to c.150,000
tpa (our 44% share) of production. Timing of that expansion is subject to the
permitting process; depending on permit approval, first production could
follow from the early 2030s.
A desalination plant is currently under construction that will meet a large
portion of the mine's water requirements by mid-2026 when fully operational
and has been designed to accommodate capital-efficient expansion to support
the fourth processing line expansion project. Until then, the operation
continues to progress mitigation measures to optimise and reduce water
consumption, as well as securing third-party water sources including the
provision of ultra-filtered sea water that was delivered in July for system
testing and is expected to ramp-up during the second half of 2025.
El Soldado
Production in 2025 is expected to return to 2023 production levels (c.40,000
tpa) due to planned lower grades, before declining to 30,000-35,000 tpa until
end of mine life which is expected by mid-2028. Options to extend the life of
the mine beyond 2028 are being evaluated.
Copper Chile
These factors are reflected in the unchanged guidance provided on pages 31-33.
Production guidance for Chile for 2025 is 380,000-410,000 tonnes, subject to
water availability, and is expected to be weighted to the second half of 2025
given the impact from lower grades in the first half from Collahuasi,
particularly in Q1.
2025 unit cost guidance is c.195 c/lb((1)). The first half unit cost of 211
c/lb, was higher than guidance, reflecting the impact of the production mix
between Los Bronces and Collahuasi.
Copper Peru
Quellaveco in Peru remains a cornerstone in our portfolio of world-class
copper assets, designed to produce on average c.300,000 tonnes of copper per
annum in its first 10 years of operation.
In the latter part of 2023, a revised mine plan was put into place due to a
localised geotechnical fault. The stripping and mine development work is
progressing well, with other lower grade phases being mined and opened up to
increase the flexibility in the mine. After five years of operating,
maintenance will be carried out on the concentrator, including the mills and
conveyors; this is expected to occur in 2027 and 2028, modestly impacting
production in those years.
There is significant expansion potential that could sustain production beyond
the initial high-grade area. The original plant throughput design capacity was
127,500 tonnes per day (tpd) and a change in legislation in the middle of 2024
increased the permit allowance from 5% to 10%, enabling throughput to increase
from 133,800 tpd to c.140,000 tpd. In order to maximise throughput within the
parameters of the current Environmental Impact Assessment permit, a rapid
permit to increase throughput to 150,000 tpd plus the 10% allowance was
obtained in 2025. This provides added flexibility to design optimal throughput
for the plant with limited configuration changes, subject to sectorial permits
associated with the specific design and water availability.
In light of this, the stage one expansion has been approved and will increase
throughput to c.142,000 tpd by late 2026, involving the installation of a
second pebble crusher and additional flotation cells. This project represents
the first stage to full optimisation of the plant with minimal capital
investment, delivering robust returns. Efforts will continue to further
debottleneck the plant, while conducting early studies to support Quellaveco's
long-term expansion prospects, underpinned by an exploration drilling campaign
below and around the current pit shell, which to date has yielded promising
results.
These factors are reflected in the unchanged guidance provided on pages 31-33.
Production guidance for Peru for 2025 is 310,000-340,000 tonnes. 2025 unit
cost guidance is c.100 c/lb((1)). The first half unit cost of 88 c/lb was
lower than guidance, reflecting higher molybdenum volumes due to mine phasing
with strong pricing realisations, the impact of mine sequencing and lower
treatment and refining charges.
((1)) The copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. 2025 unit cost guidance was set at c.950
CLP:USD for Chile and c.3.75 PEN:USD for Peru.
Iron Ore
Operational and financial metrics
Production Sales Price Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume volume cost* revenue* EBITDA* margin* EBIT*
Mt((1)) Mt((1)) $/t((2)) $/t((3)) $m $m $m $m
Iron Ore Total 31.4 31.0 89 35 3,224 1,410 44% 1,055 520 18%
Prior period 30.7 29.5 93 37 3,296 1,413 43% 1,171 495 21%
Kumba Iron Ore((4)) 18.2 18.7 91 39 1,886 849 45% 645 246 38%
Prior period 18.5 18.1 97 39 1,988 888 45% 742 266 47%
Iron Ore Brazil (Minas-Rio) 13.1 12.3 86 29 1,338 561 42% 410 274 12%
Prior period 12.3 11.4 86 33 1,308 525 40% 429 229 14%
((1)) Production and sales volumes are reported as wet metric tonnes. Product
is shipped with c.1.5% moisture from Kumba and c.9% moisture from Minas-Rio.
((2)) Prices for Kumba Iron Ore are the average realised export basket price
(FOB Saldanha) (wet basis). Prices for Minas-Rio are the average realised
export basket price (FOB Brazil) (wet basis). Prices for total iron ore are a
blended average.
((3)) Unit costs are reported on an FOB wet basis. Unit costs for total iron
ore are a weighted average.
((4)) Sales volumes, stock and realised price could differ to Kumba's
stand-alone reported results due to sales to other Group companies.
Operational performance
Kumba((1))
Total production of 18.2 Mt is marginally lower than the prior period (30 June
2024: 18.5 Mt) reflecting a flexible production approach to managing Sishen
and Kolomela as an integrated complex. Production was 6% lower at Sishen at
12.4 Mt (30 June 2024: 13.2 Mt) following a proactive drawdown of high mine
stockpiles in the first quarter and maintenance activities in the second
quarter. This was mostly offset by an increase of 12% at Kolomela to 5.9Mt (30
June 2024: 5.3Mt) due to the improved third-party rail availability to the
mine.
Sales volumes increased by 3% to 18.7 Mt (30 June 2024: 18.1 Mt), due to
improved equipment availability at Saldanha Bay Port.
The third-party rail performance improved by 0.8 Mt to 18.9 Mt (30 June 2024:
18.1 Mt) due to improved running times. Total finished stock remained broadly
flat in the first six months of the year at 7.4 Mt, with stock at the mines
decreasing by 0.5 Mt to 6.4 Mt and stock at the port increasing by 0.5 Mt to
1.0 Mt.
Minas-Rio
Minas-Rio delivered a strong performance in the first six months of the year,
with production increasing by 7% to 13.1 Mt (30 June 2024: 12.3 Mt). This
performance was underpinned by improved mass recovery at the beneficiation
plant, which in turn was driven by reduced ore variability, higher iron ore
content, enhanced operational discipline and stability through improved
equipment availability to ensure consistent ore feed supply.
Markets
30 June 2025 30 June 2024
Average market price (Platts 62% Fe CFR China - $/tonne) 101 118
Average market price (MB 65% Fe Fines CFR - $/tonne) 113 131
Average realised price (Kumba export - $/tonne) (FOB wet basis) 91 97
Average realised price (Minas-Rio - $/tonne) (FOB wet basis) 86 86
The Platts 65-62 differential averaged $12/dmt in H1 2025, down from $13/dmt
in H1 2024, reflecting a shift in demand towards low to mid-grade iron ore.
The shift has prompted consecutive narrowing of the spread throughout the
first six months of the year, as steelmakers sought to reduce costs amid
sustained margin pressure. The lump premium averaged $0.1514/dmtu in H1 2025,
up from $0.1339/dmtu a year earlier, supported by a significant decline in
metallurgical coke prices that incentivised greater lump usage in blast
furnace operations.
Kumba's FOB realised price of $91/wet metric tonne (wmt) was above the
equivalent Platts 62% Fe FOB Saldanha market price (adjusted for moisture) of
$84/wmt in the first six months of the year. The premiums for iron content
(64.1% Fe) and lump product (approximately 67%) were partially offset by
provisionally priced sales volumes.
Minas-Rio's pellet feed product is higher grade (with iron content of c.67%
and lower impurities) so the MB 65 Fines index is used when referring to the
Minas-Rio product. The Minas-Rio realised price of $86/wmt FOB was 5% higher
than the equivalent MB 65 FOB Brazil index (adjusted for moisture) of $82/wmt
FOB, benefitting from the premium for our high quality product, including
higher (~67%) Fe content, partially offset by provisionally priced sales
volumes.
Financial performance
Underlying EBITDA for Iron Ore remained broadly flat at $1,410 million (30
June 2024: $1,413 million), as a 4% lower realised iron ore price was fully
offset by a 5% increase in sales volumes.
Kumba((1))
Underlying EBITDA was 4% lower at $849 million (30 June 2024: $888 million),
as the lower realised price was largely offset by higher sales volumes. Unit
costs were maintained at $39/tonne (30 June 2024: $39/tonne), as a result of
ongoing cost optimisation work that offset the effects of inflation and the
stronger South African rand.
Capital expenditure decreased by 8% to $246 million (30 June 2024: $266
million) reflecting lower stay-in-business spend as a result of optimisation
initiatives and phasing as projects are ramping up in the second half of the
year, partially offset by higher deferred stripping capitalisation.
Minas-Rio
Underlying EBITDA increased by 7% to $561 million (30 June 2024: $525
million), driven primarily by higher sales volumes and lower unit cost. Unit
costs decreased by 12% to $29/tonne (30 June 2024: $33/tonne), mainly due to a
weaker Brazilian real and higher production volumes.
Capital expenditure was 20% higher at $274 million (30 June 2024: $229
million), primarily associated to the tailings filtration project, which is
expected to start up in early 2026.
Operational outlook
Kumba
Production is expected to remain at 35-37 Mtpa in the near term, apart from
2026, which is expected to decrease by c.4Mt to 31-33 Mtpa reflecting the
tie-in of the Ultra High Dense-Media-Separation (UHDMS) project which was
announced by Kumba in August 2024. Unit costs are expected to be between
$39-40/tonne during this three-year period.
These factors are reflected in the unchanged guidance provided on pages 31-33.
Production guidance for 2025 is 35-37Mt, subject to third-party rail and port
availability and performance. 2025 unit cost guidance is c.$39/tonne((2)). The
first half unit cost of $39/tonne was in line with guidance.
((1)) Production and sales volumes, stock and realised price are reported on a
wet basis and could differ from Kumba's stand-alone results due to sales to
other Group companies.
Minas-Rio
An inspection of the 529 km pipeline that carries iron ore slurry from the
plant to the port is planned for Q3 2025. Plant maintenance has been scheduled
to coincide with the operational stoppage. Pipeline inspections take place
every five years and are validated by external consultants and agreed with the
Brazilian Environmental Authorities.
These factors are reflected in the unchanged guidance provided on pages 31-33.
Production guidance for 2025 is 22-24 Mt. 2025 unit cost guidance is
c.$32/tonne((2)). The first half unit cost of $29/tonne, was lower than
guidance, due to production volumes being weighted to the first half of the
year.
Following a record 12-month performance of 25 million tonnes in 2024, focus
will remain on delivering consistent and stable production, while increasing
the maturity of the capital projects to sustain and grow production volumes as
well as improving the mine plan to minimise ore feed quality variability. In
light of the completion of the transaction to integrate the contiguous Serra
da Serpentina high-grade iron ore resource, options to maximise long-term
value are currently being evaluated.
In parallel, Minas-Rio is focused on increasing tailings storage capacity. The
tailings filtration plant project is on track for completion by early 2026 and
alternative, additional disposal options continue to be studied.
((2)) 2025 unit cost guidance was set at c.18.60 ZAR:USD for Kumba and c.5.75
BRL:USD for Minas-Rio.
Manganese
Operational and financial metrics
Production Sales Group Underlying EBITDA Underlying Capex* ROCE*
volume volume revenue* EBITDA* margin* EBIT*
Mt Mt $m $m $m $m
Manganese 1.1 0.9 147 (11) (7) % (52) - (50)%
Prior period 1.1 1.2 219 11 5 % (35) - (53)%
Operational performance
Attributable manganese ore production decreased 4% to 1.1 Mt (30 June 2024:
1.1 Mt), reflecting the temporary suspension of the Australian operations
since March 2024 as a result of the impact of tropical cyclone Megan,
with operations resuming in Q2 2025. Export shipping activities resumed
progressively in the second half of May.
The sale of the South African manganese alloy smelter, which has been on care
and maintenance since March 2020 completed in June, in line with expectations.
Financial performance
Underlying EBITDA decreased by 200% to a loss of $11 million (30 June 2024:
$11 million profit), primarily driven by a 22% decrease in export sales
following the damage caused by the tropical cyclone in March 2024 at the
Australian operation and the weaker average realised manganese ore price,
which was partially offset by lower operating costs. Insurance proceeds of $40
million (40% attributable share basis) for the cyclone damage have been
received in the first six months of this year (taking the total received since
the incident to $160 million).
High grade manganese ore prices (Metal Bulletin 44% manganese ore CIF China)
averaged $4.53/dmtu in the first six months of the year, down 18% from the
same period last year (30 June 2024: $5.54/dmtu), reflecting the market
normalisation in the second half of 2024 following the cyclone damage to
critical infrastructure at the South32 Australian operation in March and
subsequent recovery in overall seaborne supply. Despite the growing use of
manganese in batteries, margins in the main consumer steel industry remained
weak in early 2025, leading to subdued demand in the key consuming regions of
China and Europe, and prices have drifted down again to more normal levels.
Crop Nutrients
Operational and financial metrics
Production Sales Group Underlying EBITDA Underlying Capex* ROCE*
volume volume revenue* EBITDA* margin* EBIT*
$m $m $m $m
Crop Nutrients n/a n/a 78 (30) n/a (30) 184 n/a
Prior period - - 86 (22) - (22) 500 -
Woodsmith project n/a n/a 1 n/a n/a n/a 184 n/a
Prior period - - - - - - 500 -
Other((1)) n/a n/a 77 (30) n/a (30) n/a n/a
Prior period - - 86 (22) - (22) - -
((1))Other comprises projects and corporate costs as well as the share in
associate results from The Cibra Group, a fertiliser distributor based
in Brazil.
Crop Nutrients
Anglo American is developing Woodsmith, a large-scale, long-life Tier 1 asset
in the north east of England, to access the world's largest known deposit of
polyhalite - a natural mineral fertiliser product containing potassium,
sulphur, magnesium and calcium - four of the six nutrients that every plant
needs to grow.
The Woodsmith project is located on the North Yorkshire coast, just south of
Whitby, where polyhalite ore will be extracted via two 1.6 km deep mine shafts
(a service shaft and a production shaft) and then transported to the port area
in Teesside via an underground conveyor belt in a 37 km mineral transport
system (MTS) tunnel, thereby minimising any environmental impact on the
surface. The polyhalite can then be developed into POLY4, our comparatively
low-carbon multi-nutrient polyhalite product, at a materials handling facility
in the port area, before being exported to a network of customers around the
world from the priority access port facility.
Progress update
Woodsmith project
In 2024, the Group announced that in order to support deleveraging of the
balance sheet, it will be slowing the pace of development of the Woodsmith
project in the near-term. Crop Nutrients is one of the three businesses within
the simplified portfolio and, as such, the current focus is on preserving the
exceptional long-term value of this high quality asset. The transition to
slowdown status was completed in Q1 2025 with activities now focused on
critical value-adding works to de-risk the overall project schedule, preserve
progress in areas that are in care and maintenance, and further optimise
certain scopes of the project to be ready for ramp-up when conditions allow.
Shaft sinking activities are continuing on the service shaft in order to
progress through the Sherwood sandstone strata - a water-bearing layer of hard
rock. As planned during H1 2025, initial sinking activities in the sandstone,
grouting and installation of water-tight liner (tubbing) have been completed.
Good progress has been made to date, and the learnings from these initial
activities will help progress shaft sinking in the second half of the year and
confirm key assumptions on the overall project development schedule. Sinking
activities on the production shaft were paused in June 2024. Tunnel boring
activities have continued at a significantly reduced pace, which will continue
during 2025. The tunnel has now reached c.29.6 km, approximately 80% of the
total 37 km length.
Value-preservation work during the slowdown period also includes maintenance
of key permits and preservation of land rights to allow project ramp-up in
due course, and execution of the critical study programme, focused on
enhancing the project's configuration to enable efficient, scalable mining
methods and optimising additional infrastructure. The critical study programme
re-scoping considers the revised capital schedule and development plan and
importantly allows us to review project and business development
opportunities, to optimise our business plans prior to ramping up again when
conditions allow.
Before the project would be sanctioned for full development and consideration
by the Board for approval, three conditions need to be met. First, a
feasibility study would need to be completed, which requires sufficient
information from the sandstone strata to confirm key assumptions. The second
condition is a clear pathway to syndication for value. Finally, the Group's
balance sheet would need to be sufficiently deleveraged.
The expected final design capacity remains c.13 Mtpa, subject to ongoing
studies and approval. Work is also continuing to identify and secure one or
more strategic syndication partners for Woodsmith ahead of consideration by
the Board for approval and subsequent project ramp-up, anticipated from 2027.
Forecast capital expenditure for 2025 remains c.$0.3 billion, focused on core
infrastructure, with $184 million spent during the first half of this year (H1
2024: $500 million). We will continue to fund our Thriving Communities
programmes that focus on education and supporting vulnerable young people. We
also engage regularly with local stakeholders and community partners to ensure
that they are informed of changes to the project and any concerns are
addressed.
Market development
Polyhalite products provide farmers with a fertiliser solution to tackle the
three key challenges facing the food industry today - the increasing demand
for food from less available land; the need to reduce the environmental impact
of farming; and the deteriorating health of soils.
In February 2025, we published a report looking into the "Future of
Fertiliser". This report brought together the voices of a diverse group of 74
agricultural experts from around the world and across the food value chain to
consider how agriculture will have changed by 2050. Their opinions confirmed
the need for the fertiliser industry to adapt to recognise the value of
sustainability, balanced nutrition, and soil health. The qualities and
characteristics of POLY4, confirmed through over 2,000 field demonstrations to
date on over 80 crops, fit neatly into the long-term gaps the agricultural
industry is facing. To further validate this, we are also continuing progress
on our pioneering five-year research project with the International Atomic
Energy Agency, an organisation within the United Nation's Food and Agriculture
Organization (FOA) announced in 2024, into the beneficial impact polyhalite
could have in reducing salt levels in soil - a major factor in the degradation
of soil health globally.
We are continuing focused research and market development activities to
maintain relationships and better understand demand for POLY4 and potential
for polyhalite products.
Woodsmith remains a Tier 1 asset aligned with the demand trends of
decarbonisation and food security. Anglo American has high confidence, backed
by its proven track record in project delivery, to develop the Woodsmith
project once the critical studies have been completed, the pathway to
syndication is clear and the balance sheet is suitably deleveraged.
De Beers - Diamonds
Operational and financial metrics((1))
Production Sales Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume volume Price cost* revenue* EBITDA* margin((6)) EBIT*
'000 '000 $/ct((3)) $/ct((4)) $m((5)) $m $m $m
cts((2))
cts
De Beers 10,214 11,005 155 87 1,952 (189) (10)% (303) 172 (17)%
Prior period 13,312 11,945 164 85 2,247 300 13% 150 264 (4)%
Botswana 7,223 n/a 120 39 n/a 227 n/a 204 34 n/a
Prior period 9,697 - 145 36 - 177 - 150 32 -
Namibia 1,166 n/a 340 215 n/a 78 n/a 58 7 n/a
Prior period 1,194 - 435 270 - 84 - 66 18 -
South Africa 1,075 n/a 75 97 n/a (48) n/a (72) 71 n/a
Prior period 1,103 - 93 107 - (13) - (41) 164 -
Canada 750 n/a 60 59 n/a 27 n/a 20 52 n/a
Prior period 1,318 - 80 51 - 41 - 23 28 -
Trading n/a n/a n/a n/a n/a (260) (16)% (262) - n/a
Prior period - - - - - 58 3% 56 - -
Other((7)) n/a n/a n/a n/a n/a (213) n/a (251) 8 n/a
Prior period - - - - - (47) - (104) 22 -
((1))Prepared on a consolidated accounting basis, except for production, which
is stated on a 100% basis except for the Gahcho Kué joint operation in
Canada, which is on an attributable 51% basis.
((2))Total sales volumes on a 100% basis were 12.3 million carats (30 June
2024: 12.7 million carats). Total sales volumes (100%) include De Beers
Group's joint arrangement partners' 50% proportionate share of sales to
entities outside De Beers Group from Diamond Trading Company Botswana and
Namibia Diamond Trading Company.
((3))Pricing for the mining businesses is based on 100% selling value
post-aggregation of goods. Realised price includes the price impact of the
sale of non-equity product and, as a result, is not directly comparable to
the unit cost.
((4))Unit cost is based on consolidated production and operating costs,
excluding depreciation and operating special items, divided by carats
recovered.
((5))Includes rough diamond sales of $1.7billion (30 June 2024: $2.0 billion).
((6))EBITDA margin on a total reported basis. On an equity basis, and
excluding the impact of non-mining activities, third‑party sales, purchases,
trading, brands and diamond desirability, and corporate, the adjusted EBITDA
margin is 45% (30 June 2024: 40%).
((7))Other includes Element Six, brands and diamond desirability,
and Corporate.
Markets
Rough diamond trading conditions remained challenging in the first half of
2025 as both the diamond midstream and downstream adopted a cautious approach
to restocking amid broader market uncertainty, coupled with continued surplus
polished inventory in the midstream.
While a stabilisation of polished diamond prices in the first quarter of the
year temporarily supported an improvement in industry sentiment, polished
trading slowed again in the second quarter amid increased uncertainty
surrounding US tariffs announced in April.
Although wholesale rough and polished diamond trading conditions remained
difficult, consumer demand for diamond jewellery was broadly stable in the
first half of the year. Demand in the US held steady year-to-date, though the
full impact of the tariffs has yet to be seen. In India, leading retailers
reported double-digit growth in the first quarter of the year. Meanwhile, the
rate of decline in China appears to be slowing, while demand in Japan and the
Gulf remains robust.
Operational performance
Mining
Rough diamond production reduced by 23% to 10.2 million carats (30 June 2024:
13.3 million carats), reflecting a proactive production response to the
prolonged period of lower demand and higher than normal levels of inventory in
the midstream.
In Botswana, production was reduced by 26% to 7.2 million carats (30 June
2024: 9.7 million carats), as a result of planned actions to lower production
at Jwaneng and Orapa, as well as extended maintenance at Orapa((1)) and
putting the Letlhakane Tailings Treatment Plant on care and maintenance as
part of the planned production response.
Production in Namibia was flat at 1.2 million carats (30 June 2024: 1.2
million carats), as planned actions to lower production at Debmarine Namibia
were offset by planned higher grade mining and better recoveries at Namdeb.
In South Africa, production was flat at 1.1 million carats (30 June 2024: 1.1
million carats). The output from the Venetia underground project remains much
lower than during the prior open-pit operations, with the capital spend being
rephased as part of De Beers' cash preservation initiatives. Production is
expected to increase over the next few years as the underground project
continues its ramp-up in line with the recently reconfigured plan.
Production in Canada decreased by 43% to 0.8 million carats (30 June 2024: 1.3
million carats) due to the planned treatment of lower grade ore.
Financial performance
Challenging rough diamond trading conditions persisted through the first half
of 2025 with total revenue declining to $2.0 billion (30 June 2024: $2.2
billion). This was driven by a 13% reduction in rough diamond sales to $1.7
billion (30 June 2024: $2.0 billion), reflecting the subdued demand and lower
realised price.
The H1 2025 consolidated average realised price decreased by 5% to $155 per
carat, reflecting the impact of a 14% decrease in the average rough price
index, partially offset by stronger demand for higher-value stones impacting
the sales mix in Q2 2025.
Whilst the business generated positive cashflow, the consequential impact of
the declining price index and the impact of stock rebalancing initiatives with
specific assortments being sold at lower margins, resulted in an underlying
EBITDA loss of $189 million (H1 2024: income of $300 million). Further, H1
2024 benefitted from the one-off sale of a non-diamond royalty right of $127
million. Unit costs of $87/ct (30 June 2024: $85/ct) were broadly flat, as the
impact of lower rough diamond production volumes were offset by cost reduction
initiatives across the operations, a temporary mine sequencing benefit at
Venetia and lower in-port maintenance costs at Debmarine Namibia due to
timing.
Capital expenditure decreased by 35% to $172 million (30 June 2024: $264
million), predominantly due to cash preservation and optimisation initiatives.
This includes the rephasing of Venetia underground life-extension and
rationalisation of stay-in-business capex spend.
Corporate strategy
De Beers advanced delivery of its Origins strategy, with a focus on
strengthening the appeal of natural diamonds through key partnerships and
targeted campaigns to revitalise natural diamond marketing. In India, new
initiatives were introduced to deepen the cultural resonance of natural
diamonds and enhance retail engagement. These included launching a national
natural diamond marketing campaign, the launch of a new collection in
collaboration with leading Indian jeweller, Tanishq, and providing support for
independent jewellers via the Gem and Jewellery Export Promotion Council
(GJEPC).
In the US, De Beers advanced the roll-out of its DiamondProof(TM) verification
device - empowering retailers and consumers to easily distinguish natural from
lab-grown diamonds - backed by promotional activity. The company also unveiled
its first category-defining 'Beacon' product in over a decade to increase
consumer desire for natural diamonds, alongside the formal launch of ORIGIN -
De Beers Group: a branded loose diamond programme powered by the Tracr(TM)
blockchain, offering full provenance and product storytelling for retail
partners.
De Beers was also a signatory to the Luanda Accord, a landmark commitment
between government and industry representatives to promote natural diamonds
and drive global demand.
De Beers remains on track to achieve its strategic goals, including committed
overhead cost savings through 2025.
Brands and Diamond Desirability
De Beers Jewellers, rebranded as De Beers London at the beginning of the year,
continued to deliver on its re-set plan, with a focus on design-led pieces and
high jewellery collections, despite ongoing market challenges. The brand also
continues to build its global presence with new flagship stores in key
markets. In April, it launched a flagship store in Dubai Mall in partnership
with the Chalhoub Group, a renowned partner for luxury across the Middle East.
Preparations are also underway for the launch of its Paris flagship store.
Forevermark continues its transformation into a premium finished jewellery
brand, with a focus on growth opportunities in India. Four new stores are
expected to open in Mumbai and Delhi during the second half of 2025.
Forevermark's legacy business continues its planned global ramp-down.
Market outlook
Near-term rough diamond trading conditions remain subdued amid continued
tariff-related uncertainty. While the risk of a US recession has eased, high
geopolitical and macroeconomic uncertainty continues to dampen sentiment.
Medium-term recovery prospects are supported by diamond producers seeking to
adjust supply to meet prevailing demand, and a gradual improvement in demand,
particularly in China.
Differentiation between natural and synthetic or laboratory-grown diamonds
(LGDs) continues. Falling wholesale LGD prices and growing consumer awareness
of the low production costs of LGDs are driving their positioning as low-cost
fashion jewellery.
The outlook for natural diamonds is further bolstered by growing demand for
verified provenance. Tracr(TM), the pioneering blockchain traceability
platform developed by De Beers, now provides single-country origin information
for all gem quality diamonds over 0.5 carats - aligning with new G7 import
rules.
Operational outlook
Production guidance for 2025 remains at 20-23 million carats (100% basis). De
Beers continues to monitor rough diamond trading conditions and will respond
accordingly.
Unit cost guidance for 2025 is c.$94/carat((2)). The first half unit cost of
$87/carat is lower than guidance, reflecting the impact of mine sequencing at
Venetia and timing of in-port maintenance at Debmarine Namibia.
((1)) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and
Damtshaa. Letlhakane was placed on care and maintenance March 2025, and
Damtshaa has been on care and maintenance since 2021.
((2)) Unit cost is based on De Beers' proportionate consolidated share of
costs and associated production. 2025 unit cost guidance was set at c.18.60
ZAR:USD.
Corporate and Other
Financial metrics
Group Underlying Underlying Capex*
revenue* EBITDA* EBIT*
$m $m $m $m
Corporate and Other 186 19 (59) (2)
Prior period ((2)) 233 (68) (227) 15
Exploration n/a (55) (55) -
Prior period ((2)) - (60) (60) -
Corporate activities and unallocated costs((1)) 186 74 (4) (2)
Prior period ((2)) 233 (8) (167) 15
((1))Revenue within Corporate activities and unallocated costs primarily
relates to third-party shipping activities, as well as the Marketing business'
trading activities from energy solutions and other ancillary products.
((2)) Comparative figures are re-presented to include Nickel trading
activities that are outside the perimeter of the sale of the Nickel business
as well intercompany interest transactions with discontinued operations. Refer
to note 4 to the Condensed financial statements for more detail.
Financial overview
Exploration
Exploration expenditure was $55 million, 8% lower than the prior period (30
June 2024: $60 million), due to planned lower spend.
Corporate activities and unallocated costs
Underlying EBITDA was $74 million (30 June 2024: $8 million loss). The
improved result was primarily driven by cost savings following the initiation
of the transformational changes and the consequent refocusing on key strategic
projects. This more than offset reduced margins from the Marketing business'
shipping activities due to lower freight rates.
Discontinued Operations
Operational and financial metrics
Production Sales Price((4)) Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume((1)) volume((3)) cost* revenue* EBITDA* margin* EBIT*
koz/Mt/t((2)) koz/Mt/t((2)) $/PGM oz/$/t/c/lb((5)) $m $m $m $m
PGMs 1,188 1,134 1,506 1,149 1,773 199 11% 49 353 3%
Prior period 1,755 1,974 1,442 976 2,796 675 24% 481 455 17%
Steelmaking Coal((6)) 4.3 3.8 164 136 708 (149) (21)% (206) 149 (14)%
Prior period 8.0 7.9 265 125 2,108 592 28% 346 257 20%
Nickel 19,300 19,800 6.28 473 280 43 10% 38 16 11%
Prior period 19,500 19,000 6.85 505 329 41 12% 35 50 8%
((1))PGMs production reflects own mined production and purchase of metal in
concentrate. PGM volumes consist of 5E metals and gold. SMC production volumes
are saleable tonnes, excluding thermal coal production of 0.5 Mt (H1 2024: 0.5
Mt). Includes production relating to third-party product purchased and
processed at Anglo American's operations, and may include some product sold as
thermal coal.
((2))PGMs volumes measured in koz, Steelmaking Coal in Mt and Nickel in t.
((3))PGM sales volumes exclude tolling and third-party trading activities. SMC
sales volumes exclude thermal coal sales of 0.8 Mt (H1 2024: 0.7 Mt).
Includes sales relating to third-party product purchased and processed by
Anglo American.
((4))Price for a basket of goods per PGM oz. The dollar basket price is the
net sales revenue from all metals sold (PGMs, base metals and other metals)
excluding trading and foreign exchange translation impacts, per PGM 5E + gold
ounces sold (own mined and purchase of concentrate) excluding trading, and
measured in $/PGM oz. SMC price is realised price is the weighted average hard
coking coal and PCI export sales price achieved at managed operations,
measured in $/t. Nickel shows its realised price, measured in $/lb.
((5))PGMs unit cost is total cash operating costs (includes on-mine, smelting
and refining costs only) per own mined PGM ounce of production, measured in
$/PGM oz. SMC unit cost is FOB unit cost comprises managed operations and
excludes royalties, measured in $/t. Nickel is C1 unit cost, measured in c/lb.
((6))Anglo American's attributable share of Jellinbah is 23.3%. Anglo American
agreed the sale of its 33.33% stake in Jellinbah in November 2024, and this
transaction has now completed on 29 January 2025. The results from Jellinbah
post 1 November 2024, after the sale was agreed, did not accrue to Anglo
American and have been excluded. Jellinbah production in H1 2024 was 1.6 Mt.
PGMs
The PGMs business was classified as 'held for distribution' from 30 April 2025
upon the approval of the demerger resolution at the Group AGM. The demerger
subsequently took effect on 31 May 2025, resulting in five months being
consolidated in 2025 compared to six months in 2024.
Operational performance
Total PGM metal-in-concentrate production decreased by 32% to 1,188,400 ounces
(30 June 2024: 1,755,100 ounces). Excluding June 2024 (on a like-for-like
basis), production decreased by 18% primarily due to the Kroondal transition
to a 4E toll arrangement which commenced in September 2024, and heavy flooding
at the start of the year at Amandelbult, which then impacted operations for
the remainder of the period.
PGM sales volumes decreased by 43% to 1,134,000 ounces (30 June 2024:
1,973,600 ounces). On a like-for-like basis, sales were 31% lower due to the
lower production, triennial stock take at the Base Metal Refinery, as well as
the comparative period benefitting from a drawdown of finished goods.
Financial performance
Underlying EBITDA decreased to $199 million (30 June 2024: $675 million). On a
like-for-like basis, EBITDA decreased by 55% driven by the lower sales volumes
and the flooding at Amandelbult. The own mined unit cost increased by 18% to
$1,149/PGM ounce (30 June 2024: $976/PGM ounce). On a like-for-like basis,
unit costs increased by 17%, predominantly driven by the lower own-mined
production and flood recovery costs at Amandelbult.
Capital expenditure of $353 million was 22% lower (30 June 2024: $455
million). On a like-for-like basis, capex was 4% lower due to planned lower
growth spend following a reprioritisation and rephasing of projects.
Steelmaking Coal
Anglo American agreed the sale of its 33.33% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025, with proceeds of $0.9
billion received. The results from Jellinbah post 1 November 2024, after the
sale was agreed, did not accrue to Anglo American and have been excluded.
On 25 November 2024, the signing of definitive agreements to sell the entirety
of our remaining Steelmaking Coal business was announced, generating up to
$3.8 billion in aggregate gross cash proceeds.
The Moranbah-Grosvenor joint operations and Jellinbah associate were
classified as held for sale as at 31 December 2024. The remainder of the
Steelmaking Coal business was held for sale on 15 March 2025 following expiry
of the relevant pre-emptive rights. We continue to believe that the event that
occurred on 31 March 2025 at the Moranbah North steelmaking coal mine in
Australia does not constitute a Material Adverse Change (MAC) in accordance
with the definitive agreements signed with Peabody in November 2024, such
belief reinforced by the substantial regulatory progress made towards a
restart of the operation. We continue to work constructively with Peabody
towards completing the transaction and we are fulfilling our responsibilities
under the sale agreements. Anglo American reserves its rights under the
definitive agreements with Peabody and is confident in its legal position.
Operational performance
Production decreased by 46% to 4.3 Mt (30 June 2024: 8.0 Mt), reflecting the
suspension of mining at the Grosvenor longwall operation during the first six
months of this year, following the underground fire on 29 June 2024, and the
sale of Jellinbah. Production was also impacted by the underground incident at
Moranbah on 31 March 2025, with operations remaining temporarily suspended.
These decreases were partially offset by increased production from the Aquila
underground operation reflecting strong performance of the longwall coupled
with improved ground conditions, as well as higher production at the Capcoal
open cut operation due to mine sequencing.
At Moranbah, significant progress has been made since the re-entry to the
underground area in mid-April. Maintenance and development operations resumed
in early June and work is now well progressed to prepare the longwall panel
for restart. Approval to move the shearer from the tailgate to the maingate to
undertake maintenance activities was recently received - and in so doing, will
provide useful dynamic data for validating our controls, as we move towards a
risk-based, safe and structured restart of the longwall. Subject to final
approval from the regulator, we intend to use remote operation at the restart
for a period of time, as part of a moderated ramp-up as we work safely to
reach steady state production. At Grosvenor, we continue to work with the
regulator to complete the remaining requirements for re-entry approval - a
critical milestone that will enable our teams to return underground, conduct
visual inspections and continue our readiness activities.
Financial performance
Underlying EBITDA loss of $149 million (30 June 2024: gain of $592 million),
as a result of lower sales volumes, which includes the impact of the Jellinbah
sale, a 38% decrease in the weighted average realised price for steelmaking
coal and $60 million non-operational costs associated with Grosvenor. Unit
costs increased by 9% to $136/tonne (30 June 2024: $125/tonne), primarily
reflecting the impact of lower production from Moranbah, which as an
underground operation has a higher proportion of fixed costs.
Capital expenditure decreased to $149 million (30 June 2024: $257 million),
primarily reflecting the reduced spend at Grosvenor following the underground
fire in June 2024.
Nickel
Anglo American has entered into a definitive agreement to sell the Nickel
business to MMG Singapore Resources Pte. Ltd, subject to relevant approvals.
The Nickel business was classified as held for sale on 18 February 2025
following the announcement of the signed sale and purchase agreement.
Operational performance
Nickel production decreased by 1% to 19,300 tonnes (30 June 2024: 19,500
tonnes), due to expected lower grade.
Financial performance
Underlying EBITDA increased to $43 million (30 June 2024: $41 million),
primarily due to the lower unit cost and higher sales volumes, partially
offset by lower realised price. Unit costs decreased by 6% to 473 c/lb (30
June 2024: 505 c/lb), reflecting the benefit of cost efficiencies,
particularly energy, lower input prices and the weaker Brazilian real.
Capital expenditure of $16 million was lower than 30 June 2024 of $50 million,
reflecting lower capitalised stripping costs.
Guidance summary
Production and unit costs
Unit costs Production volumes
2025F
Units 2025F 2026F 2027F
Simplified portfolio
Copper((1)) c.151 c/lb kt 690-750 760-820 760-820
Iron ore((2)) c.$36/t Mt 57-61 54-58 59-63
Exiting businesses
Diamonds((3)) c.$94/ct Mct 20-23 26-29 28-31
Further commentary on the operational outlook is included within the
respective business reviews on pages 17-31.
Note: Unit costs exclude royalties, depreciation and include direct support
costs only. 2025 unit cost guidance was set at: c.950 CLP:USD, c.3.75 PEN:USD,
c.5.75 BRL:USD, c.18.60 ZAR:USD, c.1.60 AUD:USD. Subject to macro-economic
factors.
((1)) Copper business only. On a contained-metal basis. Total copper
production is the sum of Chile and Peru. Unit cost total reflects a weighted
average using the mid-point of production guidance. 2025 Chile: 380-410 kt;
Peru 310-340 kt. 2026 Chile: 440-470 kt; Peru: 320-350 kt. 2027 Chile: 450-480
kt; Peru 310-340 kt. In 2025, copper production is impacted by lower grades at
most of our operations in Chile. In 2026, production benefits from improved
grades at Collahuasi in Chile and higher plant throughput in Peru. In 2027,
production benefits from higher grades at Los Bronces and higher throughput at
Collahuasi in Chile, partially offset by slightly lower production in Peru due
to planned plant maintenance, including mills and conveyors. Chile production
is subject to water availability, and is expected to be weighted to the second
half of 2025 given the impact from lower grades in the first half from
Collahuasi, particularly in Q1. 2025 unit cost guidance for Chile is c.195
c/lb and for Peru is c.100 c/lb. The copper unit costs are impacted by FX
rates and pricing of by-products, such as molybdenum.
((2)) Wet basis. Total iron ore is the sum of Kumba and Minas-Rio. Unit cost
total reflects a weighted average using the mid-point of production guidance.
2025 Kumba: 35-37 Mt; Minas-Rio: 22-24 Mt. 2026 Kumba: 31-33 Mt; Minas-Rio:
23-25 Mt. 2027 Kumba: 35-37 Mt; Minas-Rio: 24-26 Mt. In 2025, Minas-Rio
production guidance reflects a pipeline inspection (that occurs every five
years), planned for the third quarter of the year. In 2026, Kumba production
is lower by c.4 Mt due to tie-in activities required for the
ultra-high-dense-media-separation (UHDMS) project which was announced by Kumba
in August 2024. Kumba production is subject to the third-party rail and port
availability and performance. 2025 unit cost guidance for Kumba is c.$39/tonne
and for Minas-Rio is c.$32/tonne.
((3)) Production is on a 100% basis except for the Gahcho Kué joint
operation, which is on an attributable 51% basis. Production is lower in 2025
and 2026 reflecting the challenging rough diamond trading conditions. De Beers
continues to monitor rough diamond trading conditions and will respond
accordingly. Unit cost is based on De Beers' proportionate consolidated share
of costs and associated production.
Capital expenditure ($bn)((1))
Current portfolio 2025F 2026F 2027F
Growth c.$0.7bn c.$0.7bn c.$0.9bn
Includes ~$0.3bn Woodsmith capex((2))
Sustaining c.$2.8bn c.$2.9bn c.$2.8bn
Reflects c.$2.3bn baseline, c.$0.2bn lifex projects and c.$0.3bn Collahuasi Reflects c.$2.5bn baseline, c.$0.3bn lifex projects and c.$0.1bn Collahuasi Reflects c.$2.5bn baseline and
desalination plant((3)) desalination plant((3))
c.$0.3bn lifex projects
Total continuing operations((4)) c.$3.5bn c.$3.6bn c.$3.7bn
Sustaining c.$1.0bn
Reflects c.$0.9bn baseline, c.$0.1bn lifex projects
Total discontinued operations((4)) c.$1.0bn
( )
Simplified portfolio 2025F 2026F 2027F
Growth c.$0.7bn c.$0.7bn c.$0.9bn
Includes ~$0.3bn Woodsmith capex((2))
Sustaining c.$2.4bn c.$2.3bn c.$2.1bn
Reflects c.$2.0bn baseline, c.$0.1bn lifex projects and c.$0.3bn Collahuasi Reflects c.$2.2bn baseline, c.$0.1bn Collahuasi desalination plant((3)) Reflects c.$2.1bn baseline
desalination plant((3))
Total c.$3.1bn c.$3.0bn c.$3.0bn
Further details on Anglo American's high quality growth and life-extension
projects, including details of the associated volumes benefit, are disclosed
on pages 9-11.
Long term sustaining capital expenditure for the simplified portfolio is
expected to be $2.0 billion per annum((5)), excluding life-extension projects.
Other guidance
- 2025 depreciation for continuing operations: $2.3-2.5 billion
- 2025 underlying effective tax rate for continuing operations: 44-48%((6))
- Long-term underlying effective tax rate (simplified portfolio): 38-42%((6))
- Dividend payout ratio: 40% of underlying earnings
- Net debt:EBITDA: <1.5x at the bottom of the cycle
((1))Cash expenditure on property, plant and equipment including related
derivatives, net of proceeds from disposal of property, plant and equipment,
and includes direct funding for capital expenditure from non-controlling
interests. Guidance includes unapproved projects and is, therefore, subject to
the progress of project studies, permitting and approval. Refer to the Interim
2025 results presentation for further detail on the breakdown of the capex
guidance at project level.
((2))Woodsmith operating costs for 2025 and 2026 are expected to be c.$0.1
billion and c.$0.1billion, respectively.
((3))Collahuasi desalination capex shown includes related infrastructure, with
other water management projects included in baseline sustaining. Attributable
share of capex at 44%.
((4))Capex guidance for continuing operations includes Copper, Iron Ore, Crop
Nutrients and De Beers. Capex guidance for discontinued operations includes a
full year of Steelmaking Coal and Nickel as well as the actual five-months of
spend at PGMs. The c.$0.1 billion of lifex for discontinued operations relates
to PGMs.
((5))Long-term sustaining capex guidance is shown on a 2025 real basis and is
for the simplified portfolio.
((6)) Underlying effective tax rate guidance is highly dependent on a number
of factors, including the mix of profits and any relevant tax reforms
impacting the countries where we operate, and may vary from guidance, and will
be impacted by the timing of the exit of De Beers from the portfolio.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
Rebecca Meeson-Frizelle Michelle West-Russell
rebecca.meeson-frizelle@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
South Africa Asanda Malimba
Nevashnee Naicker asanda.malimba@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8480
Tel: +27 (0)11 638 3189
Ernest Mulibana
ernest.mulibana@angloamerican.com
Tel: +27 82 263 7372
Notes to editors:
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 resource 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 Sustainable Mining Plan commits us to a
series of stretching goals over different time horizons to ensure we
contribute to a healthy environment, create thriving communities and build
trust as a corporate leader. 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
simplification, and Growth. This portfolio transformation is focusing Anglo
American on its world-class resource asset base in copper, premium iron ore
and crop nutrients - with the sale of our steelmaking coal and nickel
businesses agreed, the demerger of our PGMs business (Anglo American Platinum,
now Valterra Platinum) completed, and the separation of our iconic diamond
business (De Beers) to follow.
www.angloamerican.com (http://www.angloamerican.com)
Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 31
July 2025, can be accessed through the Anglo American website at
www.angloamerican.com (http://www.angloamerican.com)
Note: Throughout this results announcement, '$' denotes United States dollars
and 'cents' refers to United States cents. Tonnes are metric tons, 'Mt'
denotes million tonnes and 'kt' denotes thousand tonnes, unless otherwise
stated.
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 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.
Forward-looking statements and third-party information:
This document includes forward-looking statements. All statements other than
statements of historical facts included in this document, 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) and
sustainability performance related (including environmental, social and
governance) goals, ambitions, targets, visions, milestones and aspirations,
are forward-looking statements. 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, resource exploration and
project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, 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, the City Code on Takeovers and Mergers, the UK Listing Rules,
the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority, the Listings Requirements of the securities exchange of the JSE
Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange
and the Namibian Stock Exchange and any other applicable 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.
©Anglo American Services (UK) Ltd 2025. (TM) and (TM) are trade marks of
Anglo American Services (UK) Ltd.
Anglo American plc
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Registered office as above. Incorporated in England and Wales under the
Companies Act 1985.
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