REG - Anglo American PLC - Anglo American Production Report Q4 2025
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RNS Number : 7886R Anglo American PLC 05 February 2026
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5 February 2026
Anglo American plc
Production Report for the fourth quarter ended 31 December 2025
Duncan Wanblad, CEO of Anglo American, said: "We delivered another strong
production quarter in our Copper and Premium Iron Ore businesses to end 2025,
in line with our guidance. In the fourth quarter, we benefitted from higher
copper grades and strong plant performance at Los Bronces, while Collahuasi
reached its highest historical level of throughput, partly mitigating the
impact from lower grade ore feed. In Premium Iron Ore, both Kumba and
Minas-Rio continue to perform strongly.
"Looking ahead, we continue to focus on operational excellence and growth. For
2026, solid progress on mine development activities and strict cost control,
coupled with the strong copper price environment, have allowed us to
temporarily restart the second plant at Los Bronces. The additional plant
delivers profitable production to partly mitigate the previously indicated
lower production from Collahuasi in 2026. Copper production steps up from
2027, and our maiden 2028 guidance is expected to see our Chile operations
produce over 125kt more copper than in 2025. We expect Quellaveco to continue
being a highly cash generative operation with volumes around 300kt per year
and is expected to reach the capital payback milestone in 2026, just four
years post first production. Stability in the Premium Iron Ore operations sees
guidance largely unchanged, albeit with a 4% upgrade to Minas-Rio's 2026
guidance reflecting expected strong operational performance.
"We are committed to seeing our portfolio transformation through to its
conclusion. The formal sale process for Steelmaking Coal is progressing well,
and we continue to ramp-up Moranbah North ahead of transitioning to normal
longwall operations. In Nickel we continue to work through the regulatory
process, and we are progressing the separation of De Beers.
"2025 has been a year of significant transformation and a defining moment in
Anglo American's long history. We were delighted to receive Investment Canada
Act approval in December for our merger with Teck, following overwhelming
support from both companies' shareholders - a major milestone in our journey
towards becoming Anglo Teck. We continue to secure key regulatory approvals
for the transaction and we are advancing our integration plans, ensuring that
once the transaction closes, we are ready to begin delivering the exceptional
value that we have identified as a major global critical minerals champion."
Q4 2025 overview
Production Q4 2025 Q4 2024 % vs. Q4 2024 2025 2025 guidance 2024 % vs. FY 2024
Simplified portfolio
Copper (kt)((1)) 170 198 (14)% 695 690-750 773 (10)%
Premium iron ore (Mt)((2)) 15.1 14.3 6% 60.8 58-62 60.8 0%
Manganese ore (kt)((3)) 909 742 22% 2,975 n/a 2,288 30%
Exiting businesses
Diamonds (Mct)((4)) 3.8 5.8 (35)% 21.7 20-23 24.7 (12)%
Steelmaking coal (Mt) 2.1 2.4 (15)% 8.2 n/a 14.5 (43)%
Nickel (kt) 10.3 10.0 3% 39.7 n/a 39.4 1%
• Copper production was 169,500 tonnes, with higher production at Los
Bronces as a result of higher grades and strong plant performance offset by
lower grades at both Quellaveco and Collahuasi, resulting in a 14% decrease
year-on-year.
• Premium iron ore production increased by 6% to 15.1 million tonnes,
primarily due to higher production from Kumba.
• Manganese ore production increased by 22% to 908,500 tonnes, reflecting
more normalised production levels following the temporary suspension caused by
a tropical cyclone in Australia in March 2024.
• Rough diamond production decreased by 35% to 3.8 million carats, primarily
driven by maintenance shutdowns at Jwaneng and Orapa as part of the production
response to market conditions.
• Steelmaking coal production decreased by 15% to 2.1 million tonnes,
primarily due to the sale of Jellinbah in November 2024(5) and lower
production at Dawson due to wet weather and mine sequencing, partially offset
by strong performance at the Aquila longwall operation.
• Nickel production increased by 3% to 10,300 tonnes, reflecting the benefit
of higher grades and recoveries.
• All of our continuing businesses delivered their full year production
guidance for 2025.
See next page for footnotes.
Production guidance for 2026 to 2028((1))
2026 2027 2028 (new)
Simplified portfolio
Copper((2)) 700-760 kt 750-810 kt 790-850 kt
(previously 760-820 kt) (previously 760-820 kt)
Chile 390-420 kt 450-480 kt 500-530 kt
(previously 440-470 kt)
Peru 310-340 kt 300-330 kt 290-320 kt
(previously 320-350 kt) (previously 310-340 kt)
Premium Iron Ore((3)) 55-59 Mt 59-63 Mt 58-62 Mt
(previously 54-58 Mt)
Kumba 31-33 Mt 35-37 Mt 35-37 Mt
Minas-Rio 24-26 Mt 24-26 Mt 23-25 Mt
(previously 23-25 Mt)
Exiting businesses
Diamonds((4)) 21-26 Mct n/a n/a
(previously 26-29 Mct)
(1) Production guidance is not provided for discontinued operations.
(2) On a contained metal basis. Production is subject to water
availability. Refer to 'Guidance' section on pages 5-6 for further
explanation.
(3) Wet basis. Kumba production is subject to third-party rail and
port availability and performance. Refer to 'Guidance' section on page 8 for
further explanation.
(4) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. De Beers continues to
monitor rough diamond trading conditions in order to align output with
prevailing demand. Refer to 'Guidance' section on page 11 for further
explanation.
Footnotes to front page
(1) Contained metal basis.
(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.
(5) Anglo American's attributable share of Jellinbah was 23.3%.
Anglo American agreed the sale of its 33.3% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025. Production and sale
volumes from Jellinbah post 1 November 2024, after the sale was agreed, did
not accrue to Anglo American and have been excluded.
Realised prices
FY 2025 FY 2024 H2 2025 H1 2025 FY 2025 vs. FY 2024 H2 2025 vs. H1 2025
Simplified portfolio
Copper (USc/lb)((1)) 475 416 514 436 14% 18%
Copper Chile (USc/lb)((2)) 478 416 512 444 15% 15%
Copper Peru (USc/lb) 472 415 516 427 14% 21%
Premium Iron Ore - FOB prices((3)) 93 89 97 89 4% 9%
Kumba Export (US$/wmt)((4)) 95 92 99 91 3% 9%
Minas-Rio (US$/wmt)((5)) 89 84 93 86 6% 8%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)((6)) 142 152 128 155 (7)% (17)%
Average price index((7)) 94 107 94 94 (12)% 0%
Steelmaking Coal - HCC (US$/t)((8)) 164 241 156 172 (32)% (9)%
Steelmaking Coal - PCI (US$/t)((8)) 135 177 139 132 (24)% 5%
Nickel (US$/lb)((9)) 6.18 6.82 6.08 6.28 (9)% (3)%
(1) Average realised total copper price is a weighted average of the
Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales
volumes.
(3) Average realised total premium iron ore price is a weighted
average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis
as product is shipped with ~1.5% moisture). The realised prices could differ
to Kumba's stand-alone results due to sales to other Group companies. Average
realised export basket price (FOB Saldanha) on a dry basis is $96/t (FY 2024:
$94/t), higher than the dry 62% Fe benchmark price of $86/t (FOB South Africa,
adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with ~9% moisture).
(6) Consolidated average realised price based on 100% selling value
post-aggregation.
(7) Average of the De Beers price index for the Sights within the
period, which excludes the effect of the stock rebalancing actions in 2025.
The equivalent average price index including stock rebalancing actions would
be 80 (FY 2024: 107). The De Beers price index is relative to 100 as at
December 2006.
(8) Weighted average coal sales price achieved at managed
operations. The average realised price for thermal coal by-product for FY 2025
decreased by 22% to $93/t (FY 2024: $119/t). H2 2025 was $92/t and H1 2025 was
$95/t, representing a 3% decrease.
(9) Nickel realised price reflects the market discount for
ferronickel (the product produced by the Nickel business).
Preliminary H2 financial update on FY2025 results
The Group expects to recognise charges within underlying EBITDA in the second
half of 2025 relating to long-term rehabilitation provisions at Copper Chile
that are currently estimated to be c.$0.2 billion.
Underlying EBITDA from De Beers is expected to be negative in 2025. Due to the
Group profit mix for the business, and specifically the impact from De Beers
losses, the Group underlying effective tax rate is expected to be above the
44-48% guidance range.
The Group is undertaking an impairment review of De Beers' carrying value,
assessing the impact of diamond market conditions, which could potentially
lead to an impairment at the full year results.
For more information on Anglo American's announcements since our previous
production report, please find links to our announcements below.
- 16 December 2025 | Anglo American and Teck receive Government of Canada
approval for merger of equals under Investment Canada Act
(https://www.angloamerican.com/media/press-releases/2025/16-12-2025)
- 09 December 2025 | Anglo American and Teck shareholders approve merger of
equals to form Anglo Teck
(https://www.angloamerican.com/media/press-releases/2025/09-12-2025a)
- 09 December 2025 | Anglo American shareholders approve merger of equals with
Teck (https://www.angloamerican.com/media/press-releases/2025/09-12-2025)
- 21 November 2025 | Anglo American partners with UK's Foreign, Commonwealth
and Development Office to support inclusive growth in South Africa
(https://www.angloamerican.com/media/press-releases/2025/21-11-2025)
- 10 November 2025 | Anglo American publishes shareholder circular for merger
of equals with Teck
(https://www.angloamerican.com/media/press-releases/2025/10-11-2025)
Copper
Copper((1)) (tonnes) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Copper 169,500 197,500 (14)% 183,500 (8)% 695,200 772,700 (10)%
Copper Chile 99,200 107,300 (8)% 100,200 (1)% 385,000 466,400 (17)%
Copper Peru 70,300 90,200 (22)% 83,300 (16)% 310,200 306,300 1%
(1) Copper production shown on a contained metal basis.
Copper production for 2025 was 695,200 tonnes and within our guidance range.
Copper production in the fourth quarter of 169,500 was 14% lower than the
comparative period, primarily reflecting lower production from Quellaveco due
to anticipated lower ore grades.
Chile - Copper production of 99,200 tonnes was 8% lower than the comparative
period, reflecting lower ore grade and recoveries at Collahuasi, partially
offset by higher grade, throughput and recoveries at Los Bronces.
Production from Los Bronces increased by 10% to 42,500 tonnes, reflecting the
benefit from higher grade, throughput and recoveries from improved plant
performance.
At Collahuasi, Anglo American's attributable share of copper production
decreased by 16% to 47,000 tonnes, primarily reflecting lower ore grades
(0.87% vs 1.14%) and lower recoveries as lower grade stockpiles are processed
during this period as the mine transitions between phases. This was partially
offset by higher plant throughput, which reached its highest historical level.
This improvement is supported by greater water availability from the continued
supply of ultra-filtered seawater through the pipeline infrastructure of the
new desalination plant. The desalination plant is expected to be ramped up and
fully operational by mid-2026.
Production from El Soldado decreased by 22% to 9,700 tonnes reflecting the
planned lower ore grade (0.72% vs 0.94%) from processing lower grade
stockpiles due to the transition between the mine phases.
The full year average realised price for Copper Chile was 478 c/lb as compared
to the average LME price of 451 c/lb, benefiting from provisional pricing
adjustments.
Peru - Quellaveco throughput continues to exceed the plant design; in 2025
throughput was up 3% year-on-year. Production in the quarter decreased by 22%
to 70,300 tonnes, primarily due to anticipated lower ore grades (0.66% vs
0.89%) as the mine works through natural fluctuations in grade profile.
Quellaveco has reached its 1 million tonne production milestone and is
expected to reach capital payback in 2026.
The full year average realised price for Copper Peru was 472 c/lb as compared
to the average LME price of 451 c/lb, benefiting from provisional pricing
adjustments.
Guidance
In the Q3 2025 production report, management indicated that Copper production
guidance for 2026 would be updated during the first quarter of 2026, and would
include the expectation that production levels at Collahuasi would be similar
to levels achieved in 2025 as the mine continues through a phase of lower
grade ore and refractory stockpiles until the end of 2026.
Total Copper production guidance for 2026 is therefore revised to
700,000-760,000 tonnes (previously 760,000-820,000 tonnes).
Chile production guidance for 2026 is 390,000-420,000 tonnes (previously
440,000-470,000 tonnes), which includes the impact from the lower expected
tonnes from Collahuasi, partially offset by the decision to restart the second
plant at Los Bronces. The improved mine flexibility, tight cost control at Los
Bronces and the strong copper price environment will allow for profitable
production from the second plant until the plant infrastructure is needed for
the removal of the Perez Caldera tailings storage facility, which is expected
to start in 2027. The second plant is expected to produce an additional
c.25,000 tonnes in 2026. Production at Collahuasi is expected to benefit from
progressively increased access to fresh, higher grade ore during 2026. Chile
production is expected to be weighted to the second half of 2026.
Peru production guidance for 2026 is 310,000-340,000 tonnes (previously
320,000-350,000 tonnes). Production guidance in Peru has been revised to
reflect recent achieved performance with slightly lower expected grade and
recoveries. Production is expected to be weighted to the second half of 2026,
owing to the expected grade profile.
Total Copper production guidance for 2027 is revised to 750,000-810,000 tonnes
(previously 760,000-820,000 tonnes).
Chile production guidance for 2027 is unchanged at 450,000-480,000 tonnes as
performance at Collahuasi is expected to improve with access to fresh ore and,
at Los Bronces, full access to Donoso 2 improves grades and volumes despite
the expected return to utilising only the larger, more modern plant at the
mine.
Peru production guidance for 2027 is 300,000-330,000 tonnes (previously
310,000-340,000 tonnes) as planned plant maintenance at Quellaveco, including
mills and conveyors, is expected to take place in 2027.
Total Copper production guidance for 2028 is expected to be 790,000-850,000
tonnes.
Chile production guidance for 2028 is 500,000-530,000 tonnes as production
benefits from an additional higher grade phase at Los Bronces as well as
higher throughput at Collahuasi following the completion of the 210ktpd plant
debottlenecking at the end of 2027.
Peru production guidance for 2028 is 290,000-320,000 tonnes reflecting stable
production.
Copper production guidance is subject to water availability.
Copper (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Total copper production 169,500 183,500 173,300 168,900 197,500 (14)% (8)% 695,200 772,700 (10)%
Total copper sales volumes 174,600 185,700 171,300 173,300 204,800 (15)% (6)% 704,900 768,900 (8)%
Copper Chile
Los Bronces mine((1))
Ore mined 9,215,600 9,684,700 9,271,800 9,398,500 9,372,900 (2)% (5)% 37,570,600 43,497,700 (14)%
Ore processed - Sulphide 8,447,000 8,291,400 7,134,800 7,578,400 8,178,700 3% 2% 31,451,600 37,020,500 (15)%
Ore grade processed - 0.52 0.50 0.50 0.57 0.49 6% 4% 0.52 0.47 11%
Sulphide (% TCu)((2))
Production - Copper in concentrate 37,900 36,500 31,900 37,800 33,800 12% 4% 144,100 145,200 (1)%
Production - Copper cathode 4,600 5,300 5,000 5,600 4,900 (6)% (13)% 20,500 27,200 (25)%
Total production 42,500 41,800 36,900 43,400 38,700 10% 2% 164,600 172,400 (5)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 15,017,700 12,586,600 9,858,100 9,136,400 14,801,500 1% 19% 46,598,800 48,413,800 (4)%
Ore processed - Sulphide 17,118,700 15,513,900 14,610,300 14,084,800 14,940,700 15% 10% 61,327,700 60,047,600 2%
Ore grade processed - 0.87 0.92 0.96 0.86 1.14 (24)% (5)% 0.90 1.15 (22)%
Sulphide (% TCu)((2))
Anglo American's 44% share of copper production for Collahuasi 47,000 47,400 48,100 35,300 56,100 (16)% (1)% 177,800 245,800 (28)%
El Soldado mine((1))
Ore mined 928,800 1,193,500 1,140,400 1,495,400 2,315,600 (60)% (22)% 4,758,100 8,234,300 (42)%
Ore processed - Sulphide 1,668,300 1,636,700 1,714,600 1,454,400 1,689,100 (1)% 2% 6,474,000 6,476,200 0%
Ore grade processed - 0.72 0.84 0.84 0.92 0.94 (23)% (14)% 0.83 0.94 (12)%
Sulphide (% TCu)((2))
Production - Copper in concentrate 9,700 11,000 11,600 10,300 12,500 (22)% (12)% 42,600 48,200 (12)%
Chagres smelter((1))
Ore smelted((3)) 25,300 28,600 27,800 23,100 28,200 (10)% (12)% 104,800 105,700 (1)%
Production 24,600 27,800 27,500 22,000 27,400 (10)% (12)% 101,900 101,700 0%
Total copper production((4)) 99,200 100,200 96,600 89,000 107,300 (8)% (1)% 385,000 466,400 (17)%
Total payable copper production 95,300 96,000 92,700 85,400 103,000 (7)% (1)% 369,400 448,000 (18)%
Total copper sales volumes 106,800 96,500 98,300 93,300 113,000 (5)% 11% 394,900 463,100 (15)%
Total payable sales volumes 102,300 92,600 94,000 89,500 108,100 (5)% 10% 378,400 444,300 (15)%
Third-party sales((5)) 107,700 159,100 106,600 68,800 131,000 (18)% (32)% 442,200 422,400 5%
Copper Peru
Quellaveco mine((6))
Ore mined 10,850,700 11,932,000 11,131,500 11,454,700 14,845,200 (27)% (9)% 45,368,900 44,087,900 3%
Ore processed - Sulphide 12,820,000 13,018,400 12,884,900 12,465,200 12,865,300 0% (2)% 51,188,500 49,900,400 3%
Ore grade processed - 0.66 0.76 0.73 0.80 0.89 (26)% (13)% 0.74 0.76 (3)%
Sulphide (% TCu)((2))
Total copper production 70,300 83,300 76,700 79,900 90,200 (22)% (16)% 310,200 306,300 1%
Total payable copper production 67,900 80,500 74,100 77,300 87,200 (22)% (16)% 299,800 296,000 1%
Total copper sales volumes 67,800 89,200 73,000 80,000 91,800 (26)% (24)% 310,000 305,800 1%
Total payable sales volumes 65,300 85,800 70,300 77,100 88,500 (26)% (24)% 298,500 294,600 1%
(1) Anglo American ownership interest of Los Bronces, El Soldado and
the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest
in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American
operations.
(6) Anglo American ownership interest of Quellaveco is
60%. Production is stated at 100% as Anglo American consolidates this
operation.
Premium Iron Ore
Premium iron ore (000 t) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Premium iron ore 15,113 14,299 6% 14,342 5% 60,836 60,768 0%
Kumba - South Africa((1)) 8,590 7,826 10% 9,247 (7)% 36,084 35,731 1%
Minas-Rio - Brazil((2)) 6,523 6,473 1% 5,095 28% 24,752 25,037 (1)%
(1) Volumes are reported as wet metric tonnes. Product is shipped
with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped
with ~9% moisture.
Premium iron ore production for 2025 was 60.8 million tonnes and within our
guidance range. Production during the fourth quarter was 15.1 million tonnes,
6% higher than the comparative period primarily due to higher production from
Kumba.
Kumba - Total production increased by 10% to 8.6 million tonnes driven by a
15% increase in Sishen's production. This was partially offset by a planned
decrease of 5% in Kolomela's production to rebuild plant feedstock to optimal
levels, demonstrating the flexible production approach of managing Sishen and
Kolomela as an integrated mine complex.
Total sales decreased by 4% to 8.9 million tonnes((1)) due to the planned
refurbishment of a stacker reclaimer, coupled with high wind speeds affecting
ship loading at Saldanha Bay port.
Total finished stock was 7.5 million tonnes((1)), broadly flat compared to Q3
2025 (7.3 million tonnes). Stock at the mines was 5.7 million tonnes (Q3 2025:
5.5 million tonnes), with stock at the port flat at 1.8 million tonnes
quarter-on-quarter.
For the full year, Kumba's iron (Fe) content averaged 64.0% (2024: 64.1%),
while the average lump:fines ratio was 67:33 (2024: 66:34).
The full year average realised price of $95/tonne((1)) (FOB South Africa, wet
basis) was 12% higher than the Platts 62% Fe benchmark price of $85/tonne (FOB
South Africa, adjusted for freight and moisture), primarily reflecting the
benefit of premiums for our lump product and higher Fe content.
Minas-Rio - Production was broadly flat at 6.5 million tonnes, reflecting
consistent operational performance at the plant, with higher utilisation and
mass recovery.
The full year average realised price of $89/tonne (FOB Brazil, wet basis) was
6% higher than the Fastmarkets((2)) 65% Fe benchmark price of $84/tonne (FOB
Brazil, adjusted for freight and moisture), benefiting from the premium for
our high quality product, including higher (~67%) Fe content.
Guidance
Production guidance for 2026 increased to 55-59 million tonnes (previously
54-58 million tonnes) (Kumba 31-33 million tonnes; Minas-Rio 24-26 million
tonnes (previously 23-25 million tonnes)). Minas-Rio's production guidance is
revised higher reflecting expected strong operational performance and higher
recoveries enabled by stable ore feed at the plant. During 2026, Kumba's
production will be lower than 2025 reflecting the tie-in of the
Ultra-High-Dense-Media-Separation (UHDMS) project which is planned in the
second half of 2026, with sales not expected to be impacted owing to the
planned drawdown of finished stock. Kumba guidance is subject to third-party
rail and port availability and performance.
Production guidance for 2027 is unchanged at 59-63 million tonnes (Kumba 35-37
million tonnes; Minas-Rio 24-26 million tonnes).
Production guidance for 2028 is 58-62 million tonnes (Kumba 35-37 million
tonnes; Minas-Rio 23-25 million tonnes). Minas-Rio's production is slightly
lower than 2027 as the mine moves into areas with more ore feed variability,
offsetting the throughput benefit from the recleaner flotation columns
implementation.
(1) Production and sales volumes, stock and realised price are
reported on a wet basis and could differ to Kumba's stand-alone results due to
sales to other Group companies. At Q4 2024, total finished stock was 7.5
million tonnes; stock at the mines was 6.9 million tonnes and stock at the
port was 0.5 million tonnes.
(2) Formerly known as Metal Bulletin.
Premium iron ore (000 t) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Premium iron ore production((1)) 15,113 14,342 15,936 15,445 14,299 6% 5% 60,836 60,768 0%
Premium iron ore sales((1)) 16,166 14,407 16,406 14,564 16,223 0% 12% 61,543 60,909 1%
Kumba production 8,590 9,247 9,257 8,990 7,826 10% (7)% 36,084 35,731 1%
Sishen 6,560 6,347 6,427 5,955 5,687 15% 3% 25,289 25,661 (1)%
Kolomela 2,030 2,900 2,830 3,035 2,139 (5)% (30)% 10,795 10,070 7%
Kumba sales volumes((2)) 8,947 9,392 9,770 8,939 9,289 (4)% (5)% 37,048 36,199 2%
Lump((2)) 6,139 6,133 6,463 6,037 6,477 (5)% 0% 24,772 23,712 4%
Fines((2)) 2,808 3,259 3,307 2,902 2,812 0% (14)% 12,276 12,487 (2)%
Minas-Rio production
Pellet feed 6,523 5,095 6,679 6,455 6,473 1% 28% 24,752 25,037 (1)%
Minas-Rio sales volumes
Export - pellet feed 7,219 5,015 6,636 5,625 6,934 4% 44% 24,495 24,710 (1)%
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and
reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture
and Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to
sales to other Group companies.
Manganese
Manganese (tonnes) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Manganese ore((1)) 908,500 742,400 22% 972,800 (7)% 2,975,300 2,287,700 30%
(1) Anglo American's 40% attributable share of saleable production
and sales.
Manganese ore production increased by 22% to 908,500 tonnes, reflecting more
normalised production levels following the impact of the temporary suspension
caused by tropical cyclone Megan in Australia in March 2024.
Manganese (tonnes)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Production
Manganese ore 908,500 972,800 745,600 348,400 742,400 22% (7)% 2,975,300 2,287,700 30%
Sales volumes
Manganese ore 976,500 1,030,000 608,800 298,400 331,600 194% (5)% 2,913,700 1,887,700 54%
(1) Anglo American's 40% attributable share of saleable production
and sales.
De Beers - Diamonds
Diamonds((1)) (000 carats) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Botswana 1,881 4,244 (56)% 6,030 (69)% 15,134 17,935 (16)%
Namibia 459 584 (21)% 457 0% 2,082 2,234 (7)%
South Africa 496 550 (10)% 659 (25)% 2,230 2,166 3%
Canada 949 456 108% 511 86% 2,210 2,377 (7)%
Total carats recovered 3,785 5,834 (35)% 7,657 (51)% 21,656 24,712 (12)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Operational Performance
The mining business delivered strong operational performance at lower output
levels as the business produced into prevailing levels of demand.
Rough diamond production in the fourth quarter decreased by 35% to 3.8 million
carats, primarily due to the maintenance shutdowns at Jwaneng and Orapa.
As a result of these maintenance shutdowns, Botswana production decreased 56%
to 1.9 million carats. Jwaneng was offline as planned for the entire quarter
after optimising plant utilisation ahead of this maintenance period, while
Orapa conducted a maintenance shutdown in October. The operations will
continue to prioritise cost management by maintaining a balance between
optimal plant throughput and maintenance downtime.
Namibia's production decreased by 21% to 0.5 million carats as a result of
scheduled maintenance on two vessels, along with extended in-port time to
install a next-generation subsea crawler on the Benguela Gem (diamond recovery
vessel). Additionally, two vessels were decommissioned earlier in the year as
part of the company's strategic response to prevailing industry conditions.
In South Africa, production decreased by 10% to 0.5 million carats, as a
result of planned plant maintenance.
Production in Canada increased to 0.9 million carats as Gahcho Kué accessed
new ore from the latest cut at the mine following its initial waste stripping
phase.
Trading Performance
Rough diamond trading conditions continued to be challenging in the quarter
amid persistent industry, geopolitical and tariff uncertainty.
Rough diamond sales from three Sights in Q4 2025 totalled 5.9 million carats
(5.4 million carats on a consolidated basis)((1)) generating consolidated
rough diamond sales revenue of $571 million - higher than Q4 2024 rough
diamond sales which totalled 4.6 million carats (4.3 million carats on a
consolidated basis)((1)) generating $543 million of consolidated rough diamond
sales revenue.
The full year consolidated average realised price declined by 7% to $142/ct,
primarily driven by a 12% decrease in the average rough price index and the
impact of stock rebalancing initiatives, partially offset by stronger demand
for higher value stones across the year as a whole. However, the Q4 realised
price was impacted by the sales mix, which saw a higher proportion of lower
value goods being sold. The average rough price index does not reflect the
effect of stock rebalancing actions. The equivalent price index reduction
including the impact of stock rebalancing actions would be a 25% decrease
year-on-year.
The Group is undertaking an impairment review of De Beers' carrying value,
assessing the impact of diamond market conditions, which could potentially
lead to an impairment at the full year results.
Guidance
Production((2)) guidance for 2026 is revised to 21-26 million carats (100%
basis) (previously 26-29 million carats), in response to the challenging rough
diamond trading conditions. De Beers continues to monitor rough diamond
trading conditions in order to align output with prevailing demand.
As previously announced, Anglo American continues to pursue a dual track
separation for De Beers and a structured sale process is currently under way.
(1) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Diamonds((1)) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 0 3,151 1,859 2,249 1,002 n/a n/a 7,259 6,779 7%
Orapa((2)) 1,881 2,879 792 2,323 3,242 (42)% (35)% 7,875 11,156 (29)%
Total Botswana 1,881 6,030 2,651 4,572 4,244 (56)% (69)% 15,134 17,935 (16)%
Debmarine Namibia 286 303 385 461 395 (28)% (6)% 1,435 1,625 (12)%
Namdeb (land operations) 173 154 150 170 189 (8)% 12% 647 609 6%
Total Namibia 459 457 535 631 584 (21)% 0% 2,082 2,234 (7)%
Venetia 496 659 592 483 550 (10)% (25)% 2,230 2,166 3%
Total South Africa 496 659 592 483 550 (10)% (25)% 2,230 2,166 3%
Gahcho Kué (51% basis) 949 511 361 389 456 108% 86% 2,210 2,377 (7)%
Total Canada 949 511 361 389 456 108% 86% 2,210 2,377 (7)%
Total carats recovered 3,785 7,657 4,139 6,075 5,834 (35)% (51)% 21,656 24,712 (12)%
Total sales volume (100%) (000 carats)((3)) 5,941 5,715 7,555 4,715 4,647 28% 4% 23,926 19,412 23%
Consolidated sales volume (000 carats)((3)) 5,383 4,558 6,815 4,190 4,273 26% 18% 20,946 17,883 17%
Consolidated rough diamond sales value ($m)((4)) 571 700 1,185 520 543 5% (18)% 2,976 2,720 9%
Average price ($/ct)((5)) 106 154 174 124 127 (17)% (31)% 142 152 (7)%
Average price index((6)) 94 94 94 94 100 (6)% 0% 94 107 (12)%
Number of Sights 3 2 3 2 4((7)) 10 10
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2) 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.
(3) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's
50% proportionate share of sales to entities outside De Beers Group from
Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value
post-aggregation.
(6) Average of the De Beers price index for the Sights within the
period, which excludes the effect of the stock rebalancing actions in 2025.
The De Beers price index is relative to 100 as at December 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling
event due to challenging trading conditions.
Steelmaking Coal
Steelmaking coal((1)(2)) (000 t) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Steelmaking coal 2,064 2,424 (15)% 1,884 10% 8,243 14,544 (43)%
(1) Anglo American's attributable share of saleable production.
Steelmaking coal production volumes may include some product sold as thermal
coal and includes production relating to third-party product purchased and
processed at Anglo American's operations.
(2) Anglo American's attributable share of Jellinbah was 23.3%.
Anglo American agreed the sale of its 33.3% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025. Production and sale
volumes from Jellinbah post 1 November 2024, after the sale was agreed, did
not accrue to Anglo American and have been excluded.
Steelmaking coal production decreased by 15% to 2.1 million tonnes, primarily
impacted by the sale of our minority interest in Jellinbah which completed in
January 2025, along with lower production at the Dawson open cut operation due
to wet weather and mine sequencing in the quarter. This was partially offset
by higher production achieved at the Aquila underground mine enabled by
continued strong longwall performance.
The ratio of hard coking coal production to PCI/semi-soft coking coal was
83:17 during the quarter, higher than Q4 2024 (64:36), reflecting the change
in product mix following the sale of Jellinbah and mine sequencing at Dawson.
The full year average realised price for hard coking coal was $164/tonne,
compared to the benchmark price of $188/tonne. This resulted in a decrease in
the price realisation to 87% (2024: 100%), reflecting a more normalised
realisation compared to the comparative period, which benefitted as a result
of the timing of sales.
At Moranbah North, a safe, remote restart began in November under conditions
approved by the regulator, marking a significant milestone in our staged
restart process and leveraging our industry-leading remote mining technology.
Moranbah North continues to ramp-up ahead of transitioning to normal longwall
operations, subject to regulatory approval.
Grosvenor mine visual inspections during the quarter confirmed limited damage
to critical life-of-mine infrastructure, following regulatory approval in
August 2025 for the first stage of re-entry. This progress supports restart
plans already under way, and subject to investment approval, longwall
production is targeted to recommence by late 2027.
As previously announced, Anglo American is committed to divesting the
Steelmaking Coal business and the formal sales process is progressing well
with expectations for a sale to be agreed in 2026.
Coal, by product (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Production volumes
Steelmaking coal((2)(3)(4)) 2,064 1,884 2,056 2,239 2,424 (15)% 10% 8,243 14,544 (43)%
Hard coking coal((2)) 1,703 1,524 1,749 1,757 1,561 9% 12% 6,733 10,822 (38)%
PCI / SSCC 361 360 307 482 863 (58)% 0% 1,510 3,722 (59)%
Export thermal coal 413 269 298 244 396 4% 54% 1,224 1,111 10%
Sales volumes
Steelmaking coal((2)(4)) 2,231 1,816 2,206 1,631 2,580 (14)% 23% 7,884 14,433 (45)%
Hard coking coal((2)) 1,761 1,498 1,690 1,315 1,846 (5)% 18% 6,264 11,059 (43)%
PCI / SSCC 470 318 516 316 734 (36)% 48% 1,620 3,374 (52)%
Export thermal coal 310 361 335 472 647 (52)% (14)% 1,478 1,966 (25)%
Steelmaking coal, by operation (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Steelmaking coal((2)(3)(4)) 2,064 1,884 2,056 2,239 2,424 (15)% 10% 8,243 14,544 (43)%
Moranbah North((2)) 173 177 136 532 176 (2)% (2)% 1,018 2,777 (63)%
Grosvenor - - - - - n/a n/a - 2,373 n/a
Aquila (incl. Capcoal)((2)) 1,338 970 1,292 1,086 1,096 22% 38% 4,686 3,767 24%
Dawson 553 737 628 621 845 (35)% (25)% 2,539 2,907 (13)%
Jellinbah((4)) - - - - 307 n/a n/a - 2,720 n/a
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased
and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product
sold as thermal coal.
(4) Anglo American's attributable share of Jellinbah was 23.3%.
Anglo American agreed the sale of its 33.3% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025. Production and sale
volumes from Jellinbah post 1 November 2024, after the sale was agreed, did
not accrue to Anglo American and have been excluded.
Nickel
Nickel (tonnes) Q4 Q4 Q4 2025 vs. Q4 2024 Q3 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2024 2025 2025 2024
Nickel 10,300 10,000 3% 10,100 2% 39,700 39,400 1%
Nickel production in the fourth quarter was 10,300 tonnes, 3% higher than the
comparative period, reflecting the benefit of higher grades and improved
recoveries.
As previously announced, Anglo American has entered into a definitive
agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, and
we continue to progress through the European Commission's anti-trust approval
process.
Nickel (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2024 Q4 2025 vs. Q3 2025 2025 vs. 2024
2025 2025 2025 2025 2024 2025 2024
Barro Alto
Ore mined 433,500 934,500 809,500 515,000 254,500 70% (54)% 2,692,500 3,015,900 (11)%
Ore processed 618,900 610,700 599,900 640,300 604,000 2% 1% 2,469,800 2,475,000 0%
Ore grade processed - %Ni 1.50 1.51 1.43 1.39 1.42 6% (1)% 1.46 1.46 0%
Production 8,400 8,200 7,700 8,100 8,100 4% 2% 32,400 32,300 0%
Codemin
Ore mined - - - 1,400 200 n/a n/a 1,400 200 600%
Ore processed 127,900 134,800 138,700 129,200 146,400 (13)% (5)% 530,600 563,200 (6)%
Ore grade processed - %Ni 1.45 1.46 1.40 1.37 1.42 2% (1)% 1.42 1.43 (1)%
Production 1,900 1,900 1,800 1,700 1,900 0% 0% 7,300 7,100 3%
Total nickel production 10,300 10,100 9,500 9,800 10,000 3% 2% 39,700 39,400 1%
Sales volumes 11,800 8,600 9,700 10,100 10,300 15% 37% 40,200 38,500 4%
Exploration and evaluation
Exploration and evaluation expenditure((1)) for the continuing operations in
Q4 2025 increased by 21% to $85 million compared to the same period last year.
Exploration expenditure decreased by 7% to $26 million, primarily due to
planned lower spend. Evaluation expenditure increased by 40% to $59 million,
primarily due to planned increased spend in Copper and Premium Iron Ore.
(1) Anglo American expenses exploration and evaluation expenditure
as incurred up to the point that the mining project is determined as
technically feasible and commercially viable, which is usually the completion
of a pre-feasibility study.
Notes
• This Production Report for the fourth quarter ended 31 December 2025 is
unaudited.
• Production figures are sometimes more precise than the rounded numbers
shown in this Production Report.
• Please refer to page 17 for information on forward-looking statements.
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.
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.
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 (0)82 263 7372
Notes:
Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding 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. The sale of our steelmaking coal and nickel
businesses and the separation of our iconic diamond business (De Beers)
continue to progress and once completed, will focus Anglo American on its
world-class resource asset base in copper, premium iron ore and crop
nutrients.
www.angloamerican.com
Group terminology
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
Disclaimer: This document has been prepared by Anglo American plc ("Anglo
American"). By reviewing this document you agree to be bound by the following
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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
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or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
No representation or warranty, either express or implied, is provided, nor is
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relation to the accuracy, completeness or reliability of the information
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Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than
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statements, including, without limitation, those regarding Anglo American's
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Such forward-looking statements are based on numerous assumptions regarding
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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
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and project development capabilities and delivery, recovery rates and other
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evolving societal and stakeholder requirements and expectations, shortages of
skilled employees, unexpected difficulties relating to acquisitions or
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by courts, regulators and governmental authorities such as in relation to
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maintenance of Anglo American's assets and changes in taxation or safety,
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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
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Nothing in this document should be interpreted to mean that future earnings
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published earnings per share. Certain statistical and other information
included in this document is sourced from third party sources (including, but
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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
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the Financial Advisory and Intermediary Services Act 37 of 2002 or under any
other applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are
used to assess our performance, including a number of financial measures that
are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs).
Management uses these measures to monitor the Group's financial performance
alongside IFRS measures to improve the comparability of information between
reporting periods and businesses. These APMs should be considered in addition
to, and not as a substitute for, or as superior to, measures of financial
performance, financial position or cash flows reported in accordance with
IFRS. APMs are not uniformly defined by all companies, including those in the
Group's industry. Accordingly, it may not be comparable with similarly titled
measures and disclosures by other companies.
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