RNS Number : 0185F
Anglo American PLC
28 October 2025
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28 October 2025
Anglo American plc
Production Report for the third quarter ended 30 September 2025
Duncan Wanblad, CEO of Anglo American, said: "We've delivered another solid quarter in Copper and Iron Ore, tracking to our plans and we are well positioned to meet 2025 guidance, with the full year outlook increased at our Minas-Rio iron ore operation in Brazil. In Copper, strong operational momentum and higher grades at both Quellaveco and Los Bronces underpinned performance, offsetting the current lower production phase at Collahuasi which is expected to recover by the end of 2026. In Iron Ore, Kumba had another solid quarter, with sales benefiting from improved rail performance, while at Minas-Rio we are increasing 2025 production guidance to 23-25Mt on the back of strong operational performance and following the successful completion of the 5-yearly pipeline inspection.
"In Steelmaking Coal, we continue to make progress towards a safe and structured restart and ramp up at Moranbah North ahead of resuming normal operations. At Grosvenor, we received approval from the regulator in August for first stage re-entry, marking a significant milestone in the recovery journey. Preparations are under way to restart the formal sale process of the Steelmaking Coal business in the coming months.
"We made further progress with our portfolio simplification, successfully divesting our residual c.19.9% interest in Valterra Platinum, raising cash proceeds of c.$2.5 billion. We continue to work through the regulatory approvals for the Nickel transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process is currently under way.
"Looking ahead, and building on the substantial value we have already unlocked through our own portfolio transformation, our agreement1 to merge with Teck represents our next major strategic step to accelerate value accretive growth, with the combined company forming a global critical minerals champion offering more than 70% copper exposure. Our recent agreement2 with Codelco to implement a joint mine plan for the adjacent Los Bronces and Andina operations in Chile serves as another example of delivering compelling industrial synergies as a means to drive our copper growth ambitions."
Q3 2025 overview
Production
Q3 2025
Q3 2024
% vs. Q3 2024
YTD 2025
YTD 2024
% vs. YTD 2024
Simplified portfolio
Copper (kt)(3)
184
181
1%
526
575
(9)%
Iron ore (Mt)(4)
14.3
15.7
(9)%
45.7
46.5
(2)%
Manganese ore (kt)(5)
973
406
140%
2067
1,545
34%
Exiting businesses
Diamonds (Mct)(6)
7.7
5.6
38%
17.9
18.9
(5)%
Steelmaking coal (Mt)
1.9
4.1
(54)%
6.2
12.1
(49)%
Nickel (kt)
10.1
9.9
2%
29.4
29.4
0%
• Copper production was broadly flat at 183,500 tonnes, reflecting strong plant performance coupled with higher grades at both Quellaveco and Los Bronces, offset by lower production at Collahuasi due to lower grades and copper recovery. Quarter-on-quarter, production is 6% higher, as a result of strong plant performance at Quellaveco and Los Bronces.
• Iron ore production decreased by 9% to 14.3 million tonnes, primarily due to the expected lower production from Minas-Rio as a result of the planned pipeline inspection in August, which was successfully completed ahead of schedule.
• Manganese ore production increased by 140% to 972,800 tonnes, reflecting more normalised production levels following the temporary suspension caused by a tropical cyclone in March 2024. Export sales reached normalised levels in August.
• Rough diamond production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter.
• Steelmaking coal production was 54% lower at 1.9 million tonnes, primarily due to the incident at Moranbah North in March 2025 and the sale of Jellinbah in November 20247.
• Nickel production increased by 2% to 10,100 tonnes, reflecting the benefit of higher grades.
• Production and unit cost guidance for our continuing businesses remains unchanged for 2025, with the exception of Minas-Rio, where continued strong operational performance and the successful pipeline inspection have enabled an increase in guidance to 23-25 million tonnes (previously 22-24 million tonnes).
See next page for footnotes.
Production and unit cost guidance summary for 2025(1)
2025 production guidance
2025 unit cost guidance(2)
Simplified portfolio
Copper(3)
690-750 kt
c.151 c/lb
Chile
380-410 kt
c.195 c/lb
Peru
310-340 kt
c.100 c/lb
Iron Ore(4)
58-62 Mt
c.$36/tonne
(previously 57-61 Mt)
Kumba
35-37 Mt
c.$39/tonne
Minas-Rio
23-25 Mt
c.$32/tonne
(previously 22-24 Mt)
Exiting businesses
Diamonds(5)
20-23 Mct
c.$94/carat
(1) Production and unit cost guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties and depreciation and include direct support costs only. FX rates used for 2025 unit costs: c.950 CLP:USD, c.3.75 PEN:USD, c.5.75 BRL:USD, c.18.60 ZAR:USD. Subject to macro-economic factors.
(3) On a contained metal basis. Chile production is subject to water availability. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Minas-Rio's production guidance is revised higher reflecting strong operational performance throughout the year and the successful pipeline inspection, which completed ahead of schedule in Q3 2025. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) 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 and will respond accordingly. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Footnotes to front page
(1) The proposed merger is subject to Anglo American and Teck Resources shareholder approval, as well as customary completion and regulatory conditions.
(2) The transaction is subject to a number of conditions, including customary competition and regulatory approvals and implementation of the joint mine plan is subject to securing the relevant environmental permits.
(3) Contained metal basis.
(4) Wet basis.
(5) Anglo American's 40% attributable share of saleable production.
(6) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(7) 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
Q3 YTD 2025
Q3 YTD 2024
Q3 YTD 2025 vs Q3 YTD 2024
Simplified portfolio
Copper (USc/lb)(1)
446
421
6%
Copper Chile (USc/lb)(2)
451
426
6%
Copper Peru (USc/lb)
441
414
7%
Iron Ore - FOB prices(3)
92
90
2%
Kumba Export (US$/wmt)(4)
94
94
0%
Minas-Rio (US$/wmt)(5)
88
85
4%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6)
155
160
(3)%
Average price index(7)
94
109
(14)%
Steelmaking Coal - HCC (US$/t)(8)
162
253
(36)%
Steelmaking Coal - PCI (US$/t)(8)
133
187
(29)%
Nickel (US$/lb)(9)
6.24
6.93
(10)%
(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 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 $95/t (Q3 YTD 2024: $96/t), higher than the dry 62% Fe benchmark price of $85/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. 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 Q3 YTD 2025 decreased by 21% to $93/t (Q3 YTD 2024: $118/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below.
- 24 October 2025 | Anglo American Board change: Hixonia Nyasulu
- 17 October 2025 | Regulatory information regarding merger of equals
- 08 October 2025 | Anglo American statement re. Teck's operational review and updated outlook
- 16 September 2025 | Anglo American and Codelco finalise landmark agreement to unlock at least $5 billion of value from Los Bronces and Andina copper mines
- 09 September 2025 | Anglo American and Teck to combine through a merger of equals to form a global critical minerals champion
- 04 September 2025 | Results of Anglo American's accelerated bookbuild offering of shares in Valterra Platinum Limited
- 03 September 2025 | Anglo American launches accelerated bookbuild offering of shares in Valterra Platinum
- 19 August 2025 | Anglo American update on sale process for steelmaking coal business
- 31 July 2025 | Anglo American Interim Results 2025
- 31 July 2025 | Notice of Interim Dividend
- 29 July 2025 | Kumba Iron Ore interim results 2025
Copper
Copper(1) (tonnes)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Copper
183,500
181,300
1%
173,300
6%
525,700
575,100
(9)%
Copper Chile
100,200
112,600
(11)%
96,600
4%
285,800
359,100
(20)%
Copper Peru
83,300
68,700
21%
76,700
9%
239,900
216,000
11%
(1) Copper production shown on a contained metal basis.
Copper production for the third quarter of 2025 was up 1% at 183,500 tonnes, reflecting higher production from Quellaveco and strong performance at Los Bronces, partially offset by lower production at Collahuasi. Overall copper production increased by 6% from Q2 2025.
Chile - Copper production of 100,200 tonnes was 11% lower than the comparative period, reflecting lower ore grade and recoveries at Collahuasi, partially offset by higher grades at Los Bronces.
Production from Los Bronces increased by 14% to 41,800 tonnes, reflecting a high level of compliance to the mine plan, the benefit of higher grades (0.50% vs 0.44%) and improved plant performance and recoveries. Mining flexibility at Los Bronces continues to improve as the Donoso 2 development is progressing ahead of schedule, with this phase now allowing wider access to higher grade, softer ore. Full development of Donoso 2 is expected to be complete by early 2027.
At Collahuasi, Anglo American's attributable share of copper production decreased by 27% to 47,400 tonnes, reflecting the anticipated lower ore grades (0.92% vs 1.20%), and a higher than expected level of oxidisation in the stockpiles impacting copper recovery. Plant throughput has sequentially improved this quarter as a result of improved water availability, as Collahuasi started receiving ultra-filtered sea water through the pipeline infrastructure of the new desalination plant. The desalination plant is expected to be fully operational during the first half of 2026. Production is expected to benefit from higher grades in Q4 2025.
In 2026, Collahuasi will continue to process some lower-grade materials from stockpiles until access to high grade ROM ore in the Rosario pit is available towards the end of the year. Current expectations indicate that production rates for 2026 will be broadly similar to 2025, however, a significant rebound is anticipated in 2027 and beyond. The Collahuasi JV management team is actively exploring options to partially mitigate the 2026 impact on production and Anglo American is also assessing upside flexibility within the wider portfolio in Chile, including a potential restart of the second plant at Los Bronces. We continue to focus on long-term value delivery including the significant expected synergies from the proposed operational integration and optimisation of the adjacent Collahuasi/Quebrada Blanca assets and the implementation of the Los Bronces/Andina joint mine plan, currently expected to commence production from 2030(1).
Production from El Soldado decreased by 3% to 11,000 tonnes reflecting the planned lower ore grade (0.84% vs 0.95%) from processing lower grade stockpiles due to the transition between the mine phases.
The year to date average realised price for Copper Chile was 451 c/lb as compared to the average LME price of
434 c/lb, benefiting from provisional pricing adjustments.
Peru - Quellaveco production increased by 21% to 83,300 tonnes, benefiting from strong plant performance which enabled higher recoveries and higher throughput, coupled with a higher grade phase this quarter. As planned, in 2025, the mine is expected to average similar grades as 2024, with lower grades expected in the fourth quarter.
The year to date average realised price for Copper Peru was 441 c/lb as compared to the average LME price of 434 c/lb, benefiting from provisional pricing adjustments.
Guidance
Total Copper production guidance for 2025 is unchanged at 690,000-750,000 tonnes (Chile 380,000-410,000 tonnes; Peru 310,000-340,000 tonnes). Chile copper production guidance for 2026 (440,000-470,000 tonnes) is being reviewed for the reasons described above and will be updated during the first quarter of 2026 as part of the normal annual production review process. 2027 guidance is unchanged. Chile production is subject to water availability.
Unit cost guidance for 2025 is unchanged at c.151 c/lb(2) (Chile c.195 c/lb(2); Peru c.100 c/lb(2)).
(1) The definitive agreement on the Los Bronces/Andina joint mine plan is subject to a number of conditions, including customary competition and regulatory approvals and implementation of the joint mine plan is subject to securing the relevant environmental permits.
(2) The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum. FX rate assumption for 2025 unit costs c.950 CLP:USD for Chile and c.3.75 PEN:USD for Peru.
Copper (tonnes)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Total copper production
183,500
173,300
168,900
197,500
181,300
1%
6%
525,700
575,100
(9)%
Total copper sales volumes
185,700
171,300
173,300
204,800
173,200
7%
8%
530,300
564,100
(6)%
Copper Chile
Los Bronces mine(1)
Ore mined
9,684,700
9,271,800
9,398,500
9,372,900
9,462,100
2%
4%
28,355,000
34,124,800
(17)%
Ore processed - Sulphide
8,291,400
7,134,800
7,578,400
8,178,700
7,944,900
4%
16%
23,004,600
28,841,800
(20)%
Ore grade processed - Sulphide (% TCu)(2)
0.50
0.50
0.57
0.49
0.44
14%
0%
0.52
0.47
11%
Production - Copper in concentrate
36,500
31,900
37,800
33,800
30,200
21%
14%
106,200
111,400
(5)%
Production - Copper cathode
5,300
5,000
5,600
4,900
6,400
(17)%
6%
15,900
22,300
(29)%
Total production
41,800
36,900
43,400
38,700
36,600
14%
13%
122,100
133,700
(9)%
Collahuasi100% basis (Anglo American share 44%)
Ore mined
12,586,600
9,858,100
9,136,400
14,801,500
12,803,800
(2)%
28%
31,581,100
33,612,300
(6)%
Ore processed - Sulphide
15,513,900
14,610,300
14,084,800
14,940,700
14,975,700
4%
6%
44,209,000
45,106,900
(2)%
Ore grade processed - Sulphide (% TCu)(2)
0.92
0.96
0.86
1.14
1.20
(23)%
(4)%
0.92
1.16
(21)%
Anglo American's 44% share of copper production for Collahuasi
47,400
48,100
35,300
56,100
64,700
(27)%
(1)%
130,800
189,700
(31)%
El Soldado mine(1)
Ore mined
1,193,500
1,140,400
1,495,400
2,315,600
2,255,700
(47)%
5%
3,829,300
5,918,700
(35)%
Ore processed - Sulphide
1,636,700
1,714,600
1,454,400
1,689,100
1,505,800
9%
(5)%
4,805,700
4,787,100
0%
Ore grade processed - Sulphide (% TCu)(2)
0.84
0.84
0.92
0.94
0.95
(12)%
0%
0.86
0.94
(9)%
Production - Copper in concentrate
11,000
11,600
10,300
12,500
11,300
(3)%
(5)%
32,900
35,700
(8)%
Chagres smelter(1)
Ore smelted(3)
28,600
27,800
23,100
28,200
24,400
17%
3%
79,500
77,500
3%
Production
27,800
27,500
22,000
27,400
23,300
19%
1%
77,300
74,300
4%
Total copper production(4)
100,200
96,600
89,000
107,300
112,600
(11)%
4%
285,800
359,100
(20)%
Total payable copper production
96,000
92,700
85,400
103,000
108,000
(11)%
4%
274,100
345,000
(21)%
Total copper sales volumes
96,500
98,300
93,300
113,000
107,800
(10)%
(2)%
288,100
350,100
(18)%
Total payable sales volumes
92,600
94,000
89,500
108,100
103,400
(10)%
(1)%
276,100
336,200
(18)%
Third-party sales(5)
159,100
106,600
68,800
131,000
123,500
29%
49%
334,500
291,400
15%
Copper Peru
Quellaveco mine(6)
Ore mined
11,932,000
11,131,500
11,454,700
14,845,200
8,730,500
37%
7%
34,518,200
29,242,700
18%
Ore processed - Sulphide
13,018,400
12,884,900
12,465,200
12,865,300
12,431,300
5%
1%
38,368,500
37,035,000
4%
Ore grade processed - Sulphide (% TCu)(2)
0.76
0.73
0.80
0.89
0.70
9%
4%
0.76
0.72
6%
Total copper production
83,300
76,700
79,900
90,200
68,700
21%
9%
239,900
216,000
11%
Total payable copper production
80,500
74,100
77,300
87,200
66,400
21%
9%
231,900
208,800
11%
Total copper sales volumes
89,200
73,000
80,000
91,800
65,400
36%
22%
242,200
214,000
13%
Total payable sales volumes
85,800
70,300
77,100
88,500
62,900
36%
22%
233,200
206,100
13%
(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.
Iron Ore
Iron Ore (000 t)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Iron Ore
14,342
15,746
(9)%
15,936
(10)%
45,723
46,469
(2)%
Kumba(1)
9,247
9,446
(2)%
9,257
0%
27,494
27,905
(1)%
Minas-Rio(2)
5,095
6,300
(19)%
6,679
(24)%
18,229
18,564
(2)%
(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.
Iron ore production decreased by 9% to 14.3 million tonnes, primarily due to lower production from Minas-Rio as a result of the planned pipeline inspection in August, which is carried out every five years.
Kumba - Total production decreased by 2% to 9.2 million tonnes. Sishen's production was 6% lower, reflecting maintenance activities ahead of the main tie-in of the ultra-high-dense-media-separation (UHDMS) project in 2026, and this was partially offset by 8% higher production at Kolomela, demonstrating the flexible production approach of managing Sishen and Kolomela as an integrated mine complex.
Total sales increased by 6% to 9.4 million tonnes(1), reflecting improved third-party logistics performance and higher stock levels at the port. The Transnet annual shutdown for rail and port maintenance that began in early October has been successfully completed.
Total finished stock was 7.3 million tonnes(1), broadly flat compared to Q2 2025 (7.4 million tonnes). Stock at the mines was 5.5 million tonnes (Q2 2025: 6.4 million tonnes), with stock at the port at 1.8 million tonnes (Q2 2025: 1.0 million tonnes).
Kumba's iron (Fe) content averaged 64.0% (YTD 2024: 64.1%), while the average lump:fines ratio was 66:34 (YTD 2024: 64:36).
The year to date average realised price of $94/tonne(1) (FOB South Africa, wet basis) was 12% higher than the 62% Fe benchmark price of $84/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 decreased by 19% to 5.1 million tonnes, largely driven by a 23-day planned shutdown in August for pipeline inspection activities, which were completed ahead of schedule.
The year to date average realised price of $88/tonne (FOB Brazil, wet basis) was 6% higher than the Metal Bulletin 65 price of $83/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for our high quality product, including higher (~67%) Fe content.
2025 Guidance
Production guidance for 2025 is increased to 58-62 million tonnes (previously 57-61 million tonnes) (Kumba unchanged at 35-37 million tonnes; Minas-Rio increased to 23-25 million tonnes (previously 22-24 million tonnes)). Minas-Rio's production guidance is revised higher reflecting strong operational performance throughout the year and the successful pipeline inspection, which completed ahead of schedule in Q3 2025. Kumba guidance is subject to third-party rail and port availability and performance.
Unit cost guidance for 2025 is unchanged at c.$36/tonne(2) (Kumba c.$39/tonne(2); Minas-Rio c.$32/tonne(2)).
(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 Q3 2024, total finished stock was 8.6 million tonnes; stock at the mines was 7.5 million tonnes and stock at the port was 1.1 million tonnes.
(2) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD for Kumba and c.5.75 BRL:USD for Minas-Rio.
Iron Ore (000 t)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Iron Ore production(1)
14,342
15,936
15,445
14,299
15,746
(9)%
(10)%
45,723
46,469
(2)%
Iron Ore sales(1)
14,407
16,406
14,564
16,223
15,181
(5)%
(12)%
45,377
44,686
2%
Kumba production
9,247
9,257
8,990
7,826
9,446
(2)%
0%
27,494
27,905
(1)%
Sishen
6,347
6,427
5,955
5,687
6,767
(6)%
(1)%
18,729
19,974
(6)%
Kolomela
2,900
2,830
3,035
2,139
2,679
8%
2%
8,765
7,931
11%
Kumba sales volumes(2)
9,392
9,770
8,939
9,289
8,822
6%
(4)%
28,101
26,910
4%
Lump(2)
6,133
6,463
6,037
6,477
5,734
7%
(5)%
18,633
17,235
8%
Fines(2)
3,259
3,307
2,902
2,812
3,088
6%
(1)%
9,468
9,675
(2)%
Minas-Rio production
Pellet feed
5,095
6,679
6,455
6,473
6,300
(19)%
(24)%
18,229
18,564
(2)%
Minas-Rio sales volumes
Export - pellet feed
5,015
6,636
5,625
6,934
6,359
(21)%
(24)%
17,276
17,776
(3)%
(1) Total 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)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Manganese ore(1)
972,800
405,500
140%
745,600
30%
2,066,800
1,545,300
34%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 140% to 972,800 tonnes, reflecting more normalised production levels following the impact of the temporary suspension caused by tropical cyclone Megan in March 2024. Export sales reached normalised levels in August.
Manganese (tonnes)(1)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Production
Manganese ore
972,800
745,600
348,400
742,400
405,500
140%
30%
2,066,800
1,545,300
34%
Sales volumes
Manganese ore
1,030,000
608,800
298,400
331,600
393,500
162%
69%
1,937,200
1,556,100
24%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Botswana
6,030
3,994
51%
2,651
127%
13,253
13,691
(3)%
Namibia
457
456
0%
535
(15)%
1,623
1,650
(2)%
South Africa
659
513
28%
592
11%
1,734
1,616
7%
Canada
511
603
(15)%
361
42%
1,261
1,921
(34)%
Total carats recovered
7,657
5,566
38%
4,139
85%
17,871
18,878
(5)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
In Q3 2025 production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter of 2025.
In Botswana, production increased by 51% to 6.0 million carats. In the comparative period there was one month of plant maintenance at Jwaneng, whereas the plant was fully operational in Q3 2025. In addition, given that extended plant maintenance is planned for the entirety of Q4 2025, higher grade ore was processed at Jwaneng in the third quarter. Orapa resumed operations after a planned extended plant maintenance shut in Q2 2025.
Production in Namibia was flat at 0.5 million carats.
In South Africa, production increased by 28% to 0.7 million carats, reflecting the processing of increased volumes of higher-grade underground ore.
Production in Canada decreased by 15% to 0.5 million carats due to planned treatment of lower-grade ore.
Trading Performance
Rough diamond trading conditions continued to be challenging during the third quarter. The improvement in rough diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery. There was a positive development in September, when the US included natural diamonds to its Tariff Annex III list making them eligible for tariff exemptions for countries with trade agreements. The EU has subsequently secured these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand for natural diamond jewellery remained stable in the US and broadly stable globally.
Rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis)(1) reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins. This generated consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1 million carats (1.7 million carats on a consolidated basis)(1), with consolidated rough diamond revenue of $213 million.
The year to date consolidated average realised price decreased by 3% to $155/ct, reflecting the impact of a 14% decrease in the average rough price index, partially offset by strong demand for higher value stones impacting the sales mix in Q2 and Q3 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
2025 Guidance
Production(2) guidance for 2025 is unchanged 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 unchanged at c.$94/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
Diamonds(1)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng
3,151
1,859
2,249
1,002
1,402
125%
69%
7,259
5,777
26%
Orapa(2)
2,879
792
2,323
3,242
2,592
11%
264%
5,994
7,914
(24)%
Total Botswana
6,030
2,651
4,572
4,244
3,994
51%
127%
13,253
13,691
(3)%
Debmarine Namibia
303
385
461
395
298
2%
(21)%
1,149
1,230
(7)%
Namdeb (land operations)
154
150
170
189
158
(3)%
3%
474
420
13%
Total Namibia
457
535
631
584
456
0%
(15)%
1,623
1,650
(2)%
Venetia
659
592
483
550
513
28%
11%
1,734
1,616
7%
Total South Africa
659
592
483
550
513
28%
11%
1,734
1,616
7%
Gahcho Kué (51% basis)
511
361
389
456
603
(15)%
42%
1,261
1,921
(34)%
Total Canada
511
361
389
456
603
(15)%
42%
1,261
1,921
(34)%
Total carats recovered
7,657
4,139
6,075
5,834
5,566
38%
85%
17,871
18,878
(5)%
Total sales volume (100%) (000 carats)(3)
5,715
7,555
4,715
4,647
2,077
175%
(24)%
17,985
14,765
22%
Consolidated sales volume (000 carats)(3)
4,558
6,815
4,190
4,273
1,665
174%
(33)%
15,563
13,610
14%
Consolidated rough diamond sales value ($m)(4)
700
1,185
520
543
213
229%
(41)%
2,405
2,177
10%
Average price ($/ct)(5)
154
174
124
127
128
20%
(11)%
155
160
(3)%
Average price index(6)
94
94
94
100
107
(12)%
0%
94
109
(14)%
Number of Sights
2
3
2
4(7)
1
7
6
(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. 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)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Steelmaking Coal
1,884
4,102
(54)%
2,056
(8)%
6,179
12,120
(49)%
(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 54% to 1.9 million tonnes, primarily impacted by the incident at Moranbah North in March 2025 and the sale of our minority interest in Jellinbah which completed in January 2025. Production also decreased due to mine sequencing at the Dawson open cut mine. Lower production at the Capcoal open cut operation due to mine sequencing was partially offset by higher production at the Aquila underground mine, reflecting strong performance from the longwall, which successfully undertook a walk-on/walk-off longwall move during the quarter with minimal impact to production.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 81:19 during the quarter, higher than Q3 2024 (74:26), reflecting the change in product mix following the sale of Jellinbah.
The year to date average realised price for hard coking coal was $162/tonne, compared to the benchmark price of $184/tonne. This resulted in a decrease in the price realisation to 88% (YTD 2024: 100%), reflecting a more normalised realisation compared to the comparative period, which benefited as a result of the timing of sales.
At Moranbah North, we continue to make progress towards a safe and structured remote restart and ramp up this year, ahead of transitioning to normal longwall operations. We continue to work closely with our workforce, Industry Safety and Health Representatives (ISHR) and the Queensland safety regulator.
The Grosvenor mine received regulatory approval in August 2025 for the first stage of re-entry, marking a significant milestone in its recovery journey. This approval signals the beginning of a staged and carefully managed re-entry process, following the successful completion of key safety preparations, including initial mine re-ventilation activities.
On 19 August 2025, Peabody announced its purported termination of its November 2024 agreements to acquire our Steelmaking Coal business in Australia, citing a Material Adverse Change ("MAC") as a result of the Moranbah North incident. We are confident in our legal position that the incident at Moranbah North in March does not constitute a MAC under the sale agreements and have initiated an arbitration process to seek damages for wrongful termination. We are committed to exiting the Steelmaking Coal business and preparations are under way to restart the formal sales process in the coming months.
Coal, by product (000 t)(1)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Production volumes
Steelmaking Coal(2)(3)(4)
1,884
2,056
2,239
2,424
4,102
(54)%
(8)%
6,179
12,120
(49)%
Hard coking coal(2)
1,524
1,749
1,757
1,561
3,019
(50)%
(13)%
5,030
9,261
(46)%
PCI / SSCC
360
307
482
863
1,083
(67)%
17%
1,149
2,859
(60)%
Export thermal coal
269
298
244
396
249
8%
(10)%
812
715
14%
Sales volumes
Steelmaking Coal(2)(4)
1,816
2,206
1,631
2,580
3,921
(54)%
(18)%
5,653
11,853
(52)%
Hard coking coal(2)
1,498
1,690
1,315
1,846
3,027
(51)%
(11)%
4,503
9,213
(51)%
PCI / SSCC
318
516
316
734
894
(64)%
(38)%
1,150
2,640
(56)%
Export thermal coal
361
335
472
647
579
(38)%
8%
1,168
1,319
(11)%
Steelmaking coal, by operation (000 t)(1)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Steelmaking Coal(2)(3)(4)
1,884
2,056
2,239
2,424
4,102
(54)%
(8)%
6,179
12,120
(49)%
Moranbah North(2)
177
136
532
176
1,117
(84)%
30%
845
2,601
(68)%
Grosvenor
-
-
-
-
191(5)
n/a
n/a
-
2,373
n/a
Aquila (incl. Capcoal)(2)
970
1,292
1,086
1,096
1,068
(9)%
(25)%
3,348
2,671
25%
Dawson
737
628
621
845
928
(21)%
17%
1,986
2,062
(4)%
Jellinbah(4)
-
-
-
307
798
n/a
n/a
-
2,413
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.
(5) In Q3 2024, Grosvenor washed coal that had been mined prior to the underground fire in June 2024.
Nickel
Nickel (tonnes)
Q3
Q3
Q3 2025 vs. Q3 2024
Q2
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2024
2025
2025
2024
Nickel
10,100
9,900
2%
9,500
6%
29,400
29,400
0%
Production increased by 2% to 10,100 tonnes, reflecting the benefit of higher grades.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, subject to relevant approvals.
Nickel (tonnes)
Q3
Q2
Q1
Q4
Q3
Q3 2025 vs. Q3 2024
Q3 2025 vs. Q2 2025
YTD
YTD
YTD 2025 vs. YTD 2024
2025
2025
2025
2024
2024
2025
2024
Barro Alto
Ore mined
934,500
809,500
515,000
254,500
1,166,800
(20)%
15%
2,259,000
2,761,400
(18)%
Ore processed
610,700
599,900
640,300
604,000
617,700
(1)%
2%
1,850,900
1,871,000
(1)%
Ore grade processed - %Ni
1.51
1.43
1.39
1.42
1.50
1%
6%
1.45
1.48
(2)%
Production
8,200
7,700
8,100
8,100
8,200
0%
6%
24,000
24,200
(1)%
Codemin
Ore mined
-
-
1,400
200
-
n/a
n/a
1,400
-
n/a
Ore processed
134,800
138,700
129,200
146,400
140,800
(4)%
(3)%
402,700
416,800
(3)%
Ore grade processed - %Ni
1.46
1.40
1.37
1.42
1.42
3%
4%
1.42
1.43
(1)%
Production
1,900
1,800
1,700
1,900
1,700
12%
6%
5,400
5,200
4%
Total nickel production
10,100
9,500
9,800
10,000
9,900
2%
6%
29,400
29,400
0%
Sales volumes
8,600
9,700
10,100
10,300
9,200
(7)%
(11)%
28,400
28,200
1%
Exploration and evaluation
Exploration and evaluation expenditure(1) for the continuing operations in Q3 2025 increased by 3% to $61 million compared to the same period last year. Exploration expenditure decreased by 23% to $23 million, primarily due to planned lower spend. Evaluation expenditure increased by 31% to $38 million, primarily due to planned increased spend in Copper.
(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 third quarter ended 30 September 2025 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Please refer to page 16 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 James Wyatt-Tilby james.wyatt-tilby@angloamerican.com Tel: +44 (0)20 7968 8759 Marcelo Esquivel marcelo.esquivel@angloamerican.com Tel: +44 (0)20 7968 8891 Rebecca Meeson-Frizelle rebecca.meeson-frizelle@angloamerican.com Tel: +44 (0)20 7968 1374 South Africa Nevashnee Naicker nevashnee.naicker@angloamerican.com Tel: +27 (0)11 638 3189 Ernest Mulibana ernest.mulibana@angloamerican.com Tel: +27 82 263 7372
