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 20245 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
- 09 December 2025 | Anglo American and Teck shareholders approve merger of equals to form Anglo Teck
- 09 December 2025 | Anglo American shareholders approve merger of equals with Teck
- 21 November 2025 | Anglo American partners with UK's Foreign, Commonwealth and Development Office to support inclusive growth in South Africa
- 10 November 2025 | Anglo American publishes shareholder circular for merger of equals with Teck
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 - Sulphide (% TCu)(2)
0.52
0.50
0.50
0.57
0.49
6%
4%
0.52
0.47
11%
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)%
Collahuasi100% 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 - Sulphide (% TCu)(2)
0.87
0.92
0.96
0.86
1.14
(24)%
(5)%
0.90
1.15
(22)%
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 - Sulphide (% TCu)(2)
0.72
0.84
0.84
0.92
0.94
(23)%
(14)%
0.83
0.94
(12)%
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 - Sulphide (% TCu)(2)
0.66
0.76
0.73
0.80
0.89
(26)%
(13)%
0.74
0.76
(3)%
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 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 (0)82 263 7372
