REG - Anglo American PLC - Anglo American full year 2025 Results
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RNS Number : 7456T Anglo American PLC 20 February 2026
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YEAR END FINANCIAL REPORT
for the year ended 31 December 2025
20 February 2026
Anglo American Preliminary Results 2025
Portfolio progress highlights quality of Copper and Premium Iron Ore business
performance
• A transformational year of portfolio optimisation and strategic
progress to merge with Teck, unlocking material value for shareholders
• Strong production and cost performance from continuing operations,
delivering:
◦ Underlying EBITDA* of $6.4 billion (2024: $6.3 billion)
◦ EBITDA margins* of 49% in Copper and 43% in Premium Iron Ore
• $1.8 billion of run-rate cost savings delivered on schedule by the
end of 2025
• Strong cash conversion* for continuing operations at 107% with
further reductions in working capital delivered
• Net debt* decreased to $8.6 billion (2024: $10.6 billion)
reflecting proceeds from sale of residual Valterra Platinum shareholding, with
proceeds from planned divestments expected to support further deleveraging
• Loss attributable to equity shareholders of $3.7 billion -
including a pre-tax impairment of $2.3 billion relating to De Beers
• $0.2 billion total cash dividends, equal to $0.23 per share,
consistent with our 40% payout policy
Duncan Wanblad, CEO of Anglo American, said: "2025 was a transformational year
for Anglo American as we progressed our portfolio simplification and set the
course for the future of our company by agreeing to merge with Teck to form a
global critical minerals champion - as Anglo Teck. In parallel, we continued
to accelerate delivery of our own strategic priorities of operational
excellence, portfolio optimisation and growth, making great strides during the
year and unlocking material value for our shareholders.
"I am delighted with the continued strong operational and cost performance in
Copper and Premium Iron Ore in 2025, with improved underlying EBITDA in both
businesses. Underlying EBITDA from continuing operations increased to
$6.4 billion, reflecting our unwavering focus on cost discipline and
operational excellence, while also hitting our targeted $1.8 billion cost
savings run-rate. We are continuing to strengthen our balance sheet, driven by
the early proceeds from our portfolio optimisation and our continued focus on
cash conversion.
"Safety is our number one value and our first priority, always. We saw further
improvement in key leading safety indicators, with a continuation of the
downward trend in injury frequency, recording our lowest ever rate in 2025. I
am, however, sorry to report that we lost two colleagues following accidents
in Brazil and Zimbabwe, in the first half of the year. We extend our sincerest
condolences to their families, friends and colleagues and we will be
relentless in our efforts to create a workplace where everyone returns home
safely.
"We are committed to seeing our portfolio changes through to their conclusion,
following the successful demerger of Valterra Platinum in May and the sale of
our residual holding in the business in September. We continue to progress the
sale of our Steelmaking Coal business, the agreed sale of our Nickel business
is moving through regulatory approval, and we are progressing the separation
of De Beers.
"Our merger agreement to form Anglo Teck marks a defining moment in our long
history - a compelling combination that is designed to unlock significant
value both in the near and long term, while offering our shareholders more
than 70% exposure to copper. Having received Investment Canada Act approval in
December, following overwhelming support from both companies' shareholders, we
continue to secure key regulatory approvals ahead of being in a position to
deliver the exceptional value that we have identified as we take shape as a
critical minerals powerhouse."
Stuart Chambers, Chair of Anglo American, commented: "On behalf of the Board,
I commend the entire leadership team and all our employees, led by Duncan, for
an exceptional year of strategic delivery on so many fronts. Shareholders have
benefited from considerable returns as the inherent value of Anglo American is
brought to the fore, including via the successful demerger of Valterra
Platinum. The progress to simplify our portfolio, in parallel with agreeing
the merger with Teck and progressing the transaction so quickly and with such
overwhelming shareholder support, together highlight the determination and
energy with which we have been repositioning Anglo American to the forefront
of our industry in terms of value-accretive growth."
Year ended 31 December 2025 31 December 2024 Change
(re-presented)((1))
US$ million, unless otherwise stated
Continuing operations
Revenue 18,546 17,745 5 %
Underlying EBITDA* 6,417 6,322 2 %
EBITDA margin* 33 % 34 %
Attributable free cash flow* 790 (209 ) n/a
Basic underlying earnings per share*($) 0.80 1.11 (28 %)
Attributable ROCE* 12 % 12 % 0 %
Total (including discontinued operations)
Loss attributable to equity shareholders of the Company (3,741 ) (3,068 ) 22 %
Basic underlying earnings per share* ($) 0.54 1.60 (66 %)
Loss per share ($) (3.30 ) (2.53 ) 30 %
Interim dividend per share ($) 0.07 0.42 (83 %)
Final dividend per share ($) 0.16 0.22 (27 %)
Total dividend per share ($) 0.23 0.64 (64 ) %
Terms with this symbol * are defined as Alternative Performance Measures
(APMs). For more information, refer to page 95.
(1) Comparative figures are re-presented to exclude results from
discontinued operations, see note 8.
Note: Continuing operations includes Anglo American's future portfolio
(Copper, Premium Iron Ore, Manganese and Crop Nutrients) and De Beers, per
accounting requirements; discontinued operations includes the Steelmaking
Coal, Nickel and PGMs businesses.
Sustainability performance
Key sustainability performance indicators((1))
Anglo American tracks its strategic progress using KPIs that are based on our
seven pillars of value: safety and health, financial, cost, environment,
people, production and socio-political. In addition to the financial and cost
performance set out above and our operational performance on pages 19-34, our
performance for the remaining four pillars is set out below, with further
detail on pages 13-16.
Our basis of preparation for sustainability reporting is to account for 100%
of managed operations (including both continuing and discontinued operations)
until the date of divestment. The performance against targets set out below
therefore includes the performance of our Platinum business until it was
divested at the end of May 2025. The exceptions to this are GHG emissions -
Scopes 1 & 2 - where data is prepared in line with GHG Protocol guidance
on the treatment of divestments - and Fresh water withdrawals. For these two
metrics, for comparative purposes, full year 2025 and 2024 data, as well as
the target baseline, excludes our PGM business.
Pillar of value Metric 31 December 2025 31 December 2024 Target((2)) Target achieved
Safety and health Work-related fatal injuries((3)) 2 3 Zero Not achieved
Total recordable injury frequency rate (TRIFR) per million hours 1.26 1.57 Reduction year on year Achieved
New cases of occupational disease 16 19 Reduction year on year Achieved
Environment GHG emissions - Total Scopes 1 & 2 (Mt CO(2)e) 6.3 7.3 Reduce absolute GHG emissions by 30% by 2030 On track
Fresh water withdrawals (ML) 20,955 25,394 Reduce fresh water abstraction in water scarce areas by 50% by 2030 On track
Level 4-5 environmental incidents 0 0 Zero Achieved
People Women in management((4)) 36 % 35 % To achieve 40% by 2030 On track
Women in the workforce 27 % 26 %
Voluntary labour turnover 4.2 % 4 % < 5% Achieved
Socio-political Number of jobs supported 165,286 157,199
off site((5))
Local procurement spend ($bn)((6)) 10.6 12.1
Taxes and royalties ($m)((7)) 3,738 3,950
(1) The following sustainability performance indicators for the 12 months
ended 31 December 2025 and the comparative period are externally assured:
work-related fatal injuries; TRIFR; GHG emissions; Fresh water withdrawals;
Level 4-5 environmental incidents; and Number of jobs supported off site.
Refer to the Assurance Statement in the Integrated Annual Report for further
details.
(2) Environment targets reflect the Sustainable Mining Plan's commitments
and goals, which were in place to the end of 2025. Our updated Sustainability
ambitions and targets, which apply from 2026, can be found on page 17.
(3) 2025 reported performance includes one work-related fatality at the
PGMs business.
(4) Management includes middle and senior management across the Group.
(5) Jobs supported since 2018, in line with the Sustainable Mining Plan's
Livelihoods stretch goal.
(6) Local procurement is defined as procurement from businesses that are
registered and based in the country of operation - also referred to as
in-country procurement - and includes local procurement expenditure from the
Group's subsidiaries and a proportionate share of the Group's joint
operations, based on shareholding.
(7) Taxes and royalties include all taxes and royalties borne and taxes
collected by the Group. This includes corporate income taxes, withholding
taxes, mining taxes and royalties, employee taxes and social security
contributions and other taxes, levies and duties directly incurred by the
Group, as well as taxes incurred by other parties (e.g. customers and
employees) but collected and paid by the Group on their behalf. Figures
disclosed are based on cash remitted, being the amounts remitted by entities
consolidated for accounting purposes, plus a proportionate share, based on the
percentage shareholding, of joint operations. Taxes borne and collected by
equity accounted associates and joint ventures are not included.
Operational and financial review of Group results for the year ended
31 December 2025
Operational performance
Production - continuing operations 2025 2024 % vs 2024
Copper (kt)((1)) 695 773 (10 ) %
Premium iron ore (Mt)((2)) 60.8 60.8 0 %
Manganese ore (kt)((3)) 2,975 2,288 30 %
Diamonds (Mct)((4)) 21.7 24.7 (12 ) %
(1) Contained metal basis. Reflects copper production from the Copper
operations in Chile and Peru only.
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Continuing operations
Production volumes decreased by 5% on a copper equivalent basis compared to
the prior year, reflecting lower production at Copper Chile and De Beers.
Copper production decreased by 10%, primarily reflecting lower ore grades and
copper recovery at Collahuasi. Los Bronces was impacted by lower plant
throughput as a result of the smaller Los Bronces processing plant being put
on care and maintenance at the end of July 2024 as planned, partially offset
by higher ore grade and higher copper recoveries from improved plant
performance. This was partly offset by Copper Peru, reflecting strong plant
performance and higher throughput year-on-year.
Premium iron ore production was flat, with Kumba production increasing
marginally by 1%, while strong operational performance at Minas-Rio enabled
broadly flat production levels despite a 23-day planned pipeline shutdown for
inspection activities.
Manganese production increased by 30%, reflecting more normalised production
levels following the impact of the temporary suspension caused by tropical
cyclone Megan in March 2024.
At De Beers, mining operations delivered solid operational performance at
lower output levels, as the business produced into prevailing demand.
Consequently, rough diamond production reduced by 12%.
For more information on each Business' production and unit cost performance,
please refer to the following pages 19-31.
Discontinued operations
For operational information on each Business' production and unit cost
performance, please refer to the following pages 32-34.
Financial performance
Continuing operations underlying EBITDA* increased by 2% to $6.4 billion
driven by $1.0 billion favourable realised price benefits from copper and
premium iron ore, and the delivery of our $1.8 billion cost-out programme,
including an additional $0.6 billion gross cost savings realised in 2025,
slightly ahead of plan. This offset $0.5 billion lower EBITDA from De Beers
due to continuing challenging trading conditions and mitigated the impacts of
lower sales volumes at Collahuasi (Copper Chile), as well as inflation and
foreign exchange movements. This resulted in EBITDA Margin* broadly in line
with prior year at 33%. As a consequence, continuing operations contributed
$0.9 billion to total Group underlying earnings of $0.6 billion.
Cash flow was supported by the release of $0.6 billion of working capital
primarily through inventory management, as well as proceeds from the
accelerated bookbuild offering for the Group's remaining shareholding in
Valterra Platinum, net proceeds on disposal of Jellinbah and lower capital
expenditure. This reduced net debt by $2.1 billion to $8.6 billion.
Underlying EBITDA* - Continuing operations
Underlying EBITDA increased by $0.1 billion to $6.4 billion
(2024: $6.3 billion). Financial results benefited from the favourable copper
and premium iron ore realised prices, combined with the realisation of
embedded cost reductions from the prior year and the delivery of the
transformation programme in 2025. Despite these benefits, the higher earnings
were partially offset by the ongoing challenging rough diamond trading
conditions at De Beers, alongside lower sales at Copper Chile, driven by the
lower production, to support an EBITDA margin* of 33% (2024: 34%). Our
ongoing focus on cost control and cash generation has positioned us well as we
execute our strategy. A reconciliation of 'Profit before net finance costs and
tax', the closest equivalent IFRS measure to underlying EBITDA, is provided
within note 4 to the Condensed financial statements.
Underlying EBITDA* by segment
$ million 2025 2024
(re-presented)((1))
Copper 3,983 3,805
Premium Iron Ore 2,873 2,655
Manganese 127 116
Crop Nutrients (66 ) (34 )
De Beers (511 ) (25 )
Corporate and other 11 (195 )
Total 6,417 6,322
((1)) Comparative figures are re-presented to exclude results from
discontinued operations, see note 8.
Underlying EBITDA* reconciliation for the year ended 31 December 2024 to
year ended 31 December 2025
The reconciliation of underlying EBITDA from $6.3 billion in 2024 to
$6.4 billion in 2025 shows the major controllable factors (e.g. cost and
volume), as well as those outside of management control (e.g. price, foreign
exchange and inflation), that drive the Group's performance.
$ billion
2024 underlying EBITDA* 6.3
De Beers (0.5 )
Price 1.0
Foreign exchange (0.1 )
Inflation (0.2 )
Volume (0.3 )
Cost 0.6
Other (0.4 )
2025 underlying EBITDA* 6.4
De Beers
Rough diamond trading conditions remained challenging in 2025. The
consequential impact of the lower average rough price index and stock
rebalancing initiatives had a significant impact on earnings, resulting in
underlying EBITDA decreasing by $0.5 billion, further impacted by a one-off
benefit during the prior year from the sale of a non-diamond royalty right.
Price
Excluding the impact of De Beers, average market prices for the continuing
Group's basket of products increased by 2% compared with 2024. This was
driven by a 9% increase in the copper market price, partially offset by a 6%
reduction in the iron ore market price. In terms of underlying EBITDA, price
had a favourable $1.0 billion impact compared to 2024, driven by a 14%
increase in the weighted average realised price for copper and a 4% increase
in the weighted average realised price for premium iron ore. Differences in
the market price to realised price are largely due to favourable provisional
pricing impacts benefiting both Copper and Premium Iron Ore, as well as lower
freight rates benefiting Premium Iron Ore.
Foreign exchange
Unfavourable foreign exchange reduced underlying EBITDA by $0.1 billion,
primarily reflecting the impact of the stronger South African rand on the
allocated cost base.
Inflation
The Group's weighted average CPI was 4% in 2025, broadly in line with the
prior year. The impact of CPI inflation on costs reduced underlying EBITDA by
$0.2 billion.
Volume
Lower sales volumes impacted underlying EBITDA by $0.3 billion, due to lower
production at Copper Chile.
Cost
Lower costs improved underlying EBITDA by $0.6 billion. Driven by gross cost
savings of $0.6 billion from the realisation of $0.3 billion run-rate benefits
embedded in 2024 including operational and corporate cost savings, as well as
a further $0.3 billion from the substantial completion of our Corporate and
head-office transformation programme in 2025. These gross cost savings were
partially offset by $0.2 billion of headwinds primarily at Collahuasi related
to stripping as development work continued towards sustainably higher-grade
areas of the mine. A further $0.2 billion benefit primarily arose from lower
treatment and refining charges in Copper.
Other
The $0.4 billion unfavourable movement was largely driven by the movement
year-on-year in the long term rehabilitation provisions at Copper Chile.
Reconciliation from underlying EBITDA* to underlying earnings* - Continuing
operations
Group underlying earnings decreased to $0.9 billion (2024: $1.3 billion),
driven by higher finance costs and depreciation as well as the impacts of the
earnings mix on income tax expense and non-controlling interests.
$ million 2025 2024
(re-presented)((1))
Underlying EBITDA* 6,417 6,322
Depreciation and amortisation (2,382 ) (2,281 )
Net finance costs (557 ) (418 )
Income tax expense (1,792 ) (1,671 )
Non-controlling interests (779 ) (610 )
Underlying earnings* - continuing operations 907 1,342
((1)) Comparative figures are re-presented to exclude results from
discontinued operations, see note 8.
Depreciation and amortisation
Depreciation and amortisation increased 4% to $2.4 billion
(2024: $2.3 billion), driven by projects completed at Copper Chile during
the second half of 2024.
Net finance costs
Net finance costs, before special items and remeasurements, were $0.6
billion (2024: $0.4 billion), with the increase mainly driven by net foreign
exchange losses, primarily on derivative instruments.
Income tax expense
The underlying effective tax rate was higher than the prior year at 51.5%
(2024: 46.1% (re-presented)), impacted by the relative levels of profits
arising in the Group's operating jurisdictions and losses in certain
businesses, most notably De Beers, for which no or limited tax benefit has
been recognised. Excluding De Beers, the underlying effective tax rate was
39.1%. The tax charge for the year, before special items and remeasurements,
was $1.8 billion (2024: $1.6 billion).
Non-controlling interests
The share of underlying earnings attributable to non-controlling interests was
$0.8 billion (2024: $0.6 billion). This is driven by higher earnings in
Copper and Premium Iron Ore and partially offset by an increased loss in De
Beers.
Reconciliation from underlying EBITDA* to underlying earnings* - Discontinued
operations
$ million 2025 2024
Underlying EBITDA - discontinued operations* 67 2,138
Depreciation and amortisation (213 ) (894 )
Net finance costs (120 ) (323 )
Income tax expense (23 ) (197 )
Non-controlling interests (8 ) (129 )
Underlying earnings* - discontinued operations (297 ) 595
Underlying earnings from discontinued operations were significantly lower
driven by the successful demerger of Platinum Group Metals (PGMs) in May 2025
compared to a full year of earnings in 2024, as well as the sales volume
impacts in Steelmaking Coal due to the sale of Jellinbah at the end of 2024,
the suspension of Grosvenor from July 2024 and the underground incident at
Moranbah North in March 2025 as well as lower realised prices. Due to the
lower earnings, tax and non-controlling interests were both consequently
lower.
Reconciliation from underlying EBITDA* - Total Group* to underlying earnings*
$ million 2025 2024
Underlying EBITDA - Total Group* 6,484 8,460
Depreciation and amortisation (2,595 ) (3,175 )
Net finance costs (677 ) (741 )
Income tax expense (1,815 ) (1,868 )
Non-controlling interests (787 ) (739 )
Underlying earnings* 610 1,937
Special items and remeasurements - Continuing operations
Special items and remeasurements (after tax and non-controlling interests)
from continuing operations were a net charge of $2.1 billion (2024: net
charge of $4.5 billion). This principally related to an impairment within De
Beers of $2.3 billion ($1.8 billion after tax and non-controlling interests)
and restructuring costs related to the Group's strategic change programme of
$0.1 billion.
Full details of the special items and remeasurements recorded are included in
note 12 to the Condensed financial statements.
Net debt*
$ million 2025 2024
(re-presented)((1))
Opening net debt* at 1 January (10,623 ) (10,615 )
Underlying EBITDA* from subsidiaries and joint operations 6,201 6,128
Working capital movements 559 1,457
Other cash flows from operations 245 (655 )
Cash flows from operations 7,005 6,930
Capital repayments of lease obligations (287 ) (340 )
Cash tax paid (1,329 ) (1,427 )
Dividends from associates, joint ventures and financial asset investments 47 62
Net interest((2)) (741 ) (949 )
Distributions paid to non-controlling interests (542 ) (470 )
Sustaining capital expenditure (2,720 ) (2,885 )
Sustaining attributable free cash flow* 1,433 921
Growth capital expenditure and other((3)) (643 ) (1,130 )
Attributable free cash flow* 790 (209 )
Dividends to Anglo American plc shareholders (344 ) (1,026 )
Acquisitions and disposals((4)) 2,346 161
Foreign exchange and fair value movements 184 (156 )
Other net debt movements((5)) (221 ) 553
Total movement in net debt* - continuing operations 2,755 (677 )
Total movement in net debt* - discontinued operations((6)) (703 ) 669
Closing net debt* at 31 December (8,571 ) (10,623 )
((1)) The 2024 results have been re-presented to show separately the
discontinued operations for comparability to the current year.
((2)) Includes cash outflows of $267 million (2024: $476 million), relating
to interest payments on derivatives hedging net debt, which are included in
cash flows from derivatives related to financing activities.
((3)) Growth capital expenditure and other includes $41 million (2024: $80
million) of expenditure on non-current intangible assets.
((4)) Includes cash received from the sale of our residual 19.9% interest in
Valterra Platinum of $2,432 million (net of tax and transaction costs).
((5)) Includes the purchase of shares (including for employee share schemes)
of $102 million and other movements in lease liabilities (excluding variable
vessel leases) increasing net debt by $44 million. 2024 includes the purchase
of shares (including for employee share schemes) of $112 million, other
movements in lease liabilities (excluding variable vessel leases) increasing
net debt by $100 million, investments in joint ventures of $62 million and
Mitsubishi's share of Quellaveco's capital expenditure of $30 million, offset
by consideration received on the sale of our 11.9% interest in Valterra
Platinum of $935 million as part of the two accelerated bookbuilds.
((6)) Includes cash received from the Jellinbah disposal of $870 million;
finance leases transferred to held for sale during the year and thus excluded
from net debt of $141 million; offset by cash flows from operations of $212
million, capital expenditure of $733 million; Valterra Platinum dividends paid
to non-controlling interests of $297 million paid prior to demerger, net debt
impact of the demerger of Valterra Platinum of $247 million including tax and
transaction costs, other transaction costs of $47 million, capital repayment
of lease obligations of $84 million and foreign exchange and fair value
movements of $38 million. 2024 includes cash flows from operations of $2,538
million, partially offset by capital expenditure of $1,555 million, capital
repayment and movement of lease obligations of $114 million, dividends paid to
non-controlling interests and interest paid of $119 million and deferred
consideration in respect of previous acquisitions of $68 million.
Net debt (including related derivatives) of $8.6 billion has decreased by
$2.1 billion from 31 December 2024. Net debt at 31 December 2025
represented gearing (net debt to total capital) of 26% (31 December
2024: 27%). The net debt to EBITDA ratio on a continuing basis decreased to
1.3x (31 December 2024: 1.7x), principally as a result of proceeds from the
accelerated bookbuild offering for the Group's remaining shareholding in
Valterra Platinum in September 2025, cash received from the Jellinbah
disposal, as well as lower capital expenditure and continued working capital
management.
Cash flow
Cash flows from operations and Cash conversion* - Continuing operations
Cash flows from operations remained flat at $7.0 billion
(2024: $6.9 billion), as a lower working capital inflow of $0.6 billion
(2024: inflow of $1.5 billion) was offset by improved other cash flows from
operations inflows of $0.2 billion (2024: $0.7 billion outflow) driven by
provision movements in Copper Chile and timing of derivative settlements.
Within working capital, the movement is driven by a $0.7 billion inventory
inflow predominantly as a result of stock rebalancing initiatives at De
Beers. A receivables outflow of $0.9 billion was driven by high copper prices
impacting amounts to be received on sales, including provisional price
adjustments. This was largely offset by a payables inflow of $0.8 billion
driven by higher amounts due on third-party copper purchases.
These factors, combined with lower sustaining capital expenditure and
repayments of lease obligations, contributed to the Group's cash conversion
increasing to 107% (2024: 98%).
Capital expenditure* - Continuing operations
$ million 2025 2024
(re-presented)((1))
Stay-in-business 1,925 2,048
Development and stripping 651 512
Life-extension projects 161 335
Proceeds from disposal of property, plant and equipment (17 ) (10 )
Sustaining capital 2,720 2,885
Growth projects 602 1,050
Total capital expenditure 3,322 3,935
((1)) Comparative figures are re-presented to exclude results from
discontinued operations, see note 8.
Capital expenditure was $0.6 billion lower compared to the prior year at $3.3
billion (2024: $3.9 billion).
Sustaining capital expenditure was lower at $2.7 billion
(2024: $2.9 billion), primarily due to rephasing of the Venetia underground
life-extension and rationalisation of stay-in-business capex spend at De
Beers, and a planned reduction of Collahuasi desalination project spend as it
progresses towards completion in 2026.
Growth capital expenditure was lower at $0.6 billion (2024: $1.1 billion), due
to planned lower spend at Woodsmith. Growth capital expenditure primarily
relates to spend on the Woodsmith project (Crop Nutrients), the first phase of
the Collahuasi debottlenecking initiative (Copper Chile) and Kumba's
ultra-high-dense-media-separation (UHDMS) project (Premium Iron Ore).
Attributable free cash flow* - Continuing operations
The Group's attributable free cash flow was an inflow of $0.8 billion
(2024: $0.2 billion outflow). The improved results principally reflects
lower capex of $3.3 billion (2024: $3.9 billion) and lower net interest of
$0.7 billion (2024: $0.9 billion).
Other movements in net debt - Continuing operations
In addition to the movements in attributable free cash flow, the total
movement in net debt was impacted by dividends to Anglo American plc
shareholders, disposals, foreign exchange and fair value movements and other
net debt movements. The dividend paid to Anglo American plc shareholders
reduced to $0.3 billion (2024: $1.0 billion), driven by a reduction in
underlying earnings.
Shareholder returns
In line with the Group's established dividend policy to pay out 40% of
underlying earnings, the Board has proposed a final dividend of 40% of second
half underlying earnings, equal to $0.16 per share (2024: $0.22 per share),
equivalent to $0.17 billion (2024: $0.27 billion).
Balance sheet
Net assets decreased by $4.4 billion to $24.1 billion (31 December 2024:
$28.5 billion), driven by the demerger of net assets of $5.6 billion from the
PGMs business, as well as an impairment of $2.3 billion ($1.8 billion after
tax and non-controlling interests) recognised for the year ended
31 December 2025 at De Beers.
Attributable ROCE* - Continuing operations
Attributable ROCE remained flat at 12% (2024: 12%) with strong performance in
Copper and Premium Iron Ore, offset by the losses in De Beers. Attributable
underlying EBIT decreased to $2.6 billion (2024: $2.8 billion), reflecting
higher depreciation and changes in the earnings mix. Average attributable
capital employed decreased to $22.3 billion (2024: $24.1 billion),
primarily due to the impact from the impairment recognised in De Beers in the
current year.
Liquidity and funding
Group liquidity was $12.4 billion (2024: $15.3 billion), comprising
$6.4 billion of cash and cash equivalents (2024: $8.1 billion) and
$6.0 billion of undrawn committed facilities (2024: $7.2 billion).
In March 2025, the Group used $1.0 billion of cash to execute a liability
management transaction, retiring $1.0 billion of contractual repayment
obligations (including derivatives hedging the bonds). In December 2025, the
Group used $0.6 billion of cash to redeem $0.6 billion of Euro denominated
bonds originally due to mature in March 2026.
Consequently, the weighted average maturity on the Group's bonds increased to
8.1 years (2024: 7.6 years).
Attractive growth options
Anglo American continues to evolve its portfolio of competitive, world-class
assets towards those future-enabling products that are essential for
decarbonising the global economy, improving living standards, and supporting
food security.
Growth projects (metrics presented on a 100% basis unless otherwise indicated)
Progress and current expectations in respect of our key growth projects are as
follows:
Operation Scope Capex Remaining capex First production
$bn $bn
Copper
Collahuasi Debottlenecking investment in additional crushing capacity and flotation cells c.0.2 <0.1 2026
is expected to increase plant throughput from c.170 ktpd to c.185 ktpd, adding
production of c.10 ktpa (44% share) on average from 2026.
(44% share)
(44% share)
c.0.2
(44% share)
Further investments in debottlenecking initiatives have been approved and are
Subject to ongoing studies, permitting, and approvals
expected to expand the existing plant to the total permitted capacity of 210
ktpd and will add c.15 ktpa (44% share) of production from late 2027.
c.0.3 Late 2027
Beyond that, studies and permitting are required to be finalised for a fourth
processing line in the plant and mine expansion that would add up to c.150
ktpa (44% share) of production from the mid 2030s. In parallel to the fourth (44% share)
line studies, work is continuing to unlock the alternate growth pathway and
realise the significant synergies from the potential operational integration
and optimisation of Collahuasi with the neighbouring Quebrada Blanca
operation.
The desalination plant that is currently under construction has been designed
to accommodate capital efficient expansion in light of the growth potential at
the asset.
Quellaveco The plant throughput was initially permitted to a level of 127.5 ktpd.
Following regulatory approvals to increase throughput to 150 ktpd, a
debottlenecking strategy was implemented to provide added flexibility to
design optimal throughput for the plant with limited configuration changes,
subject to sectorial permits associated with the specific design and water
availability.
In light of this, the stage one expansion was approved and will increase
throughput to c.142 ktpd and improve recoveries by late 2026, this involves
the installation of a second pebble crusher and additional flotation cells.
Efforts will continue to further debottleneck the plant, while conducting
early studies to support Quellaveco's long-term expansion prospects.
c. 0.1 c.0.1 Late 2026
Subject to ongoing studies, permitting and approvals
Sakatti Polymetallic greenfield project in Finland containing copper, nickel, Subject to ongoing studies, permitting, and approvals Early 2030s
platinum, palladium, gold, silver and cobalt. The mine design reflects the
latest studies and production profile, which is expected to deliver
60-80 ktpa copper equivalent production from a state-of-the-art mine design
with minimal surface footprint.
In March 2025, the project was awarded 'strategic project' status under the
EU's Critical Raw Materials Act, which enables it to benefit from more
efficient processing of permitting applications. Studies are ongoing, with the
latest Mineral Resource estimated at c. 157 Mt, with average grades of 0.75
%TCu, 0.40 %Ni and 0.67 g/t 3E PGE. The application for the Natura 2000
derogation is currently being prepared with PFS-B completion targeted for
December 2026.
Los Bronces The final agreement was signed with Codelco in September 2025 to implement a Subject to permitting, and approvals 2030
joint mine plan between Los Bronces and Andina. The expected additional copper
production of c.120,000 tonnes per year is to be shared equally (average over
2030-2051).
In Q4 2025, a Steering Committee was established, including three members of
Anglo American and three members of Codelco. Closing of the transaction is
expected in H2 2026 and is subject to a number of conditions, including
customary competition and regulatory approvals. Implementation of the joint
mine plan is expected in 2030, subject to permitting.
Under the terms of the agreement, both Anglo American and Codelco maintain the
flexibility to develop separate standalone projects, including the advancement
of underground Mineral Resources, during the term of the joint mine plan in a
coordinated and appropriate manner.
Los Bronces has significant underground endowment, with underground
development permitted as part of the wider Los Bronces integrated project
permit granted in 2023. The project would partly replace lower grade open-pit
tonnes with higher grade underground tonnes. It is located 5 km from the
existing pit and will use the same plant and tailings deposit capacity used by
the current operation, without requiring any additional fresh water.
Studies are under way with the aim being to develop a modern operation with
minimal surface impact while maximising value delivery from the project.
Studies include an evaluation of the expansion option in light of the Los
Bronces / Andina joint mine plan from 2030, with the timing of this project
being under review.
Subject to ongoing studies
Beyond 2030
Premium Iron Ore
Minas-Rio The implementation of recleaner flotation columns to enable higher throughput c.0.3 c.0.2 2028
while maintaining product quality. The average impact on production from the
implementation of the recleaners is expected to be ~2.5 Mtpa until 2040,
helping mitigate the impact of the mine moving into areas with more ore feed
variability. The recleaner uplift is subject to change as studies and
permitting on Serpentina is progressed.
The acquisition of the neighbouring Serpentina resource from Vale completed in
Q4 2024, with Vale acquiring a 15% shareholding in Minas-Rio. Serpentina is of
a higher iron ore grade than Minas-Rio's ore and contains predominantly softer
friable ore that together are expected to translate into lower unit costs and
capital requirements.
The combination of Minas-Rio with the scale and quality of the Serpentina
endowment provides a high value option to potentially double Minas-Rio's
production. Vale will also have an option to acquire an additional 15%
shareholding in the enlarged Minas-Rio for cash (at fair value calculated at Subject to studies, permitting and approvals
the time of exercise of the option), if and when certain events relating to a
future expansion occur. Near-term access to the Serpentina ore as well as the
potential future expansion are both subject to obtaining normal licences,
which are expected to take a number of years.
Kumba The conversion of Sishen's Dense Media Separation (DMS) plant to an Ultra-High c.0.6 c.0.4 Ramp up to full production by 2028
DMS (UHDMS) plant will enable Sishen to reduce its ROM cut-off grade (from 48%
to 40%) and produce more premium-grade product (from less than 20% to more
than 50% of production).
Crop Nutrients
Woodsmith New polyhalite (natural mineral fertiliser) mine being developed in North Refer to page 26 for more information on project progress
Yorkshire, UK. Expected to produce a premium quality, comparatively low carbon
fertiliser suitable for organic use. Final design capacity of c.13 Mtpa is
expected, subject to studies and final investment decision.
Life-extension projects (metrics presented on a 100% basis unless otherwise
indicated)
Progress and current expectations in respect of our key life-extension
projects are as follows:
Operation Scope Capex Remaining capex Expected first production
$bn $bn
Diamonds
Venetia Venetia Underground replaces the open pit operation. This will extend the life c.2.6 c.0.8 Achieved in June 2023
of mine by 25 years to 2048. First underground production was achieved
in 2023, with progressive ramp up to an expected steady state production of
c. 4 - 4.5 Mctpa by the mid 2030s. During 2025, a project review was
undertaken to optimise phasing and capital allocation in the current market
environment, while preserving long term optionality.
Jwaneng Jwaneng Cut 9 is a replacement for Cuts 7 and 8. This will extend the life of c.0.4 c.0.1 2027
the mine by 12 years to 2039 with steady state production capacity of c. 9
Mctpa (100% basis).
(19.2% share) (19.2% share)
Technology projects((1))
The Group continues to invest in technology projects that relate to its
FutureSmart Mining(TM) approach, including the delivery of Anglo American's
Sustainability Strategy, particularly those that relate to safety, energy,
emissions and water. The Group has optimised its technology programme,
focusing only on those technologies that will bring the most benefit to the
operating assets and development projects, as well as determining the most
effective manner to execute these programmes. For more information on
technology, please refer to our 2025 Integrated Annual Report pages 66-67.
((1)) Expenditure relating to technology projects is included within operating
expenditure, or if it meets the accounting criteria for capitalisation, within
Growth capital expenditure.
Sustainability performance
Anglo American's longstanding and holistic approach to sustainability helps to
build trust with our employees and stakeholders across society, reduces
operational risk and delivers direct financial value for our business. Our
reputation as a responsible mining company supports our ability to access
future resource development opportunities, both from the significant
endowments within our business and more broadly - critical to delivering our
growth ambitions.
Our 2025 progress against our Sustainable Mining Plan targets is set out
below.
Zero mindset
Occupational safety
It is with deep sadness that we report the loss of life of two colleagues at
our managed operations. In February 2025, Edvan de Jesus Pinto Bogea,
a mechanical-assembly contractor, died following a fall from height during
construction work at our Minas-Rio mine in Brazil. In April, Felix Kore was
fatally injured while operating an underground load haul dump machine at Unki
mine, part of our former Platinum Group Metals (PGMs) business, in Zimbabwe.
Both incidents were investigated by specialist teams, independent of the
operations, and actions agreed to mitigate the risks identified.
In 2025, we continued to demonstrate progress in our safety journey, recording
our lowest TRIFR of 1.26 in 2025 (2024: 1.57). We also reported a 16%
improvement in the 2025 lost-time injury frequency rate (LTIFR) to 0.89 (2024:
1.06). This improvement in our lagging metrics reflects the operational rigour
and progressive maturity of our operational safety processes.
We recorded 217 occupational injuries, a decrease of 41% (2024: 369). We
remain absolutely committed to working towards a step-change in the reduction
of injuries and are continuing to implement our targeted safety strategy,
investing in systems and technology, standards, and training our people.
Our commitment to safety is unwavering, and these results reflect the strength
of our systems, our people, and our leadership. We remain focused on
continuous improvement to ensure a safe and sustainable operating environment.
We are dedicated to safeguarding our people from harm. In 2025, our focus was
on driving compliance with Technical Standards through timely closure of
critical safety actions, a sustained focus on leaders spending time in the
field and oversight and disciplined execution of planned work enhancing
operational reliability.
Occupational health
Our health and well-being strategy, aligned with the World Health Organization
(WHO) Healthy Workplace model, has been updated to include Total Worker Health
concepts that integrate actions to support the health and well-being of our
workforce and host communities. We recognise our contractors are an
integral part of our workforce and are key stakeholders in maintaining safe
and stable production. The Total Health Standard ensures we deliver equitable
contractor access to our health and well-being programmes by specifically
requiring contractor access to information, instruction, training or
supervision that is necessary to attend our workplaces without risk to both
immediate and long-term health and well‑being.
Occupational diseases
In 2025, there were 16 reported new cases of occupational disease, of which 15
were related to noise exposure and one was a respirable disease (2024: 19, of
which 18 were related to noise exposure and one was musculoskeletal). A key
challenge in understanding trends in occupational disease reporting is that
many hazards do not cause immediately detectable health harms, with most
occupational diseases not clinically definable until many years
post exposure.
This means disease cases reported in a given year are not a reliable measure
of current working conditions, but rather reflect accumulated and/or past
working conditions and exposures over a worker's career. This is termed
'latency of presentation'.
These characteristic delays in occupational disease case presentation
underscore the importance of prevention. This means ongoing proactive and
robust environment monitoring, comprehensive worker education and health
surveillance, conducting regular risk assessments, and rigorous control of
hazard exposures. Reducing exposure to all known workplace hazards remains
an ongoing focus at Anglo American, aligned with our zero-harm mindset.
Healthy environment
We are committed to driving strong environmental stewardship and continued to
make meaningful progress toward our Sustainable Mining Plan goals. These
included; by 2030, to reduce operational greenhouse gas (GHG) emissions
(Scopes 1 and 2) by 30%; achieve a 50% reduction in fresh water abstraction in
water scarce areas; and deliver net-positive impacts in biodiversity across
our managed operations.
Climate change
We continue to make progress in reducing our operational emissions, with our
2025 Scope 1 and 2 GHG emissions of 6.3 Mt CO(2)e being 14% lower than in
2024. This equates to a 32% reduction compared with the 2016 baseline on which
our existing 2030 target is set. For comparability, all figures referenced
here, including our baseline, exclude emissions related to our PGMs business
which we demerged in May 2025. When including five months of PGMs data, our
Scope 1 and 2 GHG emissions total 7.9 Mt CO(2)e.
Since 2023, our managed operations in South America have been supplied with
100% renewable electricity and from this year our managed operations in
Australia moved to a 100% electricity supply linked to renewable sources,
essentially eliminating all Scope 2 emissions from our Steelmaking Coal
business. From this point, approximately 90% of the global grid supply for the
current Anglo American portfolio was drawn from renewable sources.
We also continue to make progress towards addressing the largest remaining
source of Scope 2 emissions - our electricity supply in southern Africa. In
2026, we expect 11 MW of the output of Envusa Energy's Koruson 2 cluster to be
wheeled through to Kumba's Kolomela mine reducing the site's Scope 2 emissions
by around 85%. On-site solar - totalling 63 MW - at our Sishen iron ore
operation is also progressing well, with planned commercial operations in
2027, delivering an estimated 33% reduction in Sishen's Scope 2 emissions.
Methane emissions from our Australian steelmaking coal operations still
represent the largest component of our current Scope 1 emissions and we
continue to work hard to capture, use and abate those emissions. In 2025,
methane emissions reduced by 0.5 Mt to 2.5 Mt CO(2)e (2024: 3.0 Mt CO(2)e).
This reduction was a result of the impact of the stoppage of operations and
subsequent cessation of active ventilation at our Grosvenor steelmaking coal
operation following the underground gas ignition incident in June 2024, as
well as continued improvements in the management of methane at all of our
underground steelmaking coal operations.
For Scope 3, we continue to focus on portfolio choices, growth, partnerships
and customer selection to achieve our ambitions. In 2025 our Scope 3 emissions
were 136.6 Mt, a reduction of 20% when compared with 2024 (170.6 Mt). This
figure includes emissions from our demerged PGMs business, which were not
material to the overall total. The reduction in emissions was driven primarily
by reduced production and sales of steelmaking coal in 2025 as a result of the
temporary suspension of operations at Moranbah North Mine following a
localised ignition incident on 31 March 2025 and the temporary sealing of
Grosvenor Mine following an event in 2024. Additional reductions were driven
by reduced category 15 emissions following the divestment of our stake in
Jellinbah and lower reported emissions from the Manganese business.
Water
With more than 70% of our global assets (excluding the PGMs operations)
located in water scarce areas, we continue to focus on reducing our dependence
on fresh water.
To address this, we have progressed work on projects across our operations
that support sustainable reductions in fresh water withdrawals. By the end of
2025, excluding our PGMs business, to enable a meaningful comparison, we have
reduced fresh water withdrawals year on year by 17%. Against the 2015 target
baseline our fresh water withdrawals had decreased by 47%. This performance
reflects improved water efficiency at most of our operations, the diversion of
fresh water to communities as well as converting our water supply to
alternative non-fresh water sources.
While overall Group-wide water efficiency decreased to 85% in 2025 (2024:
86%), this was largely due to heavy precipitation and flooding at PGMs
operations.
Beyond operational performance, we are committed to ensuring that the water
resources we manage, and the savings achieved through reduced fresh water
withdrawals, translate into increased water availability in ways that are
socially equitable, environmentally sustainable, and economically beneficial.
This approach underpins our long‑term water strategy and guides investment
decisions across our operations.
At Los Bronces, construction of the Integrated Water Security Project
progressed as planned throughout 2025. The project is expected to deliver
desalinated water in 2026, including a supply of 25 litres per second to rural
communities in Tiltil and Colina, with the potential to benefit approximately
10,000 people.
Biodiversity
As custodians of the land and ecosystems around our operations, we seek to
improve the footprint of our operations and deliver positive and lasting
environmental outcomes for host communities and our stakeholders.
In 2025, we measured progress towards Net Positive Impact (NPI) using our
Group-wide biodiversity metric - Quality Habitat Hectares (QHH). This provides
a consistent, objective assessment of the extent and quality of ecosystems
impacted in and around our operations enabling us to track both losses and
gains over time.
Across the Group, a range of biodiversity and nature-positive activities
progressed during the year, spanning conservation delivery, impact management
and long-term stewardship. Sites advanced reforestation and
habitat-restoration programmes, including riparian and wetland restoration,
spring and watershed recovery, and the cultivation of native plant species in
partnership with local communities and landholders. Biodiversity offset
planning continued to support responsible site expansion and regulatory
compliance, alongside assessments of residual impacts under Net Positive
Impact (NPI) pathways.
During the year, we delivered a range of biodiversity projects across our
operations, including large-scale land conservation at El Soldado and
Minas-Rio, land restoration at Los Bronces, and connecting fragmented
ecosystems at Kumba and Minas-Rio. In Chile, our Quilapilún Botanical Garden
earned accreditation from Botanic Garden Conservation International - the
highest standard for a botanic garden. At Quellaveco, feasibility studies and
implementation planning for compensation and conservation progressed with
support from academic and conservation partnerships.
Collectively, these initiatives contribute to species protection, ecosystem
restoration, data sharing, and long term biodiversity resilience across
landscapes.
Thriving communities
In 2025, we continued to strengthen and expand our social performance
capabilities by embedding our Social Way management system across Anglo
American. The Social Way - one of the most robust and comprehensive social
performance management systems in the mining sector - supports us build trust
through transparency and accountability, and helps us protect and enhance
value for both our business and our stakeholders. Through our collaborative
regional development initiatives, we actively support local and regional
economies, as well as the lives and livelihoods of the communities where we
operate.
In 2025, we completed a review of our Social Way assurance programme and
piloted the revised approach at two of our sites with a team of independent
and internal assessors. The updated process is more risk and outcomes focused,
and aims to enable teams to prioritise their work to more effectively manage
social impacts and risks and drive continuous improvement based on their
context. This revised approach will be rolled out across our simplified
portfolio from 2026 onwards.
Since the launch of our Sustainable Mining Plan, we have supported 165,286 off
site jobs through livelihoods programmes. One example of where we are offering
support beyond traditional social investment is our Impact Finance Network
(IFN), which supports local growth-stage SMEs prepare for and access funding.
The IFN provides pre-investment technical assistance, investor matching, and
catalytic capital; working with partners to build effective impact investment
ecosystems. To date, it has supported more than 162 companies globally,
supporting more than 47,200 jobs and enabling over $157 million in third-party
investment.
Building on our work in Southern Africa, we have now established a strong
presence in South America. We are in our third year of operation in Chile and
our second year in Peru, and we are expanding the IFN into Brazil, where a
pilot ran through to the end of 2025.
Trusted corporate leader
In 2025, we continued to strengthen our reputation as a trusted, reliable and
responsible mining company, as well as being recognised for the ways in which
we live our Values and are guided by our Purpose.
We strive to create a workplace that places people at its heart and are
committed to promoting an inclusive and diverse environment where every
colleague is valued and respected for who they are, and has the opportunity to
fulfil their potential.
By the end of 2025, female representation in our management population reached
36% (2024: 35%) and we are on track to meet our target of 40% by 2030. We have
achieved 30% female representation on the ELT (2024: 25%). Female
representation on the ELT plus those reporting to an ELT member, increased to
39% (2024: 34%). We continue to monitor other key performance metrics, such as
the percentage of women in the overall workforce, which has increased to 27%
in 2025 (2024: 26%).
We have actively worked with multi-stakeholder groups developing and adopting
some of the most trusted sustainability certification programmes for the
mining sector, including the Initiative for Responsible Mining Assurance
(IRMA), the Consolidated Mining Standard Initiative (CMSI) and the Responsible
Jewellery Council (RJC).
In 2018, we committed to assess all our managed mines against leading
responsible mining standards by 2025. With the third-party audit against the
Initiative for Responsible Mining Assurance (IRMA) standard at our Los Bronces
and Quellaveco copper mines completed in December 2025, and the completion
of Towards Sustainable Mining (TSM) assessments at Moranbah North and Dawson
mines, we are proud to say that we have delivered on this promise.
Sites that have undergone third-party assessment include:
- Minas-Rio and Barro Alto mines in Brazil were the first premium iron
ore and nickel-producing mines in the world to complete an IRMA audit. Both
mines achieved the IRMA 75 level of performance.
- Kolomela and Sishen mines in South Africa were the first premium iron
ore mines in Africa to complete IRMA audits, achieving an IRMA 75 level of
performance.
- Los Bronces and El Soldado copper operations have achieved The Copper
Mark certification.
- Our first audits in Steelmaking Coal, using the Towards Sustainable
Mining (TSM) standard, were completed at the Capcoal and Aquila mines, with
TSM assessments also completed at the Moranbah North and Dawson mines in 2025.
- In 2025, Los Bronces completed their first IRMA audit. Our Quellaveco
operation completed an industry first integrated on site audit, combining IRMA
and Copper Mark assessments.
- Gahcho Kué has completed the TSM assessment and Venetia has be
audited against the RJC Code of Practices.
- Mogalakwena, Mototolo and Amandelbult mines in South Africa and Unki
mine in Zimbabwe have been independently assessed against the IRMA Standard.
Unki and Mototolo achieved IRMA 75, while Mogalakwena and Amandelbult achieved
IRMA 50, completing IRMA audits across all wholly owned PGMs operations prior
to demerger.
The success of our business is shared with a wide range of stakeholders,
including national governments and host communities, through the significant
corporate tax, mining tax and royalty payments that we make. Total taxes and
royalties borne and taxes collected amounted to $3,738 million, a 5% decrease
compared with the $3,950 million paid in the prior year.
Updated Sustainability Strategy
Designed to be a flexible, living approach, we have updated our Sustainability
Strategy to ensure that our sustainability ambitions support delivery of our
corporate strategy and deliver tangible value for our business and many
stakeholders.
Our updated strategy and targets are for our simplified portfolio and apply
from 2026. It continues to be founded on three themes - Trusted Corporate
Leader, Healthy Environment, and Thriving Communities - but with renewed areas
of focus, concentrating our efforts where they matter most and tailored to
what can make the biggest difference for host communities and the natural
environment close to our operations.
The principles behind our updated approach are to ensure that we continue to
protect and create value for our many stakeholders, while tailoring our
longstanding sustainability commitments to a local and business-specific
context.
To this end, in our updated Sustainability Strategy, we maintain Group-wide
targets on Safety, Climate, Nature, and Livelihoods. We have localised Water,
Health, and Education targets to prioritise local needs and maximise positive
impact. We are maintaining our strong foundation in human rights and
responsible mining and we will continue to use our global voice to advance the
case for responsible mining across the industry.
Our updated ambitions and targets are set out below:
Focus area Ambition Target
Trusted Corporate Leader
Our People Be a truly inclusive workplace, where every colleague feels safe, valued and - Safety: Eliminate all work-related fatalities and foster a safe
supported to thrive. and resilient operating environment
- Health: Ongoing reduction in % workforce potentially exposed to
workplace health hazards
- Inclusion & Diversity: Increased representation, including 40%
women in leadership by 2030
Ethical Business Operate responsibly and foster trust through deep respect for human rights, - Achieve recognised third-party responsible mine certification for
meaningful engagement, and applying the highest standards. all mining operations
Global Voice Use our voice to shape global standards, catalyse multi-sector impact and - Pursue advocacy and partnership opportunities that support our
advocate for responsible business, driving enduring positive outcomes. strategic ambitions and responsible mining
Healthy Environment
Climate Produce carbon neutral metals and minerals that the world needs by 2040.((1)) - Reduce operational emissions by 30% by 2030 (vs. 2020)
- Support a Paris-aligned trajectory for the steel industry:
targeting an average emissions intensity of 1.3 tCO₂ per tonne of crude
steel made from our iron ore by 2040((2))
Nature Deliver nature positive outcomes now and in the future. - Maintain a continuous, validated pathway to Net Positive Impact on
biodiversity throughout the life of our assets
Water Protect, preserve and restore our water catchments to support resilient - Business-specific targets focused on key local water priorities
operations, communities and the environment. and aligned with asset strategy
Thriving Communities
Livelihoods Improve local economic opportunities and diversification. - Support at least 120,000 off-site jobs by 2030 (vs. 2018)
Education Improve quality education for current and future generations with a focus on - Business-specific targets improving quality education through
systems change. systems change
Health Improve health equity by helping to strengthen health systems and addressing - Business-specific targets contributing to strengthening health
local priorities. systems and addressing local health priorities
(1) For our carbon-neutrality ambition only, this excludes Kumba Iron Ore
due to the currently stated life of mine for its assets.
(2) Per ResponsibleSteel data, in 2020 the global average emissions
intensity of steel production was 2.8 tCO₂e per tonne of crude steel
(tCO2e/t CS). This compares to the estimated emissions intensity of our sold
product of 2.2 tCO₂e/t CS in 2020. In 2025, our weighted average emissions
intensity was approximately 2.1 tCO₂e/t CS.
The Board
Changes during 2025 to the composition of the Board are set out below.
On 1 January 2025, Anne Wade joined the Board as a non-executive director and
a member of the Board's Audit and Sustainability committees.
On 31 December 2025, Hixonia Nyasulu stepped down as a non-executive director
of the Board, after six years of service to focus on her wider portfolio.
At the date of this report, four (40%) of the 10 Board directors are female
and one (10%) identifies as minority ethnic. The names of the directors at the
date of this report and the skills and experience our Board members contribute
to the long term sustainable success of Anglo American are set out on the
Group's website:
www.angloamerican.com/about-us/leadership-team
Principal risks and uncertainties
Anglo American is exposed to a variety of risks and uncertainties which may
have a financial, operational or reputational impact on the Group, and which
may also have an impact on the achievement of social, economic
and environmental objectives.
The principal risks and uncertainties facing the Group relate to the
following:
- Operational events: catastrophic risks
- Economic environment
- Geopolitical
- Cybersecurity
- Operational performance
- Safety
- Corruption
- Portfolio and organisational transformation
Details of any key risks and uncertainties specific to the period are covered
in the business reviews on pages 19-34. The principal risks facing the Group
at the 2025 year end are set out in detail in the Strategic report section of
the Integrated Annual Report 2025, to be published on the Group's website
www.angloamerican.com, on 2 March 2026.
Operational and financial business review
Copper
Operational and financial metrics
Production Sales Price Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume volume
cost* revenue* EBITDA* margin* EBIT*
kt((1)) kt((2)) c/lb((3)) c/lb((4)) $m((5)) $m $m $m
Copper Total 695 705 475 150 8,122 3,983 49 % 2,849 1,494 21 %
Prior period 773 769 416 151 7,572 3,805 50 % 2,804 1,598 23 %
Copper Chile 385 395 478 199 4,703 1,658 35 % 900 1,117 18 %
Prior period 466 463 416 181 4,668 2,049 44 % 1,398 1,161 28 %
Los Bronces((6)) 165 167 n/a 245 1,782 505 28 % 169 321 n/a
Prior period 172 174 - 273 1,535 467 30 % 189 277 -
Collahuasi((7)) 178 183 n/a 155 2,029 1,121 55 % 823 741 n/a
Prior period 246 242 - 120 2,293 1,447 63 % 1,175 837 -
Other operations((8)) 43 45 n/a n/a 892 32 4 % (92 ) 55 n/a
Prior period 48 47 - - 840 135 16 % 34 47 -
Copper Peru (Quellaveco)((9)) 310 310 472 89 3,419 2,325 68 % 1,949 377 26 %
Prior period 306 306 415 105 2,904 1,756 60 % 1,406 437 19 %
((1)) Shown on a contained metal basis.
((2)) Shown on a contained metal basis. Excludes 442 kt third-party sales
(2024: 422 kt).
((3)) Represents realised copper price and excludes impact of third-party
sales.
((4)) C1 unit cost includes by-product credits. Total copper unit cost is a
weighted average.
((5)) Group revenue is shown after deduction of treatment and refining charges
(TC/RCs).
((6)) Figures on a 100% basis (Group's share: 50.1%).
((7)) 44% share of Collahuasi production, sales and financials.
((8)) Production and sales are from El Soldado mine (figures on a 100% basis,
Group's share: 50.1%). Financials include El Soldado and Chagres (figures on a
100% basis, Group's share: 50.1%), third-party trading, projects, including
Sakatti, and corporate costs. El Soldado mine C1 unit costs increased by 7% to
250c/lb (2024: 233c/lb).
((9)) Figures on a 100% basis (Group's share: 60%).
Operational performance
Copper Chile
Copper production of 385,000 tonnes decreased by 17% (2024: 466,400 tonnes),
primarily due to lower ore grades and copper recovery at Collahuasi.
At Los Bronces, production decreased by 5% to 164,600 tonnes (2024: 172,400
tonnes), primarily due to lower plant throughput as a result of the smaller
Los Bronces processing plant being put on care and maintenance at the end of
July 2024, partially offset by higher ore grade (0.52% vs 0.47%) and higher
copper recoveries from improved plant performance.
At Collahuasi, Anglo American's attributable share of copper production
decreased by 28% to 177,800 tonnes (2024: 245,800 tonnes), due to lower ore
grade (0.90% vs 1.15%) as well as a higher than expected level of oxidisation
in the stockpiles impacting copper recovery. This was partially offset by
higher plant throughput as a result of improved water availability from the
third quarter, as Collahuasi started receiving ultra-filtered sea water
through the pipeline infrastructure of the new desalination plant.
Production at El Soldado decreased by 12% to 42,600 tonnes (2024: 48,200
tonnes), reflecting the planned lower grade (0.83% vs 0.94%) from processing
lower grade stockpiles due to the transition between the mine phases.
Copper Peru
Quellaveco production increased by 1% to 310,200 tonnes (2024: 306,300
tonnes), primarily due to strong plant performance which increased throughput
by 3%, despite slightly lower grades (0.74% vs 0.76%) as the mine works
through natural fluctuations in grade profile.
Markets
31 December 2025 31 December 2024
Average market price (c/lb) 451 415
Average realised price (Copper Chile - c/lb) 478 416
Average realised price (Copper Peru - c/lb) 472 415
The differences between the market price and the realised prices are largely a
function of provisional pricing adjustments and the timing of sales across the
year.
The copper market has experienced a volatile year, navigating persistent US
tariff uncertainty and high-profile supply disruptions that have affected both
the refined and concentrate markets. Global mine supply growth was negligible
and, when coupled with supply disruption from existing operations, this
boosted sentiment at various points during the year as well as contributing to
record low spot-treatment terms for copper concentrates. The global refined
market nevertheless remained in surplus, with copper inventories climbing over
the course of the year. The copper price ended 2025 strongly, primarily
reflecting the effect that US copper tariff policies have had on physical
flows of cathode, exchange prices and regional premia, with the LME copper
contract setting an annual intraday high of 581 c/lb in December and average
prices reaching 451 c/lb, up 9% compared to the prior year (2024: 415 c/lb).
Longer-term copper prices are expected to remain well supported by continued
electrification and energy transition infrastructure investment.
Financial performance
Underlying EBITDA for Copper increased by 5% to $3,983 million (2024: $3,805
million), driven by a higher copper price, offsetting the lower sales volumes.
Copper Chile
Underlying EBITDA decreased by 19% to $1,658 million (2024: $2,049 million),
primarily driven by higher unit costs, charges relating to long-term
rehabilitation provisions and lower sales volumes. This was partially offset
by higher copper prices. C1 unit costs increased by 10% to 199 c/lb (2024: 181
c/lb), reflecting the impact of lower production coupled with a shift in the
production mix between Los Bronces and Collahuasi, partially offset by the
benefit of higher by-product credits and lower treatment and refining charges.
Capital expenditure decreased by 4% to $1,117 million (2024: $1,161 million),
driven by lower expenditure at Collahuasi on the desalination plant project.
Copper Peru
Underlying EBITDA increased by 32% to $2,325 million (2024: $1,756 million),
reflecting the benefit of higher copper prices and lower C1 unit costs. C1
unit costs decreased by 15% to 89 c/lb (2024: 105 c/lb), reflecting the
benefit from lower treatment and refining charges, and strong management of
mining costs to hold them flat despite higher mine movement and throughput.
Capital expenditure decreased by 14% to $377 million (2024: $437 million),
reflecting the completion of several phases of the tailings management
facility.
Operational outlook
Copper Chile
Los Bronces
Los Bronces is a world-class copper deposit, accounting for more than 2% of
the world's known copper resources. The mine is ahead of schedule on the
development of Donoso 2, with this phase allowing wider access to
higher-grade, softer ore. Development activities for this phase continue and
it is expected to be fully opened by early 2027.
The improved mine flexibility, tight cost control and the strong copper price
environment have enabled us to temporarily restart the second, smaller
processing plant at Los Bronces. This allows for profitable production from
the second plant until the 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 of
profitable production in 2026.
The first phase of the Los Bronces integrated water security project is
ongoing and will ramp up during 2026, securing a large portion of the mine's
water needs through a desalinated water supply.
Beyond the near-term open-pit development that is under way, Anglo American
remains committed to delivering long-term value through the Los Bronces and
Andina joint mine plan to unlock an additional 2.7 million tonnes of copper
production over a 21-year period, with c.15% lower unit costs relative to
standalone operations and minimal incremental capital expenditure. Production
under this joint plan is currently projected to commence in 2030((1)), once
relevant permits are in place.
The Los Bronces underground project offers further longer-dated expansion
optionality.
Collahuasi
Collahuasi is a world-class orebody with significant growth potential,
accounting for more than 2% of the world´s known copper resources with over
2.6 billion tonnes of sulphide Ore Reserves at 0.96% TCu grade. The mine is
currently transitioning between phases in the main Rosario pit and is expected
to continue drawing on lower grade stockpiles while access to fresh, higher
grade ore progressively improves through 2026. Debottlenecking projects are in
execution and are expected to add c.25,000 tonnes per annum (tpa) (our 44%
share) of production from late 2027. Beyond that, work is continuing to unlock
significant synergies from the potential operational integration and
optimisation of Collahuasi with the neighbouring Quebrada Blanca mine. Timing
is subject to joint venture negotiations and permitting, with a target for
first production as early as 2030. Studies continue for a stand-alone
Collahuasi fourth processing line in the plant and mine expansion. Continued
progress will be dependent on the discussions and studies for the adjacency
project outlined above.
The desalination plant, which is currently under construction, will meet a
large portion of the mine's water requirements by mid-2026 when fully
operational and has been designed to accommodate capital-efficient expansion
to support the fourth processing line expansion option. Until then, the
operation continues to progress mitigation measures to optimise and reduce
water consumption, including the provision of ultra-filtered sea water that
was delivered in July and ramped up during the second half of 2025.
El Soldado
Production in 2026 is expected to be c.35,000 tonnes due to planned lower ore
grades, with output projected to progressively decline to c.25,000 tpa by
2028. The environmental permit for the life extension of the operation is
expected to be submitted in the first quarter of 2026.
Copper Chile
These factors are reflected in the guidance provided on pages 35-36.
Production guidance for 2026 is 390,000-420,000 tonnes and is subject to water
availability. Production is expected to be weighted to the second half of 2026
given the progressive improvement in access to fresh, higher grade ore at
Collahuasi.
2026 unit cost guidance is c.230 c/lb((2)), higher than the 2025 unit cost of
199 c/lb. The increase reflects the impact of a stronger Chilean peso and the
production mix between Los Bronces and Collahuasi.
Copper Peru
Quellaveco in Peru remains a cornerstone of our portfolio of world-class
copper assets, with a mine plan designed to stably and competitively produce
on average c.300,000 tonnes of copper per annum until the end of the decade.
After five years of operating, planned plant maintenance will be carried out
on the concentrator, including the mills and conveyors; this is expected to
occur in 2027 modestly impacting production.
Significant expansion potential exists that could sustain production beyond
the initial high-grade area. The original plant throughput design capacity was
127,500 tonnes per day (tpd). Following regulatory approvals to increase
throughput to 150,000 tpd, a debottlenecking strategy was implemented to
provide added flexibility to design optimal throughput for the plant with
limited configuration changes, subject to sectorial permits associated with
the specific design and water availability.
In light of this, the stage one expansion was approved and will increase
throughput to c.142,000 tpd and improve recoveries by late 2026; this involves
the installation of a second pebble crusher and additional flotation cells.
Quellaveco has demonstrated strong plant performance throughout 2025, with
throughput rates continuing to exceed the design capacity of the plant, and
recoveries improving since the start of the year, with the ongoing continued
optimisation of the coarse particle recovery plant. This expansion will enable
the operation to embed this performance consistently.
The stage one expansion project represents the first stage to full
optimisation of the plant with minimal capital investment, delivering robust
returns. Studies will continue to further debottleneck the plant beyond
150,000 tpd, while conducting early studies to support Quellaveco's long-term
expansion prospects, underpinned by an exploration drilling campaign below and
around the current pit shell, which to date has yielded promising results.
These factors are reflected in the guidance provided on pages 35-36.
Production guidance for Peru for 2026 is 310,000-340,000 tonnes. Production is
expected to be weighted to the second half of 2026 owing to the expected grade
profile. 2026 unit cost guidance is c.100 c/lb((2)), higher than the 2025 unit
cost of 89 c/lb, reflecting the impact of higher labour and maintenance costs,
coupled with a stronger Peruvian sol.
(1) The definitive agreement on the Los Bronces/Andina joint mine plan is
subject to a number of conditions, including customary 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. 2026 unit cost guidance was set at c.860
CLP:USD for Chile and c.3.2 PEN:USD for Peru.
Premium Iron Ore
Operational and financial metrics
Production Sales Price Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume
cost*
volume revenue* EBITDA* margin* EBIT*
Mt((1)) Mt((1)) $/t((2)) $/t((3)) $m $m $m $m
Premium Iron Ore Total 60.8 61.5 93 37 6,651 2,873 43 % 2,179 1,159 19 %
Prior period 60.8 60.9 89 35 6,573 2,655 40 % 2,135 945 20 %
Kumba - South Africa((4)) 36.1 37.0 95 40 3,902 1,736 44 % 1,327 556 38 %
Prior period 35.7 36.2 92 39 3,796 1,581 42 % 1,260 527 40 %
Minas-Rio - Brazil 24.8 24.5 89 32 2,749 1,137 41 % 852 603 13 %
Prior period 25.0 24.7 84 30 2,777 1,074 39 % 875 418 15 %
(1) Production and sales volumes are reported as wet metric tonnes.
Product is shipped with c.1.5% moisture from Kumba and c.9% moisture from
Minas-Rio.
(2) Prices for Kumba are the average realised export basket price (FOB
Saldanha) (wet basis). Prices for Minas-Rio are the average realised export
basket price (FOB Brazil) (wet basis). Prices for total premium iron ore are a
weighted average.
(3) Unit costs are reported on an FOB wet basis. Unit costs for total
premium iron ore are a weighted average.
(4) Sales volumes and realised price could differ to Kumba's stand-alone
reported results due to sales to other Group companies.
Operational performance
Kumba((1))
Total production of 36.1 Mt was marginally higher than the prior year (2024:
35.7 Mt), reflecting strong operational performance from Kolomela, where
production increased by 7% to 10.8 Mt (2024: 10.1Mt). Production at Sishen was
slightly lower at 25.3 Mt (2024: 25.7 Mt) following a proactive drawdown of
high mine stockpiles and maintenance to facilitate implementation of the
ultra-high-dense-media-separation (UHDMS) project.
Consequently, sales volumes increased by 2% to 37.0 Mt (2024: 36.2 Mt),
supported by third-party rail performance improving by 6% to 37.6 Mt (2024:
35.6 Mt). Total finished stock remained flat year-on-year at 7.5 Mt, with
stock at the mines decreasing by 1.2 Mt to 5.7 Mt and stock at the port
increasing by 1.3 Mt to 1.8 Mt.
Minas-Rio
Minas-Rio maintained production at 24.8 Mt (2024: 25.0 Mt), despite the impact
of the 23-day planned shutdown for pipeline inspection activities, enabled by
strong operational delivery from consistent integrated system performance.
Markets
31 December 2025 31 December 2024
Average market price (Platts 62% Fe CFR China - $/tonne) 102 109
Average market price (Fastmarkets((2)) 65% Fe Fines CFR - $/tonne) 116 123
Average realised price (Kumba export - $/tonne) (FOB wet basis) 95 92
Average realised price (Minas-Rio - $/tonne) (FOB wet basis) 89 84
The 65-62 differential averaged around $13/dmt in 2025, slightly below the
previous year, as the brief improvement in Chinese steel mill profitability at
the start of the year proved transitory, and weak property market in China
continued to weigh on demand, pushing mills to prioritise exports and cost
control. Longer term, demand for premium iron ore remains supported by
steelmakers' efficiency drive and the shift to low-carbon steelmaking, with
the Carbon Border Adjustment Mechanism (CBAM) implementation in Europe and
China's National Carbon Emission Trading System (CETS) expansion to the
domestic steel industry. Lump premium averaged $0.14/dmtu in 2025, broadly
unchanged from the previous year, however, it ended the year at near historic
lows of $0.04/dmtu reflecting an increase in product supply from Australia and
Brazil. Nonetheless, market conditions are likely to improve with limited
medium term supply growth fuelling a recovery in premia from current levels.
Kumba's FOB realised price of $95/wet metric tonne (wmt) for the full year was
12% higher than the equivalent Platts 62% Fe FOB Saldanha market price
(adjusted for moisture) of $85/wmt, reflecting the benefit of premiums for our
iron content (64.0% Fe) and lump product (approximately 67%).
Minas-Rio's pellet feed product is higher grade (with iron content of c.67%
and lower impurities) so the Fastmarkets((2)) 65 Fines index is used when
referring to the Minas-Rio product. The Minas-Rio full-year realised price of
$89/wmt FOB was 6% higher than the equivalent Fastmarkets((2)) 65 FOB Brazil
index (adjusted for moisture) of $84/wmt FOB, benefiting from the premium for
our high-quality product, including higher (~67%) Fe content.
Financial performance
Underlying EBITDA for Premium Iron Ore increased by 8% to $2,873 million
(2024: $2,655 million), as the higher realised price, penalty income from
Transnet at Kumba, and higher sales volumes were partially offset by an
increase in unit costs.
Kumba((1))
Underlying EBITDA was 10% higher at $1,736 million (2024: $1,581 million), due
to a higher realised price, increased sales volumes and penalty income from
Transnet. Unit costs were marginally higher at $40/tonne (2024: $39/tonne), as
a result of the stronger South African rand and inflation, partially offset by
the realisation of embedded workforce related cost reductions from the prior
year.
Capital expenditure increased by 6% to $556 million (2024: $527 million)
reflecting higher spend on the UHDMS project, which ramped up in the second
half of the year, and higher deferred stripping capitalisation, partially
offset by lower stay-in-business spend.
Minas-Rio
Underlying EBITDA increased by 6% to $1,137 million (2024: $1,074 million),
driven by a higher realised price, partially offset by higher unit costs. Unit
costs increased by 7% to $32/tonne (2024: $30/tonne), mainly reflecting the
planned pipeline inspection costs and inflationary pressure on input costs,
partially offset by a weaker Brazilian real and by operational and cost
efficiencies.
Capital expenditure was 44% higher at $603 million (2024: $418 million),
primarily associated with the completion of the tailings filtration plant
project and planned mine equipment replacement spend.
Operational outlook
Kumba
Production is expected to remain at 35-37 Mtpa in the near term reflecting
logistics availability, with the exception of 2026, which is impacted by the
tie-in of the UHDMS project. This is planned in the second half of 2026,
reducing production to 31-33 Mt, with sales volumes not expected to be
impacted owing to the planned drawdown of finished stock.
These factors are reflected in the guidance provided on pages 35-36.
Production guidance for 2026 is 31-33 Mt, subject to third-party rail and port
availability and performance. 2026 unit cost guidance is c.$45/tonne((3)),
higher than the 2025 unit cost of $40/tonne, primarily reflecting the impact
of the stronger South African rand.
Minas-Rio
Production is expected to be 24-26 Mtpa in 2026 and 2027, reflecting strong
operational performance and higher recoveries enabled by stable ore feed at
the plant.
In 2028, production is expected to slightly reduce to 23-25 Mtpa as the mine
moves into areas with more ore feed variability, offsetting the throughput
benefit from the recleaner flotation columns implementation. Work is ongoing
to increase the maturity of other capital projects to optimise value and
enhance cash generation, while the options to integrate and maximise the
long-term value of the contiguous Serra da Serpentina higher-grade iron ore
Mineral Resource are currently being evaluated.
In parallel, Minas-Rio is focused on increasing tailings storage capacity. The
tailings filtration plant project started its ramp-up in December 2025, ahead
of schedule, and additional disposal options continue to be studied.
These factors are reflected in the guidance provided on pages 35-36.
Production guidance for 2026 is 24-26 Mt. 2026 unit cost guidance is
c.$36/tonne((3)), higher than 2025 of $32/tonne, reflecting the increased
processing cost associated with the tailings filtration plant as well as the
stronger Brazilian real and inflation.
(1) Production and sales volumes, stock and realised price are reported on
a wet basis and could differ from Kumba's stand-alone results due to sales to
other Group companies.
(2) Formerly known as Metal Bulletin.
(3) 2026 unit cost guidance was set at c.16.00 ZAR:USD for Kumba and c.5.3
BRL:USD for Minas-Rio.
Manganese
Operational and financial metrics
Production Sales Group Underlying EBITDA Underlying Capex* ROCE*
volume volume revenue* EBITDA*
EBIT*
margin*
Mt Mt $m $m $m $m
Manganese 3.0 2.9 472 127 27 % 54 - 24 %
Prior period 2.3 1.9 359 116 32 % 31 - 16 %
Operational performance
Attributable manganese ore production increased by 30% to 3.0 Mt (2024: 2.3
Mt), reflecting more normalised production levels following the impact of the
temporary suspension caused by tropical cyclone Megan in Australia in March
2024, with export operations resuming in the second quarter of 2025.
The sale of the South African manganese alloy smelter, which had been on care
and maintenance since March 2020, was completed in June 2025, in line with
expectations.
Financial performance
Underlying EBITDA increased by 9% to $127 million (2024: $116 million), driven
by higher sales volumes following the resumption of exports earlier in 2025
after the damage caused by the tropical cyclone in March 2024 at the
Australian operation, as well as lower operating costs. This more than offset
the impact of lower insurance proceeds year-on-year as well as the weaker
average realised manganese ore price. Insurance proceeds of $101 million for
the cyclone damage were received in 2025, taking the total received since the
incident to $221 million (40% attributable share basis).
The 2025 average benchmark for high-grade manganese ore (Fastmarkets((1)) 44%
manganese ore CIF China) decreased by 20% to $4.44/dmtu (2024: $5.56/dmtu), as
seaborne supply recovered after the cyclone impact in 2024. Prices have been
relatively stable in 2025, in the range of typical historical levels, with
growth in demand from manganese-bearing battery chemistries being countered by
weak margins in global steelmaking and at manganese alloy producers in China.
(1) Formerly known as Metal Bulletin.
Crop Nutrients
Operational and financial metrics
Production Sales Group Underlying EBITDA Underlying Capex* ROCE*
volume volume revenue* EBITDA*
EBIT*
margin*
$m $m $m $m
Crop Nutrients n/a n/a 195 (66 ) n/a (67 ) 312 n/a
Prior period - - 188 (34 ) - (35 ) 834 -
Woodsmith project n/a n/a - n/a n/a n/a 312 n/a
Prior period - - - - - - 834 -
Other((1)) n/a n/a 195 (66 ) n/a (67 ) n/a n/a
Prior period - - 188 (34 ) - (35 ) - -
((1)) Other comprises projects and corporate costs as well as the share in
associate results from The Cibra Group, a fertiliser distributor based
in Brazil.
Crop Nutrients
Anglo American is developing the Woodsmith project, a large, long-life Tier 1
asset in the north east of England, to access the world's largest known
deposit of polyhalite - a natural mineral fertiliser containing low-chloride
potassium, sulphur, magnesium and calcium - four of the six nutrients that
every plant needs to grow.
Woodsmith is located on the North Yorkshire coast, just south of Whitby, where
polyhalite ore will be extracted via two 1,600-metre deep mine shafts (a
service shaft and a production shaft) and then transported to the port area in
Teesside via an underground conveyor belt in a 37 km mineral transport system
(MTS) tunnel, thereby minimising any environmental impact on the surface. The
polyhalite can then be granulated into POLY4, our comparatively low-carbon
multi-nutrient polyhalite product, at a materials handling facility in the
port area, before being exported to a network of customers around the world
from the priority access port facility.
Progress update
Woodsmith project
In 2024, we announced that in order to support balance sheet deleveraging, we
would slow the pace of development of the Woodsmith project in the near term.
The slowdown was completed in the first quarter of 2025, with activities
currently focused on critical value-adding works to de-risk the overall
project schedule, preserve progress in other areas, and further optimise
certain scopes of the project to be ready for ramp-up, subject to the final
investment decision (FID).
We are continuing to sink the service shaft in order to progress through the
Sherwood sandstone strata - a hypersaline water-bearing layer of hard rock -
where the rate of progress is helping determine the overall project schedule
which will inform the FID. As planned during 2025, the service shaft began
sinking through the sandstone strata and is currently at a depth of 874 metres
of the total 1,600-metre depth. Sinking activities on the production shaft
were paused in June 2024 at 712 metres of the total 1,600-metre depth. The MTS
tunnel has continued at a significantly reduced pace, reaching the 30 km
milestone in December 2025 - more than 80% of the total 37 km length.
Value-preservation work during the slowdown period also includes maintenance
of key permits and preservation of land rights to allow project ramp-up in due
course, while execution of the critical study programme is focused on
enhancing the project's configuration.
Market development
Polyhalite products provide farmers with a fertiliser solution to tackle the
three key challenges facing the food industry today - the increasing demand
for food from less available agricultural land; the need to reduce the
environmental impact of farming; and the deteriorating health of soils.
Our market development activities continue and, in 2025, we expanded sales of
POLY4 into key selling regions of Europe, North America, China and India,
working with existing distribution partners and future customers to develop
global demand for polyhalite through realised product sales, and maximise its
value-creation potential. Feedback from the sales programme has been positive,
and we plan to further extend the programme in 2026 to gain further insights
and information to support the study programme.
In May 2025, we published a report looking into the 'Future of Fertiliser'
that brought together the voices of a diverse group of 74 agricultural
experts to consider how agriculture will have changed by 2050. It confirmed
the need for the fertiliser industry to recognise the value of sustainability,
balanced nutrition, and soil health to ensure food security. The qualities and
characteristics of POLY4, confirmed through more than 2,500 field
demonstrations to date on over 80 crops, fit neatly into the long-term gaps
the agricultural industry is facing. To further validate this, we are also
continuing progress on our pioneering five-year research project with the
International Atomic Energy Agency, an organisation within the United Nations'
Food and Agriculture Organization (FAO) announced in 2024, into the beneficial
impact polyhalite could have in reducing salt levels in soil - a major factor
in the degradation of soil health globally.
In December 2025, our research paper into the yield enhancement qualities of
POLY4 was published by a recognised leading scientific research body,
validating POLY4's ability to increase crop yields by 3-5% compared to
standard practice, and further validating the superior quality of our unique
product.
2026 Mitsubishi investment
In support of the first two of these conditions, Anglo American has entered
into an investment agreement and related shareholders' agreement with
Mitsubishi Corporation (Mitsubishi) to support continued development of
Woodsmith, including working together on market development and financing
opportunities designed to further enhance the existing market development
programme. Together, Anglo American and Mitsubishi will explore opportunities
to build out demand for POLY4, including providing financial and commercial
resources to accelerate pilot sales and leveraging Mitsubishi's extensive
networks across food and agriculture sectors to broaden market development
across key markets and related business development and strategic partner
engagement, which will contribute to optimising the project in the feasibility
study phase, prior to submission to the Board for approval.
The agreements include an initial equity investment by Mitsubishi in
Woodsmith. Through its investment and involvement in the ongoing development
of Woodsmith at this stage, Mitsubishi also intends to evaluate its
participation in a future financing plan at the time of the Anglo American
Board's final investment decision, currently anticipated from 2028 subject to
meeting the above conditions, with potential for Mitsubishi to acquire an
equity interest of 25% or other such amount subject to negotiations at that
time. The agreements extend the longstanding successful partnership between
Anglo American and Mitsubishi Corporation, while allowing for additional
investment and the involvement of other partners, and represents a pathway for
Anglo American to syndicate a significant minority share of its interest in
Woodsmith.
2026 project update
Board approval for Woodsmith remains subject to completion of the feasibility
study showing robust economic potential; a clear pathway to syndication; and
sufficient deleveraging of the Group balance sheet.
Given the progress in our development of Woodsmith during the current phase of
reduced capital expenditure, designed to preserve the option value of the
project, Anglo American will continue funding critical activities, with
capital expenditure of c.$0.25 billion and operating expenditure of c.$0.05
billion in 2026 and 2027((1)). Total Group capital expenditure for the
simplified portfolio is unchanged over this period. This investment will be
focused on progressing activities required to continue to de-risk the
project's critical path, including continued sinking of the service shaft, and
market development activities, to inform the feasibility study and enhance the
value of the project prior to any final investment decision by the Board.
(1) Previously nil capital expenditure in 2026 and 2027, with operating
expenditure of c.$0.1 billion in 2026.
De Beers - Diamonds
Operational and financial metrics((1))
Production Sales Unit Group Underlying EBITDA Underlying Capex* ROCE*
volume volume
revenue*
EBIT*
Price cost* EBITDA* margin((6))
'000 '000
cts((2)) $/ct((3)) $/ct((4)) $m((5)) $m $m $m
cts
De Beers 21,656 20,946 142 86 3,493 (511 ) (15 ) % (787 ) 353 (22 ) %
Prior period 24,712 17,883 152 93 3,292 (25 ) (1 ) % (349 ) 536 (6 ) %
Botswana 15,134 n/a 110 38 n/a 381 n/a 334 70 n/a
Prior period 17,935 - 143 39 - 241 - 185 83 -
Namibia 2,082 n/a 353 244 n/a 89 n/a 47 18 n/a
Prior period 2,234 - 426 295 - 121 - 82 41 -
South Africa 2,230 n/a 66 110 n/a (127 ) n/a (187 ) 148 n/a
Prior period 2,166 - 85 115 - (54 ) - (126 ) 312 -
Canada 2,210 n/a 50 51 n/a 17 n/a (35 ) 83 n/a
Prior period 2,377 - 79 56 - 45 - 11 63 -
Trading n/a n/a n/a n/a n/a (424 ) (15 ) % (428 ) 2 n/a
Prior period - - - - - (50 ) (3 ) % (54 ) 1 -
Other((7)) n/a n/a n/a n/a n/a (447 ) n/a (518 ) 32 n/a
Prior period - - - - - (328) - (447) 36 -
((1)) Prepared on a consolidated accounting basis, except for production,
which is stated on a 100% basis except for the Gahcho Kué joint operation in
Canada, which is on an attributable 51% basis.
((2)) Total sales volumes on a 100% basis were 23.9 million carats (2024:
19.4 million carats). Total sales volumes (100%) include De Beers Group's
joint arrangement partners' 50% proportionate share of sales to entities
outside De Beers Group from Diamond Trading Company Botswana and Namibia
Diamond Trading Company.
((3)) Pricing for the mining businesses is based on 100% selling value
post-aggregation of goods. Realised price includes the price impact of the
sale of non-equity product and, as a result, is not directly comparable to
the unit cost.
((4)) Unit cost is based on consolidated production and operating costs,
excluding depreciation and operating special items, divided by carats
recovered.
((5)) Includes consolidated rough diamond sales of $3.0 billion (2024: $2.7
billion).
((6)) EBITDA margin on a total reported basis. On an equity basis, and
excluding the impact of non-mining activities, third‑party sales, purchases,
trading, Brands & Diamond Desirability, and corporate, the adjusted EBITDA
margin is 34% (2024: 35%).
((7)) Other includes Element Six, Brands & Diamond Desirability,
and Corporate.
Markets
Rough diamond trading conditions remained challenging throughout 2025 amid
persistent industry, geopolitical and tariff uncertainty. While demand for
larger, higher-quality diamonds strengthened through the year, demand for
smaller and lower-quality diamonds experienced pressure in light of the
growing supply from other producers.
Polished wholesale diamond prices showed signs of stabilisation early in the
year, but sentiment weakened sharply following the introduction of US tariffs
on Indian exports. India remains the main cutting centre for natural diamonds
and the US remains the largest end-market for diamond jewellery.
Demand for natural diamonds at the retail level proved resilient, although
retail sales of laboratory-grown diamonds continue to have an impact. In the
US, strong performance in higher-end categories largely offset reduced demand
at the lower end of the assortment. India continued to deliver robust growth
while demand in China remained muted.
Operational performance
Mining
The mining operations delivered solid operational performance at lower output
levels, as the business produced into prevailing demand. Consequently, rough
diamond production reduced by 12% to 21.7 million carats (2024: 24.7 million
carats).
In Botswana, production reduced by 16% to 15.1 million carats (2024: 17.9
million carats), following planned reductions at Orapa, including extended
maintenance downtime, and the transition of the Letlhakane Tailings Treatment
Plant into care and maintenance((1)). This built on actions already taken in
2024 to lower production levels at Jwaneng.
Production in Namibia decreased 7% to 2.1 million carats (2024: 2.2 million
carats), driven by output reductions at Debmarine Namibia through the
decommissioning of the Coral Sea and Grand Banks vessels, partially offset by
higher-grade ore and improved recoveries at Namdeb.
In South Africa, production at Venetia remained at low levels consistent with
prior year at 2.2 million carats (2024: 2.2 million carats), as the
underground project progressed in line with the recently reconfigured plan.
Production in Canada decreased 7% to 2.2 million carats (2024: 2.4 million
carats), largely due to the planned treatment of lower-grade ore.
Financial performance
Challenging rough diamond trading conditions persisted, with total revenue
remaining subdued at $3.5 billion (2024: $3.3 billion), including rough
diamond sales of $3.0 billion (2024: $2.7 billion). Total rough diamond
consolidated sales volumes of 20.9 million carats (2024: 17.9 million) were
broadly in line with De Beers' share of production globally as the business
supplied into areas experiencing demand.
The full year consolidated average realised price declined by 7% to $142 per
carat (2024: $152 per carat), primarily due to a 12% decrease in the average
rough price index and the impact of stock rebalancing initiatives (whereby
low-demand assortments are sold at lower prices), partially offset by strong
demand for higher value stones. The average rough price index does not reflect
the impact of rebalancing initiatives. The equivalent price index reduction
including the impact of stock rebalancing action would be a 25% year-on-year
decrease.
Lower average rough price index and stock rebalancing initiatives had a
significant impact on earnings, resulting in an underlying EBITDA loss of $511
million (2024: loss of $25 million). This was primarily due to the impact of
the stock rebalancing initiatives in the trading business, whereby stock on
the balance sheet which was purchased at a higher price, was subsequently sold
at a significantly lower effective index generating trading losses of $424
million (2024: loss of $50 million). Further, the prior year also benefited
from the one-off sale of a non-diamond royalty right of $127 million.
Unit costs reduced by 8% to $86/ct, with lower rough diamond production
volumes being more than offset by cost reduction initiatives across the
operations.
Capital expenditure decreased by 34% to $353 million (2024: $536 million),
reflecting cash preservation measures with the rephasing of Venetia
underground life extension and rationalisation of stay-in-business capex
spend.
An impairment of $2.3 billion (before tax and non-controlling interests)
(2024: $2.9 billion) to Anglo American's carrying value of De Beers has been
recognised within special items and remeasurements, driven by lower forecasted
prices than previously, due to greater shifting of customer preference between
natural diamonds and laboratory-grown diamonds, and surplus of available rough
diamonds relative to prevailing demand. Please refer to note 11 in the
Condensed financial statements for further details.
Corporate strategy
De Beers continued the delivery of its Origins strategy in 2025, focused on
streamlining the business whilst revitalising consumer desire for natural
diamonds.
Key highlights included signing the Luanda Accord (which cements a
government-industry marketing commitment for natural diamonds); launching new,
large-scale natural diamond marketing campaigns in the US and India; and
launching a new branded polished diamond offering, ORIGIN De Beers Group,
backed by the Tracr™ traceability platform, differentiating De Beers Group's
responsibly sourced diamonds at the retail level.
De Beers also advanced its brand portfolio strategy during the year, with
De Beers London unveiling a refreshed identity, opening new franchised stores
in Dubai and Manchester and opening its Paris flagship in January 2026.
Forevermark continued its evolution into a premium De Beers-owned jewellery
retail brand in India, while winding down its former global licensed model.
The business delivered on its multi-year cost reduction target, achieving over
$100 million cumulative overhead cost savings through the streamlining
strategy.
Market outlook
Near-term trading conditions are expected to remain challenging. Continued
macro-economic volatility, conservative inventory management in the midstream
and laboratory-grown diamond penetration are expected to limit rough diamond
demand in the near term. In the medium term, gradual normalisation of
inventory levels provide a foundation for improvement. While the full
differentiation of natural diamonds and laboratory-grown diamonds is expected
in the medium term, it has been delayed as some retailers seek to maintain
high retail margins on laboratory-grown stones despite the continued reduction
in wholesale prices.
Consumer demand is expected to remain stable in the US and India, particularly
in the higher-end product areas, while a gradual recovery in China is
expected as economic conditions stabilise.
Operational outlook
Production guidance for 2026 is 21-26 million carats (100% basis). De Beers
continues to monitor rough diamond trading conditions in order to align output
with prevailing demand.
Unit cost guidance for 2026 is c.$80 per carat((2)), lower than the 2025 unit
cost of $86/ct, reflecting the benefit of slightly higher production volumes
and ongoing cost-control measures.
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) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane
and Damtshaa. Letlhakane was placed on care and maintenance March 2025, and
Damtshaa has been on care and maintenance since 2021.
(2) Unit cost is based on De Beers' proportionate consolidated share of
costs and associated production. 2026 unit cost guidance was set at c.16.00
ZAR:USD.
Corporate and Other
Financial metrics
Group Underlying Underlying Capex*
revenue* EBITDA* EBIT*
$m $m $m $m
Corporate and Other 392 11 (193 ) 4
Prior period ((2)) 499 (195 ) (545 ) 22
Exploration n/a (105 ) (105 ) -
Prior period ((2)) - (118 ) (118 ) 1
Corporate activities and unallocated costs((1)) 392 116 (88 ) 4
Prior period ((2)) 499 (77 ) (427 ) 21
((1)) Revenue within Corporate activities and unallocated costs primarily
relates to third-party shipping activities, as well as the Marketing
business's trading activities from energy solutions and other ancillary
products.
((2)) Comparative figures are re-presented to include Nickel trading
activities that are outside the perimeter of the sale of the Nickel business
as well as intercompany interest transactions with discontinued operations.
Refer to note 4 to the Condensed financial statements for more detail.
Financial overview
Exploration
Exploration expenditure was $105 million, 11% lower than the prior year (2024:
$118 million), due to planned lower spend.
Corporate activities and unallocated costs
Underlying EBITDA was $116 million (2024: $77 million loss). The improved
result was primarily driven by the impact of the Grosvenor gas ignition claim
paid by the Group's self-insurance entity in 2024. Cost savings following the
initiation of the transformational changes and the consequent refocusing on
key strategic projects were offset by reduced margins from the Marketing
business's shipping activities due to lower freight rates.
Discontinued Operations
Operational and financial metrics
Production Sales Price((4)) Unit Group Underlying EBITDA Underlying Capex* ROCE*
cost*
volume((1)) volume((3)) revenue* EBITDA* margin* EBIT*
Mt/t/koz((2)) Mt/t/koz((2)) $/t/c/lb/$/PGM oz((5)) $m $m $m $m
Steelmaking Coal((6)) 8.2 7.9 158 141 1,402 (156 ) (9 ) % (214 ) 339 (6 ) %
Prior period 14.5 14.4 232 124 3,520 924 26 % 480 468 15 %
Nickel 39,700 40,200 6.18 510 551 6 1 % 1 41 (2 ) %
Prior period 39,400 38,500 6.82 481 617 108 18 % 96 74 14 %
PGMs 1,188 1,134 1,506 1,149 1,773 217 12 % 67 353 n/a
Prior period 3,553 4,078 1,468 957 5,962 1,106 19 % 668 1,013 10 %
((1)) SMC production volumes are saleable tonnes, excluding thermal coal
production of 1.2 Mt (2024: 1.1 Mt). Includes production relating to
third-party product purchased and processed at Anglo American's operations,
and may include some product sold as thermal coal. PGMs production reflects
own-mined production and purchase of metal in concentrate. PGMs volumes
consist of 5E metals and gold.
((2)) SMC volumes measured in Mt, Nickel in t and PGMs in koz.
((3)) SMC sales volumes exclude thermal coal sales of 1.5 Mt (2024: 2.0 Mt).
Includes sales relating to third-party product purchased and processed by
Anglo American. PGMs sales volumes exclude tolling and third-party trading
activities.
((4)) SMC realised price is the weighted average hard coking coal and PCI
export sales price achieved at managed operations, measured in $/t. Nickel
shows its realised price measured in $/lb. PGMs is shown as price for a basket
of goods per PGM oz. The dollar basket price is the net sales revenue from all
metals sold (PGMs, base metals and other metals) excluding trading and foreign
exchange translation impacts, per PGM 5E + gold ounces sold (own-mined and
purchase of concentrate) excluding trading, and measured in $/PGM oz.
((5)) SMC FOB unit cost comprises managed operations and excludes royalties,
measured in $/t. Nickel is C1 unit cost, measured in c/lb. PGMs unit cost is
total cash operating costs (includes on-mine, smelting and refining costs
only) per own-mined PGM ounce of production, measured in $/PGM oz.
((6)) Anglo American's attributable share of Jellinbah was 23.3%. Anglo
American agreed the sale of its 33.33% stake in Jellinbah in November 2024,
and this transaction completed on 29 January 2025. The results from Jellinbah
post 1 November 2024, after the sale was agreed, did not accrue to Anglo
American and have been excluded. Jellinbah production at 2024 was 2.7 Mt.
Steelmaking Coal
Anglo American agreed the sale of its 33.33% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025, with net proceeds of
$0.9 billion received. The results from Jellinbah post 1 November 2024, after
the sale was agreed, did not accrue to Anglo American and have been excluded.
On 19 August 2025, Peabody Energy served notices purporting to terminate the
November 2024 agreements to acquire our Steelmaking Coal business in
Australia, on the basis that the ignition event at Moranbah North on 31 March
2025 constituted a Material Adverse Change (MAC). The Group does not consider
the incident at Moranbah North to constitute a MAC and has initiated ICC
arbitration proceedings against Peabody. Please refer to note 20 in the
Condensed financial statements for further information.
The Moranbah-Grosvenor joint operations and Jellinbah associate were
classified as held for sale as at 31 December 2024. The remainder of the
Steelmaking Coal business was classified as held for sale on 15 March 2025.
The Steelmaking Coal business remains held for sale as Anglo American is
committed to divesting the assets and the formal sales process is under way
with a high probability of completing a transaction or securing a purchase
commitment in 2026.
Operational performance
Production decreased by 43% to 8.2 Mt (2024: 14.5 Mt), reflecting the sale of
Jellinbah in November 2024 and the suspension of mining at the Grosvenor
longwall operation, following the underground fire in June 2024. Production
was also impacted by the underground incident at Moranbah North on 31 March
2025. These impacts were partially offset by increased production from the
Aquila underground operation, driven by strong longwall performance.
At Moranbah North, following regulator approval for a remote restart in
November, the final directives were lifted in February 2026, enabling us to
continue our ramp up to a safe and structured return to normal longwall
operations.
Grosvenor mine visual inspections during the later part of the year 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.
Financial performance
The underlying EBITDA loss of $156 million (2024: gain of $924 million) was
primarily a result of the lower volumes, which includes the impact of the
Jellinbah sale, as well as a 32% decrease in the weighted average realised
price for steelmaking coal. The loss also includes $100 million
non-operational costs associated with Grosvenor (2024: $145 million) largely
offset by a benefit in relation to an arbitration award against MMTC Limited
(refer to note 20 of the Condensed financial statements for further
information), while the prior year also benefited from a $220 million
insurance receipt for the finalisation of the Grosvenor underground fire claim
from the Group's self-insurance entity. Unit costs increased by 14% to
$141/tonne (2024: $124/tonne), primarily reflecting the impact of lower
production from Moranbah North, which as an underground operation has a higher
proportion of fixed costs.
Capital expenditure decreased to $339 million (2024: $468 million), primarily
reflecting the reduced spend at Grosvenor following the underground fire in
June 2024.
Within special items and remeasurements, impairment charges of $209 million
and $255 million (before tax) were recognised at Moranbah-Grosvenor and
Capcoal respectively. The charges principally relate to additional capital
expenditure during the year that is no longer offset by depreciation charges
since the assets are classified as held for sale.
Nickel
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 merger control review approval process. The
Nickel business was classified as held for sale on 18 February 2025 following
the announcement of the signed sale and purchase agreement.
Operational performance
Nickel production increased by 1% to 39,700 tonnes (2024: 39,400 tonnes),
supported by continuous operational stability and improved recoveries.
Financial performance
Underlying EBITDA decreased to $6 million (2024: $108 million), due to lower
realised prices, higher unit costs and an increase in rehabilitation
provisions, partially offset by higher sales volumes. Unit costs increased by
6% to 510 c/lb (2024: 481 c/lb), impacted by higher environmental expenses,
partially offset by a weaker Brazilian real.
Capital expenditure decreased to $41 million (2024: $74 million), due to
planned lower capex spend and lower capitalised stripping costs.
Within special items and remeasurements, net impairment charges of $104
million (before tax) were recognised at the Nickel business. The charge is a
function of aligning to the terms specified within the SPA.
PGMs
The PGMs business was classified as 'held for distribution' from 30 April 2025
upon the approval of the demerger resolution at the Company's General Meeting.
The demerger subsequently took effect on 31 May 2025, resulting in five months
being consolidated in 2025 compared to the full year in 2024.
Operational performance
Total PGMs metal-in-concentrate production decreased by 67% to 1,188,400
ounces (2024: 3,553,100 ounces). Excluding June to December 2024 (on a
like-for-like basis), production decreased by 18% primarily due to the
Kroondal transition to a 4E toll arrangement which commenced in September
2024, and heavy flooding at the start of the year at Amandelbult, which then
impacted operations for the remainder of the period.
PGMs sales volumes decreased by 72% to 1,134,000 ounces (2024: 4,077,800
ounces). On a like-for-like basis, sales were 31% lower due to the lower
production, triennial stock take at the Base Metals Refinery, as well as the
comparative period benefiting from a drawdown of finished goods.
Financial performance
Underlying EBITDA decreased to $217 million (2024: $1,106 million). On a
like-for-like basis, EBITDA decreased by 55% driven by the lower sales volumes
and the flooding at Amandelbult. The own-mined unit cost increased by 20% to
$1,149/PGM ounce (2024: $957/PGM ounce). On a like-for-like basis, unit costs
increased by 17%, predominantly driven by the lower own-mined production and
flood recovery costs at Amandelbult.
Capital expenditure of $353 million was 65% lower (2024: $1,013 million). On a
like-for-like basis, capex was 4% lower due to planned lower growth spend
following a reprioritisation and rephasing of projects.
Guidance summary
Production and unit costs
Unit costs Production volumes
2026F
Units 2026F 2027F 2028F
Simplified portfolio
Copper((1)) c.172 c/lb kt 700-760 750-810 790-850
Premium Iron Ore((2)) c.$41/t Mt 55-59 59-63 58-62
Exiting businesses
Diamonds((3)) c.$80/ct Mct 21-26 n/a n/a
Further commentary on the operational outlook is included within the
respective business reviews on pages 19-34.
Note: Unit costs exclude royalties, depreciation and include direct support
costs only. 2026 unit cost guidance was set at: c.860 CLP:USD, c.3.2 PEN:USD,
c.5.3 BRL:USD, c.16.00 ZAR:USD. Subject to macro-economic factors. Guidance is
not provided for discontinued operations.
((1)) On a contained metal basis. Total copper production is the sum of Chile
and Peru. Unit cost total reflects a weighted average using the mid-point of
production guidance. 2026 Chile: 390-420 kt; Peru 310-340 kt. 2027 Chile:
450-480 kt; Peru: 300-330 kt. 2028 Chile: 500-530 kt; Peru 290-320 kt. In
2026, Copper Chile production is impacted by the lower expected tonnes from
Collahuasi, partially offset by the decision to restart the second plant at
Los Bronces, which 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 and therefore Chile
production is expected to be weighted to the second half of 2026. Copper Peru
production in 2026 reflects improved recoveries and higher throughput compared
to 2025, partly offset by modestly lower grades. Production is expected to be
weighted to the second half of 2026, owing to the expected grade profile. In
2027, Copper Chile production benefits as 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; while production at Copper Peru is impacted by
planned plant maintenance at Quellaveco, including mills and conveyors. In
2028, Copper Chile 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 and Copper
Peru reflects stable production. Copper production guidance is subject to
water availability. 2026 unit cost guidance for Chile is c.230 c/lb, higher
than the 2025 unit cost of 199 c/lb, reflecting the impact of a stronger
Chilean peso and the production mix between Los Bronces and Collahuasi. 2026
unit cost guidance for Peru is c.100 c/lb, higher than the 2025 unit cost of
89 c/lb, reflecting the impact of higher labour and maintenance costs, coupled
with a stronger Peruvian sol. The copper unit costs are impacted by FX rates
and pricing of by-products, such as molybdenum.
((2)) Wet basis. Total premium iron ore is the sum of Kumba and Minas-Rio.
Unit cost total reflects a weighted average using the mid-point of production
guidance. 2026 Kumba: 31-33 Mt; Minas-Rio: 24-26 Mt. 2027 Kumba: 35-37 Mt;
Minas-Rio: 24-26 Mt. 2028 Kumba: 35-37 Mt; Minas-Rio: 23-25 Mt. In 2026, Kumba
production is temporarily lower, 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. In 2028, Minas-Rio's production is
slightly lower as the mine moves into areas with more ore feed variability,
offsetting the throughput benefit from the recleaner flotation columns
implementation. Kumba production is subject to third-party rail and port
availability and performance. 2026 unit cost guidance for Kumba is
c.$45/tonne, higher than the 2025 unit cost of $40/tonne, primarily reflecting
the impact of the stronger South African rand. 2026 unit cost guidance for
Minas-Rio is c.$36/tonne, higher than 2025 of $32/tonne, reflecting the
increased processing cost associated with the tailings filtration plant as
well as the stronger Brazilian real and inflation.
((3)) 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. Unit cost guidance for 2026 is c.$80 per carat, lower than
the 2025 unit cost of $86/ct, reflecting the benefit of slightly higher
production volumes and ongoing cost-control measures. Unit cost is based on De
Beers' proportionate consolidated share of costs and associated production. As
previously announced, Anglo American continues to pursue a dual track
separation for De Beers and a structured sale process is currently under way.
Capital expenditure ($bn)((1))
Capital expenditure 2026F 2027F 2028F (new)
Growth c.$0.9bn (previously c.$0.7bn) c.$0.6bn (previously c.$0.9bn) c.$0.3bn
Includes c.$0.25bn Woodsmith capex((2)) (previously nil) Includes c.$0.25bn Woodsmith capex((2)) (previously nil)
Sustaining c.$2.2bn (previously c.$2.3bn) c.$2.3bn (previously c.$2.1bn) c.$2.3bn
Reflects c.$2.1bn baseline (previously c.$2.2bn), c.$0.1bn Collahuasi Reflects c.$2.3bn baseline (previously c.$2.1bn) Reflects c.$2.2bn baseline, c.$0.1bn lifex projects
desalination plant((3))
Capex for simplified portfolio c.$3.1bn (previously c.$3.0bn) c.$2.9bn (previously c.$3.0bn) c.$2.6bn
Sustaining (De Beers) c.$0.5bn (previously c.$0.6bn)
Reflects c.$0.3bn baseline, c.$0.2bn lifex projects (previously c.$0.3bn)
Capex for continuing operations c.$3.6bn
Further details on Anglo American's high quality growth and life-extension
projects, including details of the associated volumes benefit, are disclosed
on pages 10-12.
Long-term sustaining capital expenditure for the simplified portfolio is
expected to be c.$2.0 billion per annum((4)), excluding life-extension
projects.
Other guidance
- 2026 depreciation for continuing operations: $2.4-2.6 billion
- 2026 underlying effective tax rate for continuing operations:
44-48%((5))
- Long-term underlying effective tax rate (simplified portfolio):
38-42%((5))
- Dividend payout ratio: 40% of underlying earnings
- Net debt:EBITDA: <1.5x at the bottom of the cycle
((1)) Cash expenditure on property, plant and equipment including related
derivatives, net of proceeds from disposal of property, plant and equipment,
and includes direct funding for capital expenditure from non-controlling
interests. Guidance includes unapproved projects and is, therefore, subject to
the progress of project studies, permitting and approval. Refer to the 2025
results presentation for further detail on the breakdown of the capex guidance
at project level.
((2)) Woodsmith operating costs for 2026 and 2027 are expected to be c.$0.05
billion (previously c.$0.1 billion in 2026 and nil in 2027).
((3)) Collahuasi desalination capex shown includes related infrastructure,
with other water management projects included in baseline sustaining.
Attributable share of capex at 44%.
((4)) Long-term sustaining capex guidance is shown on a 2026 real basis and is
for the simplified portfolio.
((5)) Underlying effective tax rate guidance is highly dependent on a number
of factors, including the mix of profits and any relevant tax reforms
impacting the countries where we operate, and may vary from guidance. In
addition, the continuing operations guidance will be impacted by the timing of
the exit of De Beers from the portfolio.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
Rebecca Meeson-Frizelle Asanda Malimba
rebecca.meeson-frizelle@angloamerican.com asanda.malimba@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 8480
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
Notes to editors:
Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding mineral endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally
attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our
decision-making across the value chain, from how we discover new resources to
how we mine, process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainability Strategy commits us to a
series of stretching goals over different time horizons to ensure we build
trust as a corporate leader, contribute to a healthy environment and help
create thriving communities. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources
for our shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is re-imagining
mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes
to unlock the inherent value in its portfolio and thereby accelerate delivery
of its strategic priorities of Operational excellence, Portfolio optimisation,
and Growth. The sale of our steelmaking coal and nickel businesses and the
separation of our iconic diamond business (De Beers) continue to progress and
once completed, will focus Anglo American on its world-class resource asset
base in copper, premium iron ore and crop nutrients.
www.angloamerican.com
Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 20
February 2026, can be accessed through the Anglo American website at
www.angloamerican.com
Note: Throughout this results announcement, '$' denotes United States dollars
and 'cents' refers to United States cents. Tonnes are metric tons, 'Mt'
denotes million tonnes and 'kt' denotes thousand tonnes, unless otherwise
stated.
Group terminology
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
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This document is for information purposes only and does not constitute, nor is
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inducement or offer to buy, subscribe for or sell shares in Anglo American or
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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
statements of historical fact included in this document may be forward-looking
statements, including, without limitation, those regarding Anglo American's
financial position, business, acquisition and divestment strategy, dividend
policy, plans and objectives of management for future operations, prospects
and projects (including development plans and objectives relating to Anglo
American's products, production forecasts and Ore Reserve and Mineral Resource
positions), the anticipated benefits of mergers and acquisitions (including
any assessment or quantification of potential synergies) and sustainability
performance related (including environmental, social and governance) goals,
ambitions, targets, visions, milestones and aspirations. Forward-looking
statements may be identified by the use of words such as "believe", "expect",
"intend", "aim", "project", "anticipate", "estimate", "plan", "may", "should",
"will", "target" and words of similar meaning. By their nature, such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Anglo American or industry results to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
product prices, unanticipated downturns in business relationships with
customers or their purchases from Anglo American, mineral resource exploration
and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the
ability to identify, consummate and integrate pending or potential
acquisitions, disposals, investments, mergers, demergers, syndications, joint
ventures or other transactions, the effects of global pandemics and outbreaks
of infectious diseases, the impact of attacks from third parties on our
information systems, natural catastrophes or adverse geological conditions,
climate change and extreme weather events, the outcome of litigation or
regulatory proceedings, the availability of mining and processing equipment,
the ability to obtain key inputs in a timely manner, the ability to produce
and transport products profitably, the availability of necessary
infrastructure (including transportation) services, the development, efficacy
and adoption of new or competing technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the availability
of sufficient credit, liquidity and counterparty risks, the effects of
inflation, terrorism, war, conflict, political or civil unrest, uncertainty,
tensions and disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations, shortages of
skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and the actions of competitors, activities
by courts, regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or
maintenance of Anglo American's assets and changes in taxation or safety,
health, environmental or other types of regulation in the countries where
Anglo American operates, conflicts over land and resource ownership rights and
such other risk factors identified in Anglo American's most recent Annual
Report. Forward-looking statements should therefore be construed in light of
such risk factors, and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
document. Anglo American expressly disclaims any obligation or undertaking
(except as required by applicable law, rules or regulations) to release
publicly any updates or revisions to any forward-looking statement contained
herein to reflect any change in Anglo American's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.
Nothing in this document should be interpreted to mean that future earnings
per share of Anglo American will necessarily match or exceed its historical
published earnings per share. Certain statistical and other information
included in this document is sourced from third party sources (including, but
not limited to, externally conducted studies and trials). As such it has not
been independently verified and presents the views of those third parties, but
may not necessarily correspond to the views held by Anglo American and Anglo
American expressly disclaims any responsibility for, or liability in respect
of, such information.
No Investment Advice
This document has been prepared without reference to your particular
investment objectives, financial situation, taxation position and particular
needs. It is important that you view this document in its entirety. If you are
in any doubt in relation to these matters, you should consult your
stockbroker, bank manager, solicitor, accountant, taxation adviser or other
independent financial adviser (where applicable, as authorised under the
Financial Services and Markets Act 2000 in the UK, or in South Africa, under
the Financial Advisory and Intermediary Services Act 37 of 2002 or under any
other applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are
used to assess our performance, including a number of financial measures that
are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs).
Management uses these measures to monitor the Group's financial performance
alongside IFRS measures to improve the comparability of information between
reporting periods and businesses. These APMs should be considered in addition
to, and not as a substitute for, or as superior to, measures of financial
performance, financial position or cash flows reported in accordance with
IFRS. APMs are not uniformly defined by all companies, including those in the
Group's industry. Accordingly, it may not be comparable with similarly titled
measures and disclosures by other companies.
©Anglo American Services (UK) Ltd 2026. (TM) and (TM) are trade marks of
Anglo American Services (UK) Ltd.
Anglo American plc
17 Charterhouse Street London EC1N 6RA United Kingdom
Registered office as above. Incorporated in England and Wales under the
Companies Act 1985.
Registered Number: 3564138 Legal Entity Identifier: 549300S9XF92D1X8ME43
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