RNS Number : 1058C
Anglo American PLC
28 April 2026
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28 April 2026
Anglo American plc
Production Report for the first quarter ended 31 March 2026
Duncan Wanblad, CEO of Anglo American, said: "We've delivered a strong start to the year across both Copper and Premium Iron Ore, tracking well to our mine plans. In Copper, the reopening of the second plant at Los Bronces has provided incremental profitable production, Collahuasi continues to progress towards higher grade ore later this year and Quellaveco's recoveries improved, helping to partially offset the expected lower grades through the first half. In Premium Iron Ore, Kumba and Minas-Rio once again delivered stable operational performances. While the conflict in the Middle East is creating considerable volatility in the broader market, our resilient supply chain is currently supporting business continuity, and we are actively managing the situation to address potential adverse effects, including cost inflation.
"We are continuing to execute our portfolio optimisation. We have resumed normal operations at Moranbah North and the sale process for Steelmaking Coal is progressing well, with expectations for a sale to be agreed in the second quarter of 2026. We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimise the impact from challenging diamond markets. In Nickel, we are working through the European Commission's anti-trust approval process.
"Our merger with Teck, to form a copper-focused global critical minerals champion, is on track for an expected September 2026 to March 2027 close. We were pleased to receive regulatory approval from South Korea in the quarter, with anti-trust approval from China now the final outstanding regulatory milestone, alongside other customary closing conditions. Although we both continue to operate separately until closing, the integration planning is progressing well, ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and expected synergies that we have identified."
Q1 2026 overview
Production
Q1 2026
Q1 2025
% vs. Q1 2025
Simplified portfolio
Copper (kt)(1)
170
169
1%
Premium iron ore (Mt)(2)
15.2
15.4
(2)%
Manganese ore (kt)(3)
759
348
118%
Exiting businesses
Diamonds (Mct)(4)
7.1
6.1
17%
Steelmaking coal (Mt)
1.5
2.2
(31)%
Nickel (kt)
9.1
9.8
(7)%
• Copper production increased by 1% to 170,400 tonnes, primarily due to higher production at Los Bronces and Collahuasi as a result of higher throughput, partially offset by anticipated lower grades at Quellaveco.
• Premium iron ore production was 15.2 million tonnes, with slightly lower production from Kumba and Minas-Rio, resulting in a 2% decrease.
• Manganese ore production increased by 118% to 759,100 tonnes, reflecting increased production levels following the temporary suspension caused by a tropical cyclone in Australia in March 2024.
• Rough diamond production increased by 17% to 7.1 million carats, primarily driven by planned ore release from Gahcho Kué and higher volumes from Venetia underground.
• Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily due to lower production from Moranbah North following the incident in March 2025 and significant weather impacts at Dawson.
• Nickel production decreased by 7% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
• Production and unit cost guidance for our continuing businesses remains unchanged for 2026.
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Production and unit cost guidance for 2026(1)
2026 production guidance
2026 unit cost guidance(2)
Simplified portfolio
Copper(3)
700-760 kt
c.172 c/lb
Chile
390-420 kt
c.230 c/lb
Peru
310-340 kt
c.100 c/lb
Premium Iron Ore(4)
55-59 Mt
c.$41/tonne
Kumba
31-33 Mt
c.$45/tonne
Minas-Rio
24-26 Mt
c.$36/tonne
Exiting businesses
Diamonds(5)
21-26 Mct
c.$80/carat
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.860 CLP:USD, c.3.2 PEN:USD, c.5.3 BRL:USD, c.16.00 ZAR:USD.
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production will be weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Realised prices
Q1 2026
Q1 2025
Q1 2026 vs. Q1 2025
FY 2025
Simplified portfolio
Copper (USc/lb)(1)
572
444
29%
475
Copper Chile (USc/lb)(2)
579
458
26%
478
Copper Peru (USc/lb)
563
427
32%
472
Premium iron ore - FOB prices(3)
91
96
(5)%
93
Kumba Export (US$/wmt)(4)
93
98
(5)%
95
Minas-Rio (US$/wmt)(5)
89
94
(5)%
89
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6)
101
124
(19)%
142
Average price index(7)
68
82
(17)%
80
Steelmaking coal - HCC (US$/t)(8)
199
172
16%
164
Steelmaking coal - PCI (US$/t)(8)
160
141
13%
135
Nickel (US$/lb)(9)
6.71
6.27
7%
6.18
(1) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales volumes.
(3) Average realised total premium iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.5% moisture). The realised prices could differ to Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $94/t (Q1 2025: $100/t), higher than the dry 62% Fe benchmark price of $87/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(6) Consolidated average realised price based on 100% selling value post-aggregation.
(7) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(8) The average realised price for export thermal coal by-product for Q1 2026 increased by 5% to $101/t (Q1 2025: $96/t). FY 2025 was $93/t.
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below.
- 23 March 2026 | Delisting from the SIX Swiss Exchange
- 20 February 2026 | Anglo American Full Year Results 2025
- 20 February 2026 | Notice of Final Dividend (Dividend No. 48)
- 20 February 2026 | Woodsmith to benefit from investment agreement with Mitsubishi
- 19 February 2026 | Kumba Iron Ore Limited year end results 2025
Copper
Copper(1) (tonnes)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Copper
170,400
168,900
1%
169,500
1%
Copper Chile
97,000
89,000
9%
99,200
(2)%
Copper Peru
73,400
79,900
(8)%
70,300
4%
(1) Copper production shown on a contained metal basis.
Copper production for the first quarter of 2026 has tracked to plan, up 1% at 170,400 tonnes, reflecting higher production from Los Bronces and Collahuasi primarily as a result of higher throughput, partially offset by lower production from Quellaveco due to anticipated lower ore grades.
Chile - Copper production of 97,000 tonnes was 9% higher than the comparative period, reflecting higher throughput at Los Bronces and Collahuasi, as well as improved recoveries at Collahuasi.
Production from Los Bronces increased by 12% to 48,500 tonnes following the restart of the second plant. Mining flexibility at Donoso 2 largely enabled a 21% increase in ore mined which offset lower ore grades (0.49% vs 0.57%).
At Collahuasi, Anglo American's attributable share of copper production increased by 10% to 38,800 tonnes, reflecting higher throughput and improved recoveries (71.8% vs 66.2%), partially offset by lower grades (0.77% vs 0.86%) associated with lower-grade materials from stockpiles. As previously disclosed, while the mine transitions between phases, the processing of lower-grade stockpile ore will continue until access to high grade ROM ore in the Rosario pit is available towards the end of the year. Higher throughput was supported by increased water availability. The desalination plant is currently being commissioned and is on track to be ramped up and fully operational by mid-2026.
Production from El Soldado decreased by 6% to 9,700 tonnes reflecting the planned lower ore grade (0.78% vs 0.92%) partially offset by higher throughput and recoveries (79.9% vs 76.7%).
The average realised price for Copper Chile was 579 c/lb as compared to the average LME price of 583 c/lb, reflecting provisional pricing adjustments.
Peru - Quellaveco production decreased by 8% to 73,400 tonnes, primarily due to anticipated lower ore grades (0.68% vs 0.80%), partially offset by strong, stable plant performance, which enabled higher recoveries (85.5% vs 80.2%). In line with the expected grade profile, production continues to be weighted to the second half of 2026, and the full year grade is expected to be similar to 2025.
The average realised price for Copper Peru was 563 c/lb as compared to the average LME price of 583 c/lb, reflecting provisional pricing adjustments.
2026 Guidance
Production guidance for 2026 is unchanged at 700,000-760,000 tonnes (Chile 390,000-420,000 tonnes; Peru 310,000-340,000 tonnes). Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile.
Unit cost guidance for 2026 is unchanged at c.172 c/lb(1) (Chile c.230 c/lb(1); Peru c.100 c/lb(1)).
(1) The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum. FX rate assumption for 2026 unit costs of c.860 CLP:USD for Chile and c.3.2 PEN:USD for Peru.
Copper (tonnes)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Total copper production
170,400
169,500
183,500
173,300
168,900
1%
1%
Total copper sales volumes
166,500
174,600
185,700
171,300
173,300
(4)%
(5)%
Copper Chile
Los Bronces mine(1)
Ore mined
11,403,400
9,215,600
9,684,700
9,271,800
9,398,500
21%
24%
Ore processed - Sulphide
9,935,800
8,447,000
8,291,400
7,134,800
7,578,400
31%
18%
Ore grade processed - Sulphide (% TCu)(2)
0.49
0.52
0.50
0.50
0.57
(14)%
(6)%
Recovery (%)
88.1
85.9
87.5
88.8
87.7
0%
3%
Production - Copper in concentrate
43,000
37,900
36,500
31,900
37,800
14%
13%
Production - Copper cathode
5,500
4,600
5,300
5,000
5,600
(2)%
20%
Total production
48,500
42,500
41,800
36,900
43,400
12%
14%
Collahuasi100% basis (Anglo American share 44%)
Ore mined
13,754,200
15,017,700
12,586,600
9,858,100
9,136,400
51%
(8)%
Ore processed - Sulphide
16,037,100
17,118,700
15,513,900
14,610,300
14,084,800
14%
(6)%
Ore grade processed - Sulphide (% TCu)(2)
0.77
0.87
0.92
0.96
0.86
(10)%
(11)%
Recovery (%)
71.8
71.6
75.2
77.5
66.2
8%
0%
Anglo American's 44% share of copper production for Collahuasi
38,800
47,000
47,400
48,100
35,300
10%
(17)%
El Soldado mine(1)
Ore mined
500,900
928,800
1,193,500
1,140,400
1,495,400
(67)%
(46)%
Ore processed - Sulphide
1,555,600
1,668,300
1,636,700
1,714,600
1,454,400
7%
(7)%
Ore grade processed - Sulphide (% TCu)(2)
0.78
0.72
0.84
0.84
0.92
(15)%
8%
Recovery (%)
79.9
80.6
79.9
81.0
76.7
4%
(1)%
Production - Copper in concentrate
9,700
9,700
11,000
11,600
10,300
(6)%
0%
Chagres smelter(1)
Ore smelted(3)
27,700
25,300
28,600
27,800
23,100
20%
9%
Production
26,300
24,600
27,800
27,500
22,000
20%
7%
Total copper production(4)
97,000
99,200
100,200
96,600
89,000
9%
(2)%
Total payable copper production
93,100
95,300
96,000
92,700
85,400
9%
(2)%
Total copper sales volumes
92,100
106,800
96,500
98,300
93,300
(1)%
(14)%
Total payable sales volumes
88,300
102,300
92,600
94,000
89,500
(1)%
(14)%
Third-party sales(5)
90,500
107,700
159,100
106,600
68,800
32%
(16)%
Copper Peru
Quellaveco mine(6)
Ore mined
12,075,200
10,850,700
11,932,000
11,131,500
11,454,700
5%
11%
Ore processed - Sulphide
12,555,200
12,820,000
13,018,400
12,884,900
12,465,200
1%
(2)%
Ore grade processed - Sulphide (% TCu)(2)
0.68
0.66
0.76
0.73
0.80
(15)%
3%
Recovery (%)
85.5
83.1
83.8
81.5
80.2
7%
3%
Total copper production
73,400
70,300
83,300
76,700
79,900
(8)%
4%
Total payable copper production
70,900
67,900
80,500
74,100
77,300
(8)%
4%
Total copper sales volumes
74,400
67,800
89,200
73,000
80,000
(7)%
10%
Total payable sales volumes
71,600
65,300
85,800
70,300
77,100
(7)%
10%
(1) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Premium Iron Ore
Premium iron ore (000 t)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Premium iron ore
15,208
15,445
(2)%
15,113
1%
Kumba - South Africa(1)
8,842
8,990
(2)%
8,590
3%
Minas-Rio - Brazil(2)
6,366
6,455
(1)%
6,523
(2)%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Premium iron ore production of 15.2 million tonnes, a 2% decrease, due to marginally lower production from both Kumba and Minas-Rio.
Kumba - Total production decreased by 2% to 8.8 million tonnes primarily driven by a 15% decrease in Kolomela's production to 2.6 million tonnes, due to a planned drawdown of on-mine finished stock to make space for stockpiling during the scheduled rail maintenance in Q2. This was partly offset by a 5% increase in Sishen's production to 6.3 million tonnes due to improved plant feedstock and performance.
Total sales increased by 2% to 9.1 million tonnes(1) due to improved port performance and availability of finished stock levels at Saldanha Bay port.
Total finished stock decreased to 7.3 million tonnes(1), compared to Q4 2025 (7.5 million tonnes). Stock at the mines was 4.7 million tonnes (Q4 2025: 5.7 million tonnes), with stock at the port at 2.6 million tonnes (Q4 2025: 1.8 million tonnes), which include shipments in-transit.
Kumba's iron (Fe) content averaged 63.7% (Q1 2025: 64.2%), while the average lump:fines ratio was 65:35 (Q1 2025: 68:32).
The average realised price of $93/tonne(1) (FOB South Africa, wet basis) was 8% higher than the Fastmarkets 62% Fe benchmark price of $86/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of premiums for our lump product and high Fe content, as well as provisional pricing.
Minas-Rio - Production was broadly flat versus the comparative period at 6.4 million tonnes. This stability was underpinned by enhanced plant utilisation, driven by increased consistency in the ore feed during the wet season, partially offset by the lower iron content grade.
The average realised price of $89/tonne (FOB Brazil, wet basis) was 5% higher than the Fastmarkets 65% Fe benchmark price of $85/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for our high quality product, including higher (~67%) Fe content and provisional pricing.
2026 Guidance
Production guidance for 2026 is unchanged at 55-59 million tonnes (Kumba 31-33 million tonnes; Minas-Rio 24-26 million tonnes). Kumba production will be weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability and performance.
Unit cost guidance for 2026 is unchanged at c.$41/tonne(2) (Kumba c.$45/tonne(2); Minas-Rio c.$36/tonne(2)).
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to sales to other Group companies. At Q1 2025, total finished stock was 7.8 million tonnes; stock at the mines was 6.2 million tonnes and stock at the port was 1.6 million tonnes.
(2) FX rate assumption for 2026 unit costs of c.16.00 ZAR:USD for Kumba and c.5.3 BRL:USD for Minas-Rio.
Premium iron ore (000 t)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Premium iron ore production(1)
15,208
15,113
14,342
15,936
15,445
(2)%
1%
Premium iron ore sales(1)
14,842
16,166
14,407
16,406
14,564
2%
(8)%
Kumba production
8,842
8,590
9,247
9,257
8,990
(2)%
3%
Sishen
6,257
6,560
6,347
6,427
5,955
5%
(5)%
Kolomela
2,585
2,030
2,900
2,830
3,035
(15)%
27%
Kumba sales volumes(2)
9,140
8,947
9,392
9,770
8,939
2%
2%
Lump(2)
5,961
6,139
6,133
6,463
6,037
(1)%
(3)%
Fines(2)
3,179
2,808
3,259
3,307
2,902
10%
13%
Minas-Rio production
Pellet feed
6,366
6,523
5,095
6,679
6,455
(1)%
(2)%
Minas-Rio sales volumes
Export - pellet feed
5,702
7,219
5,015
6,636
5,625
1%
(21)%
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture and Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Manganese
Manganese (tonnes)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Manganese ore(1)
759,100
348,400
118%
908,500
(16)%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 118% to 759,100 tonnes, compared with the same period in 2025, which was impacted by the temporary suspension of operations in Australia following the tropical cyclone Megan in March 2024. During the current quarter the operations in Australia were impacted by adverse weather conditions and tropical cyclone Narelle.
Manganese (tonnes)(1)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Production
Manganese ore
759,100
908,500
972,800
745,600
348,400
118%
(16)%
Sales volumes
Manganese ore
946,000
976,500
1,030,000
608,800
298,400
217%
(3)%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Botswana
4,814
4,572
5%
1,881
156%
Namibia
556
631
(12)%
459
21%
South Africa
740
483
53%
496
49%
Canada
1,023
389
163%
949
8%
Total carats recovered
7,133
6,075
17%
3,785
88%
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production increased by 17% to 7.1 million carats, primarily driven by planned ore release from Gahcho Kué in Canada and higher volumes from Venetia underground.
In Botswana, production increased by 5% to 4.8 million carats, as a result of higher recovered grade at Orapa. Jwaneng production was broadly consistent with the comparative period.
Namibia's production decreased by 12% to 0.6 million carats, due to scheduled maintenance on two vessels at Debmarine Namibia along with the impact of decommissioning two vessels in 2025.
In South Africa, production at Venetia increased by 53% reaching 0.7 million carats, largely as a result of processing higher volumes of underground ore.
In Canada, production increased to 1.0 million carats, reflecting the planned ore release in Gahcho Kué from a new area of the mine.
Trading Performance
Rough diamond trading conditions continued to be challenged due to ongoing industry, geopolitical and tariff headwinds.
Rough diamond sales in Q1 2026 totalled 7.7 million carats (6.4 million carats on a consolidated basis)(1) from two Sights, generating consolidated rough diamond sales revenue of $648 million. This compares with two Sights in Q1 2025 of 4.7 million carats (4.2 million carats on a consolidated basis)(1), generating $520 million of consolidated rough diamond sales revenue.
The consolidated average realised price declined by 19% to $101/carat, primarily driven by a 17% decrease in the average rough price index (which is now reported including the impact of the stock rebalancing actions) as well as a sales mix with a higher proportion of lower value goods.
Anglo American is committed to divesting De Beers and we continue to progress a formal sale process and expect to provide an update through the course of 2026.
2026 Guidance
Production(2) guidance for 2026 is unchanged at 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 unchanged at c.$80/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2026 unit costs of c.16.00 ZAR:USD.
Diamonds(1)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng
2,232
0
3,151
1,859
2,249
(1)%
n/a
Orapa(2)
2,582
1,881
2,879
792
2,323
11%
37%
Total Botswana
4,814
1,881
6,030
2,651
4,572
5%
156%
Debmarine Namibia
354
286
303
385
461
(23)%
24%
Namdeb (land operations)
202
173
154
150
170
19%
17%
Total Namibia
556
459
457
535
631
(12)%
21%
Venetia
740
496
659
592
483
53%
49%
Total South Africa
740
496
659
592
483
53%
49%
Gahcho Kué (51% basis)
1,023
949
511
361
389
163%
8%
Total Canada
1,023
949
511
361
389
163%
8%
Total carats recovered
7,133
3,785
7,657
4,139
6,075
17%
88%
Total sales volume (100%) (000 carats)(3)
7,723
5,941
5,715
7,555
4,715
64%
30%
Consolidated sales volume (000 carats)(3)
6,408
5,383
4,558
6,815
4,190
53%
19%
Consolidated rough diamond sales value ($m)(4)
648
571
700
1,185
520
25%
13%
Average price ($/ct)(5)
101
106
154
174
124
(19)%
(5)%
Average price index(6)
68
74
81
83
82
(17)%
(8)%
Number of Sights
2(7)
3
2
3
2
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance in March 2025, and Damtshaa has been on care and maintenance since 2021.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(7) Sight 3 commenced in March 2026, however was not complete by quarter end. The full Sight 3 results will be reported in Q2 2026.
Steelmaking Coal
Steelmaking coal(1) (000 t)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Steelmaking coal
1,545
2,239
(31)%
2,064
(25)%
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal coal and includes production relating to third-party product purchased and processed at Anglo American's operations.
Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily impacted by lower production from Moranbah North following the incident in March 2025 and significant weather impacts at the Dawson open cut operation.
At Moranbah North, the regulator lifted the final directives in February 2026, marking a significant milestone in our staged restart to safe longwall production, reflecting the constructive collaboration with the workforce and safety regulator throughout this process. Moranbah North has transitioned to normal longwall operations and is now progressing through a ramp-up.
Across all the operations, the ratio of hard coking coal production to PCI/semi-soft coking coal was 79:21 during the quarter, broadly in line with Q1 2025 (78:22).
The average realised price for hard coking coal was $199/tonne, compared to the benchmark price of $235/tonne. This resulted in a decrease in the price realisation to 85% (Q1 2025: 93%), reflecting lower volumes of premium hard coking coal from Moranbah North.
Significant progress has been made at the Grosvenor mine since approval to re-enter the underground area was given by the regulator in August 2025. Physical inspections have confirmed limited damage to critical life-of-mine infrastructure and the longwall equipment installed for the next panel is undamaged. The re-entry and rectification process is in the final stages and operational readiness assessments are complete. Longwall production is targeted to recommence by late 2027, subject to investment approval.
As previously announced, Anglo American is committed to divesting its Steelmaking Coal business and the sale process is progressing well, with expectations for a sale to be agreed in the second quarter of 2026.
Coal, by product (000 t)(1)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Production volumes(2)(3)
Steelmaking coal
1,545
2,064
1,884
2,056
2,239
(31)%
(25)%
Hard coking coal(2)
1,222
1,703
1,524
1,749
1,757
(30)%
(28)%
PCI / SSCC
323
361
360
307
482
(33)%
(11)%
Thermal coal
305
413
269
298
244
25%
(26)%
Sales volumes(2)(3)
Steelmaking coal
1,471
2,231
1,816
2,206
1,631
(10)%
(34)%
Hard coking coal(2)
1,238
1,761
1,498
1,690
1,315
(6)%
(30)%
PCI / SSCC
233
470
318
516
316
(26)%
(50)%
Export thermal coal(3)
287
310
361
335
472
(39)%
(7)%
Steelmaking coal, by operation (000 t)(1)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Steelmaking coal(2)(3)
1,545
2,064
1,884
2,056
2,239
(31)%
(25)%
Moranbah North(2)
195
173
177
136
532
(63)%
13%
Grosvenor
-
-
-
-
-
n/a
n/a
Aquila (incl. Capcoal)(2)
1,071
1,338
970
1,292
1,086
(1)%
(20)%
Dawson
279
553
737
628
621
(55)%
(50)%
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal. Export thermal coal sales excludes domestic thermal coal sales of 0.1Mt in Q1 2026.
Nickel
Nickel (tonnes)
Q1
Q1
Q1 2026 vs. Q1 2025
Q4
Q1 2026 vs. Q4 2025
2026
2025
2025
Nickel
9,100
9,800
(7)%
10,300
(12)%
Nickel production decreased by 7% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin. Production is currently expected to increase gradually at both operations from the second quarter.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, and we continue to progress through the European Commission's anti-trust approval process.
Nickel (tonnes)
Q1
Q4
Q3
Q2
Q1
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025
2026
2025
2025
2025
2025
Barro Alto
Ore mined
333,900
433,500
934,500
809,500
515,000
(35)%
(23)%
Ore processed
600,400
618,900
610,700
599,900
640,300
(6)%
(3)%
Ore grade processed - %Ni
1.41
1.50
1.51
1.43
1.39
1%
(6)%
Production
7,500
8,400
8,200
7,700
8,100
(7)%
(11)%
Codemin
Ore mined
-
-
-
-
1,400
n/a
n/a
Ore processed
113,900
127,900
134,800
138,700
129,200
(12)%
(11)%
Ore grade processed - %Ni
1.41
1.45
1.46
1.40
1.37
3%
(3)%
Production
1,600
1,900
1,900
1,800
1,700
(6)%
(16)%
Total nickel production
9,100
10,300
10,100
9,500
9,800
(7)%
(12)%
Sales volumes
9,900
11,800
8,600
9,700
10,100
(2)%
(16)%
Notes
• This Production Report for the first quarter ended 31 March 2026 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Please refer to page 16 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.
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