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Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
5 February 2026
Production Report for the fourth quarter ended 31 December 2025
Duncan Wanblad, CEO of Anglo American, said: "We delivered another strong production quarter in our Copper and Premium Iron Ore
businesses to end 2025, in line with our guidance. In the fourth quarter, we benefitted from higher copper grades and strong plant
performance at Los Bronces, while Collahuasi reached its highest historical level of throughput, partly mitigating the impact from lower
grade ore feed. In Premium Iron Ore, both Kumba and Minas-Rio continue to perform strongly.
"Looking ahead, we continue to focus on operational excellence and growth. For 2026, solid progress on mine development activities and
strict cost control, coupled with the strong copper price environment, have allowed us to temporarily restart the second plant at Los
Bronces. The additional plant delivers profitable production to partly mitigate the previously indicated lower production from Collahuasi
in 2026. Copper production steps up from 2027, and our maiden 2028 guidance is expected to see our Chile operations produce over
125kt more copper than in 2025. We expect Quellaveco to continue being a highly cash generative operation with volumes around 300kt
per year and is expected to reach the capital payback milestone in 2026, just four years post first production. Stability in the Premium Iron
Ore operations sees guidance largely unchanged, albeit with a 4% upgrade to Minas-Rio's 2026 guidance reflecting expected strong
operational performance.
"We are committed to seeing our portfolio transformation through to its conclusion. The formal sale process for Steelmaking Coal is
progressing well, and we continue to ramp-up Moranbah North ahead of transitioning to normal longwall operations. In Nickel we
continue to work through the regulatory process, and we are progressing the separation of De Beers.
"2025 has been a year of significant transformation and a defining moment in Anglo American's long history. We were delighted to receive
Investment Canada Act approval in December for our merger with Teck, following overwhelming support from both companies'
shareholders - a major milestone in our journey towards becoming Anglo Teck. We continue to secure key regulatory approvals for the
transaction and we are advancing our integration plans, ensuring that once the transaction closes, we are ready to begin delivering the
exceptional value that we have identified as a major global critical minerals champion."
Q4 2025 overview
Production Q4 2025 Q4 2024 % vs. Q4 2024 2025 2025 guidance 2024 % vs. FY 2024
Simplified portfolio
Copper (kt)(1) 170 198 (14)% 695 690-750 773 (10)%
Premium iron ore (Mt)(2) 15.1 14.3 6% 60.8 58-62 60.8 0%
Manganese ore (kt)(3) 909 742 22% 2,975 n/a 2,288 30%
Exiting businesses
Diamonds (Mct)(4) 3.8 5.8 (35)% 21.7 20-23 24.7 (12)%
Steelmaking coal (Mt) 2.1 2.4 (15)% 8.2 n/a 14.5 (43)%
Nickel (kt) 10.3 10.0 3% 39.7 n/a 39.4 1%
- Copper production was 169,500 tonnes, with higher production at Los Bronces as a result of higher grades and strong plant performance
offset by lower grades at both Quellaveco and Collahuasi, resulting in a 14% decrease year-on-year.
- Premium iron ore production increased by 6% to 15.1 million tonnes, primarily due to higher production from Kumba.
- Manganese ore production increased by 22% to 908,500 tonnes, reflecting more normalised production levels following the temporary
suspension caused by a tropical cyclone in Australia in March 2024.
- Rough diamond production decreased by 35% to 3.8 million carats, primarily driven by maintenance shutdowns at Jwaneng and Orapa
as part of the production response to market conditions.
- Steelmaking coal production decreased by 15% to 2.1 million tonnes, primarily due to the sale of Jellinbah in November 2024(5) and lower
production at Dawson due to wet weather and mine sequencing, partially offset by strong performance at the Aquila longwall operation.
- Nickel production increased by 3% to 10,300 tonnes, reflecting the benefit of higher grades and recoveries.
- All of our continuing businesses delivered their full year production guidance for 2025.
(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 Kue joint operation which is on an attributable 51% basis.
(5) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024,
and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed,
did not accrue to Anglo American and have been excluded.
Production guidance for 2026 to 2028(1)
2026 2027 2028 (new)
Simplified portfolio
Copper(2) 700-760 kt 750-810 kt 790-850 kt
(previously 760-820 kt) (previously 760-820 kt)
Chile 390-420 kt 450-480 kt 500-530 kt
(previously 440-470 kt)
Peru 310-340 kt 300-330 kt 290-320 kt
(previously 320-350 kt) (previously 310-340 kt)
Premium Iron Ore(3) 55-59 Mt 59-63 Mt 58-62 Mt
(previously 54-58 Mt)
Kumba 31-33 Mt 35-37 Mt 35-37 Mt
Minas-Rio 24-26 Mt 24-26 Mt 23-25 Mt
(previously 23-25 Mt)
Exiting businesses
Diamonds(4) 21-26 Mct n/a n/a
(previously 26-29 Mct)
(1) Production guidance is not provided for discontinued operations.
(2) On a contained metal basis. Production is subject to water availability. Refer to 'Guidance' section on pages 5-6 for further explanation.
(3) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Refer to 'Guidance' section on page 8 for
further explanation.
(4) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. De Beers continues to monitor
rough diamond trading conditions in order to align output with prevailing demand. Refer to 'Guidance' section on page 11 for further explanation.
Realised prices
FY 2025 vs. FY H2 2025 vs. H1
FY 2025 FY 2024 H2 2025 H1 2025 2024 2025
Simplified portfolio
Copper (USc/lb)(1) 475 416 514 436 14% 18%
Copper Chile (USc/lb)(2) 478 416 512 444 15% 15%
Copper Peru (USc/lb) 472 415 516 427 14% 21%
Premium Iron Ore - FOB prices(3) 93 89 97 89 4% 9%
Kumba Export (US$/wmt)(4) 95 92 99 91 3% 9%
Minas-Rio (US$/wmt)(5) 89 84 93 86 6% 8%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 142 152 128 155 (7)% (17)%
Average price index(7) 94 107 94 94 (12)% 0%
Steelmaking Coal - HCC (US$/t)(8) 164 241 156 172 (32)% (9)%
Steelmaking Coal - PCI (US$/t)(8) 135 177 139 132 (24)% 5%
Nickel (US$/lb)(9) 6.18 6.82 6.08 6.28 (9)% (3)%
(1) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales volumes.
(3) Average realised total premium iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.5% moisture). The realised prices could differ
to Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is
$96/t (FY 2024: $94/t), higher than the dry 62% Fe benchmark price of $86/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Acu) (wet basis as product is shipped with ~9% moisture).
(6) Consolidated average realised price based on 100% selling value post-aggregation.
(7) Average of the De Beers price index for the Sights within the period, which excludes the effect of the stock rebalancing actions in 2025.
The equivalent average price index including stock rebalancing actions would be 80 (FY 2024: 107). The De Beers price index is relative to
100 as at December 2006.
(8) Weighted average coal sales price achieved at managed operations. The average realised price for thermal coal by-product for FY 2025
decreased by 22% to $93/t (FY 2024: $119/t). H2 2025 was $92/t and H1 2025 was $95/t, representing a 3% decrease.
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Preliminary H2 financial update on FY2025 results
The Group expects to recognise charges within underlying EBITDA in the second half of 2025 relating to long-term rehabilitation
provisions at Copper Chile that are currently estimated to be c.$0.2 billion.
Underlying EBITDA from De Beers is expected to be negative in 2025. Due to the Group profit mix for the business, and specifically the
impact from De Beers losses, the Group underlying effective tax rate is expected to be above the 44-48% guidance range.
The Group is undertaking an impairment review of De Beers' carrying value, assessing the impact of diamond market conditions, which
could potentially lead to an impairment at the full year results.
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below:
https://www.angloamerican.com/media/press-releases/2025
Copper
Copper(1) (tonnes) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Copper 169,500 197,500 (14)% 183,500 (8)% 695,200 772,700 (10)%
Copper Chile 99,200 107,300 (8)% 100,200 (1)% 385,000 466,400 (17)%
Copper Peru 70,300 90,200 (22)% 83,300 (16)% 310,200 306,300 1%
(1) Copper production shown on a contained metal basis.
Copper production for 2025 was 695,200 tonnes and within our guidance range. Copper production in the fourth quarter of 169,500
was 14% lower than the comparative period, primarily reflecting lower production from Quellaveco due to anticipated lower ore grades.
Chile - Copper production of 99,200 tonnes was 8% lower than the comparative period, reflecting lower ore grade and recoveries at
Collahuasi, partially offset by higher grade, throughput and recoveries at Los Bronces.
Production from Los Bronces increased by 10% to 42,500 tonnes, reflecting the benefit from higher grade, throughput and recoveries
from improved plant performance.
At Collahuasi, Anglo American's attributable share of copper production decreased by 16% to 47,000 tonnes, primarily reflecting lower
ore grades (0.87% vs 1.14%) and lower recoveries as lower grade stockpiles are processed during this period as the mine transitions
between phases. This was partially offset by higher plant throughput, which reached its highest historical level. This improvement is
supported by greater water availability from the continued supply of ultra-filtered seawater through the pipeline infrastructure of the
new desalination plant. The desalination plant is expected to be ramped up and fully operational by mid-2026.
Production from El Soldado decreased by 22% to 9,700 tonnes reflecting the planned lower ore grade (0.72% vs 0.94%) from processing
lower grade stockpiles due to the transition between the mine phases.
The full year average realised price for Copper Chile was 478 c/lb as compared to the average LME price of 451 c/lb, benefiting from
provisional pricing adjustments.
Peru - Quellaveco throughput continues to exceed the plant design; in 2025 throughput was up 3% year-on-year. Production in the
quarter decreased by 22% to 70,300 tonnes, primarily due to anticipated lower ore grades (0.66% vs 0.89%) as the mine works through
natural fluctuations in grade profile.
Quellaveco has reached its 1 million tonne production milestone and is expected to reach capital payback in 2026.
The full year average realised price for Copper Peru was 472 c/lb as compared to the average LME price of 451 c/lb, benefiting from
provisional pricing adjustments.
Guidance
In the Q3 2025 production report, management indicated that Copper production guidance for 2026 would be updated during the
first quarter of 2026, and would include the expectation that production levels at Collahuasi would be similar to levels achieved in
2025 as the mine continues through a phase of lower grade ore and refractory stockpiles until the end of 2026.
Total Copper production guidance for 2026 is therefore revised to 700,000-760,000 tonnes (previously 760,000-820,000 tonnes).
Chile production guidance for 2026 is 390,000-420,000 tonnes (previously 440,000-470,000 tonnes), which includes the impact from
the lower expected tonnes from Collahuasi, partially offset by the decision to restart the second plant at Los Bronces. The improved
mine flexibility, tight cost control at Los Bronces and the strong copper price environment will allow for profitable production from the
second plant until the plant infrastructure is needed for the removal of the Perez Caldera tailings storage facility, which is expected to
start in 2027. The second plant is expected to produce an additional c.25,000 tonnes in 2026. Production at Collahuasi is expected to
benefit from progressively increased access to fresh, higher grade ore during 2026. Chile production is expected to be weighted to the
second half of 2026.
Peru production guidance for 2026 is 310,000-340,000 tonnes (previously 320,000-350,000 tonnes). Production guidance in Peru has
been revised to reflect recent achieved performance with slightly lower expected grade and recoveries. Production is expected to be
weighted to the second half of 2026, owing to the expected grade profile.
Total Copper production guidance for 2027 is revised to 750,000-810,000 tonnes (previously 760,000-820,000 tonnes).
Chile production guidance for 2027 is unchanged at 450,000-480,000 tonnes as performance at Collahuasi is expected to improve with
access to fresh ore and, at Los Bronces, full access to Donoso 2 improves grades and volumes despite the expected return to utilising
only the larger, more modern plant at the mine.
Peru production guidance for 2027 is 300,000-330,000 tonnes (previously 310,000-340,000 tonnes) as planned plant maintenance at
Quellaveco, including mills and conveyors, is expected to take place in 2027.
Total Copper production guidance for 2028 is expected to be 790,000-850,000 tonnes.
Chile production guidance for 2028 is 500,000-530,000 tonnes as production benefits from an additional higher grade phase at Los
Bronces as well as higher throughput at Collahuasi following the completion of the 210ktpd plant debottlenecking at the end of 2027.
Peru production guidance for 2028 is 290,000-320,000 tonnes reflecting stable production.
Copper production guidance is subject to water availability.
Copper (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2025 vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Total copper production 169,500 183,500 173,300 168,900 197,500 (14)% (8)% 695,200 772,700 (10)%
Total copper sales volumes 174,600 185,700 171,300 173,300 204,800 (15)% (6)% 704,900 768,900 (8)%
Copper Chile
Los Bronces mine(1)
Ore mined 9,215,600 9,684,700 9,271,800 9,398,500 9,372,900 (2)% (5)% 37,570,600 43,497,700 (14)%
Ore processed - Sulphide 8,447,000 8,291,400 7,134,800 7,578,400 8,178,700 3% 2% 31,451,600 37,020,500 (15)%
Ore grade processed -
Sulphide (% TCu)(2) 0.52 0.50 0.50 0.57 0.49 6% 4% 0.52 0.47 11%
Production - Copper in concentrate 37,900 36,500 31,900 37,800 33,800 12% 4% 144,100 145,200 (1)%
Production - Copper cathode 4,600 5,300 5,000 5,600 4,900 (6)% (13)% 20,500 27,200 (25)%
Total production 42,500 41,800 36,900 43,400 38,700 10% 2% 164,600 172,400 (5)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 15,017,700 12,586,600 9,858,100 9,136,400 14,801,500 1% 19% 46,598,800 48,413,800 (4)%
Ore processed - Sulphide 17,118,700 15,513,900 14,610,300 14,084,800 14,940,700 15% 10% 61,327,700 60,047,600 2%
Ore grade processed -
Sulphide (% TCu)(2) 0.87 0.92 0.96 0.86 1.14 (24)% (5)% 0.90 1.15 (22)%
Anglo American's 44% share of copper
production for Collahuasi 47,000 47,400 48,100 35,300 56,100 (16)% (1)% 177,800 245,800 (28)%
El Soldado mine(1)
Ore mined 928,800 1,193,500 1,140,400 1,495,400 2,315,600 (60)% (22)% 4,758,100 8,234,300 (42)%
Ore processed - Sulphide 1,668,300 1,636,700 1,714,600 1,454,400 1,689,100 (1)% 2% 6,474,000 6,476,200 0%
Ore grade processed -
Sulphide (% TCu)(2) 0.72 0.84 0.84 0.92 0.94 (23)% (14)% 0.83 0.94 (12)%
Production - Copper in concentrate 9,700 11,000 11,600 10,300 12,500 (22)% (12)% 42,600 48,200 (12)%
Chagres smelter(1)
Ore smelted(3) 25,300 28,600 27,800 23,100 28,200 (10)% (12)% 104,800 105,700 (1)%
Production 24,600 27,800 27,500 22,000 27,400 (10)% (12)% 101,900 101,700 0%
Total copper production(4) 99,200 100,200 96,600 89,000 107,300 (8)% (1)% 385,000 466,400 (17)%
Total payable copper production 95,300 96,000 92,700 85,400 103,000 (7)% (1)% 369,400 448,000 (18)%
Total copper sales volumes 106,800 96,500 98,300 93,300 113,000 (5)% 11% 394,900 463,100 (15)%
Total payable sales volumes 102,300 92,600 94,000 89,500 108,100 (5)% 10% 378,400 444,300 (15)%
Third-party sales(5) 107,700 159,100 106,600 68,800 131,000 (18)% (32)% 442,200 422,400 5%
Copper Peru
Quellaveco mine(6)
Ore mined 10,850,700 11,932,000 11,131,500 11,454,700 14,845,200 (27)% (9)% 45,368,900 44,087,900 3%
Ore processed - Sulphide 12,820,000 13,018,400 12,884,900 12,465,200 12,865,300 0% (2)% 51,188,500 49,900,400 3%
Ore grade processed -
Sulphide (% TCu)(2) 0.66 0.76 0.73 0.80 0.89 (26)% (13)% 0.74 0.76 (3)%
Total copper production 70,300 83,300 76,700 79,900 90,200 (22)% (16)% 310,200 306,300 1%
Total payable copper production 67,900 80,500 74,100 77,300 87,200 (22)% (16)% 299,800 296,000 1%
Total copper sales volumes 67,800 89,200 73,000 80,000 91,800 (26)% (24)% 310,000 305,800 1%
Total payable sales volumes 65,300 85,800 70,300 77,100 88,500 (26)% (24)% 298,500 294,600 1%
(1) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Premium Iron Ore
Premium iron ore (000 t) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Premium iron ore 15,113 14,299 6% 14,342 5% 60,836 60,768 0%
Kumba - South Africa(1) 8,590 7,826 10% 9,247 (7)% 36,084 35,731 1%
Minas-Rio - Brazil(2) 6,523 6,473 1% 5,095 28% 24,752 25,037 (1)%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Premium iron ore production for 2025 was 60.8 million tonnes and within our guidance range. Production during the fourth quarter
was 15.1 million tonnes, 6% higher than the comparative period primarily due to higher production from Kumba.
Kumba - Total production increased by 10% to 8.6 million tonnes driven by a 15% increase in Sishen's production. This was partially
offset by a planned decrease of 5% in Kolomela's production to rebuild plant feedstock to optimal levels, demonstrating the flexible
production approach of managing Sishen and Kolomela as an integrated mine complex.
Total sales decreased by 4% to 8.9 million tonnes(1) due to the planned refurbishment of a stacker reclaimer, coupled with high wind
speeds affecting ship loading at Saldanha Bay port.
Total finished stock was 7.5 million tonnes(1), broadly flat compared to Q3 2025 (7.3 million tonnes). Stock at the mines was 5.7 million
tonnes (Q3 2025: 5.5 million tonnes), with stock at the port flat at 1.8 million tonnes quarter-on-quarter.
For the full year, Kumba's iron (Fe) content averaged 64.0% (2024: 64.1%), while the average lump:fines ratio was 67:33 (2024: 66:34).
The full year average realised price of $95/tonne(1) (FOB South Africa, wet basis) was 12% higher than the Platts 62% Fe benchmark
price of $85/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of premiums for our lump
product and higher Fe content.
Minas-Rio - Production was broadly flat at 6.5 million tonnes, reflecting consistent operational performance at the plant, with higher
utilisation and mass recovery.
The full year average realised price of $89/tonne (FOB Brazil, wet basis) was 6% higher than the Fastmarkets(2) 65% Fe benchmark price
of $84/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for our high quality product, including
higher (~67%) Fe content.
Guidance
Production guidance for 2026 increased to 55-59 million tonnes (previously 54-58 million tonnes) (Kumba 31-33 million tonnes;
Minas-Rio 24-26 million tonnes (previously 23-25 million tonnes)). Minas-Rio's production guidance is revised higher reflecting
expected strong operational performance and higher recoveries enabled by stable ore feed at the plant. During 2026, Kumba's
production will be lower than 2025 reflecting the tie-in of the Ultra-High-Dense-Media-Separation (UHDMS) project which is planned
in the second half of 2026, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance
is subject to third-party rail and port availability and performance.
Production guidance for 2027 is unchanged at 59-63 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 24-26 million tonnes).
Production guidance for 2028 is 58-62 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 23-25 million tonnes). Minas-Rio's
production is slightly lower than 2027 as the mine moves into areas with more ore feed variability, offsetting the throughput benefit
from the recleaner flotation columns implementation.
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to
sales to other Group companies. At Q4 2024, total finished stock was 7.5 million tonnes; stock at the mines was 6.9 million tonnes and stock at
the port was 0.5 million tonnes.
(2) Formerly known as Metal Bulletin.
Premium iron ore (000 t) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2025 vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Premium iron ore production(1) 15,113 14,342 15,936 15,445 14,299 6% 5% 60,836 60,768 0%
Premium iron ore sales(1) 16,166 14,407 16,406 14,564 16,223 0% 12% 61,543 60,909 1%
Kumba production 8,590 9,247 9,257 8,990 7,826 10% (7)% 36,084 35,731 1%
Sishen 6,560 6,347 6,427 5,955 5,687 15% 3% 25,289 25,661 (1)%
Kolomela 2,030 2,900 2,830 3,035 2,139 (5)% (30)% 10,795 10,070 7%
Kumba sales volumes(2) 8,947 9,392 9,770 8,939 9,289 (4)% (5)% 37,048 36,199 2%
Lump(2) 6,139 6,133 6,463 6,037 6,477 (5)% 0% 24,772 23,712 4%
Fines(2) 2,808 3,259 3,307 2,902 2,812 0% (14)% 12,276 12,487 (2)%
Minas-Rio production
Pellet feed 6,523 5,095 6,679 6,455 6,473 1% 28% 24,752 25,037 (1)%
Minas-Rio sales volumes
Export - pellet feed 7,219 5,015 6,636 5,625 6,934 4% 44% 24,495 24,710 (1)%
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture
and Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Manganese
Manganese (tonnes) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Manganese ore(1) 908,500 742,400 22% 972,800 (7)% 2,975,300 2,287,700 30%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 22% to 908,500 tonnes, reflecting more normalised production levels following the impact of
the temporary suspension caused by tropical cyclone Megan in Australia in March 2024.
Q4 Q3 Q2 Q1 Q4 Q4 2025 Q4 2025
Manganese (tonnes)(1) vs. vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Production
Manganese ore 908,500 972,800 745,600 348,400 742,400 22% (7)% 2,975,300 2,287,700 30%
Sales volumes
Manganese ore 976,500 1,030,000 608,800 298,400 331,600 194% (5)% 2,913,700 1,887,700 54%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Botswana 1,881 4,244 (56)% 6,030 (69)% 15,134 17,935 (16)%
Namibia 459 584 (21)% 457 0% 2,082 2,234 (7)%
South Africa 496 550 (10)% 659 (25)% 2,230 2,166 3%
Canada 949 456 108% 511 86% 2,210 2,377 (7)%
Total carats recovered 3,785 5,834 (35)% 7,657 (51)% 21,656 24,712 (12)%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Operational Performance
The mining business delivered strong operational performance at lower output levels as the business produced into prevailing levels
of demand.
Rough diamond production in the fourth quarter decreased by 35% to 3.8 million carats, primarily due to the maintenance shutdowns
at Jwaneng and Orapa.
As a result of these maintenance shutdowns, Botswana production decreased 56% to 1.9 million carats. Jwaneng was offline as planned
for the entire quarter after optimising plant utilisation ahead of this maintenance period, while Orapa conducted a maintenance
shutdown in October. The operations will continue to prioritise cost management by maintaining a balance between optimal plant
throughput and maintenance downtime.
Namibia's production decreased by 21% to 0.5 million carats as a result of scheduled maintenance on two vessels, along with extended
in-port time to install a next-generation subsea crawler on the Benguela Gem (diamond recovery vessel). Additionally, two vessels
were decommissioned earlier in the year as part of the company's strategic response to prevailing industry conditions.
In South Africa, production decreased by 10% to 0.5 million carats, as a result of planned plant maintenance.
Production in Canada increased to 0.9 million carats as Gahcho Kue accessed new ore from the latest cut at the mine following its
initial waste stripping phase.
Trading Performance
Rough diamond trading conditions continued to be challenging in the quarter amid persistent industry, geopolitical and tariff
uncertainty.
Rough diamond sales from three Sights in Q4 2025 totalled 5.9 million carats (5.4 million carats on a consolidated basis)(1) generating
consolidated rough diamond sales revenue of $571 million - higher than Q4 2024 rough diamond sales which totalled 4.6 million carats
(4.3 million carats on a consolidated basis)(1) generating $543 million of consolidated rough diamond sales revenue.
The full year consolidated average realised price declined by 7% to $142/ct, primarily driven by a 12% decrease in the average rough
price index and the impact of stock rebalancing initiatives, partially offset by stronger demand for higher value stones across the year
as a whole. However, the Q4 realised price was impacted by the sales mix, which saw a higher proportion of lower value goods being
sold. The average rough price index does not reflect the effect of stock rebalancing actions. The equivalent price index reduction
including the impact of stock rebalancing actions would be a 25% decrease year-on-year.
The Group is undertaking an impairment review of De Beers' carrying value, assessing the impact of diamond market conditions, which
could potentially lead to an impairment at the full year results.
Guidance
Production(2) guidance for 2026 is revised to 21-26 million carats (100% basis) (previously 26-29 million carats), in response to the
challenging rough diamond trading conditions. De Beers continues to monitor rough diamond trading conditions in order to align
output with prevailing demand.
As previously announced, Anglo American continues to pursue a dual track separation for De Beers and a structured sale process is
currently under way.
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from
the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Q4 Q3 Q2 Q1 Q4 Q4 2025 Q4 2025
Diamonds(1) vs. vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 0 3,151 1,859 2,249 1,002 n/a n/a 7,259 6,779 7%
Orapa(2) 1,881 2,879 792 2,323 3,242 (42)% (35)% 7,875 11,156 (29)%
Total Botswana 1,881 6,030 2,651 4,572 4,244 (56)% (69)% 15,134 17,935 (16)%
Debmarine Namibia 286 303 385 461 395 (28)% (6)% 1,435 1,625 (12)%
Namdeb (land operations) 173 154 150 170 189 (8)% 12% 647 609 6%
Total Namibia 459 457 535 631 584 (21)% 0% 2,082 2,234 (7)%
Venetia 496 659 592 483 550 (10)% (25)% 2,230 2,166 3%
Total South Africa 496 659 592 483 550 (10)% (25)% 2,230 2,166 3%
Gahcho Kue (51% basis) 949 511 361 389 456 108% 86% 2,210 2,377 (7)%
Total Canada 949 511 361 389 456 108% 86% 2,210 2,377 (7)%
Total carats recovered 3,785 7,657 4,139 6,075 5,834 (35)% (51)% 21,656 24,712 (12)%
Total sales volume (100%) (000 carats)(3) 5,941 5,715 7,555 4,715 4,647 28% 4% 23,926 19,412 23%
Consolidated sales volume (000 carats)(3) 5,383 4,558 6,815 4,190 4,273 26% 18% 20,946 17,883 17%
Consolidated rough diamond sales value($m)(4) 571 700 1,185 520 543 5% (18)% 2,976 2,720 9%
Average price ($/ct)(5) 106 154 174 124 127 (17)% (31)% 142 152 (7)%
Average price index(6) 94 94 94 94 100 (6)% 0% 94 107 (12)%
Number of Sights 3 2 3 2 4(7) 10 10
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance March 2025,
and Damtshaa has been on care and maintenance since 2021.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from
Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period, which excludes the effect of the stock rebalancing actions in 2025.
The De Beers price index is relative to 100 as at December 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.
Steelmaking Coal
Steelmaking coal(1)(2) (000 t) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Steelmaking coal 2,064 2,424 (15)% 1,884 10% 8,243 14,544 (43)%
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal
coal and includes production relating to third-party product purchased and processed at Anglo American's operations.
(2) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024,
and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was
agreed, did not accrue to Anglo American and have been excluded.
Steelmaking coal production decreased by 15% to 2.1 million tonnes, primarily impacted by the sale of our minority interest in Jellinbah
which completed in January 2025, along with lower production at the Dawson open cut operation due to wet weather and mine
sequencing in the quarter. This was partially offset by higher production achieved at the Aquila underground mine enabled by
continued strong longwall performance.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 83:17 during the quarter, higher than Q4 2024 (64:36),
reflecting the change in product mix following the sale of Jellinbah and mine sequencing at Dawson.
The full year average realised price for hard coking coal was $164/tonne, compared to the benchmark price of $188/tonne. This
resulted in a decrease in the price realisation to 87% (2024: 100%), reflecting a more normalised realisation compared to the
comparative period, which benefitted as a result of the timing of sales.
At Moranbah North, a safe, remote restart began in November under conditions approved by the regulator, marking a significant
milestone in our staged restart process and leveraging our industry-leading remote mining technology. Moranbah North continues to
ramp-up ahead of transitioning to normal longwall operations, subject to regulatory approval.
Grosvenor mine visual inspections during the quarter confirmed limited damage to critical life-of-mine infrastructure, following
regulatory approval in August 2025 for the first stage of re-entry. This progress supports restart plans already under way, and subject
to investment approval, longwall production is targeted to recommence by late 2027.
As previously announced, Anglo American is committed to divesting the Steelmaking Coal business and the formal sales process is
progressing well with expectations for a sale to be agreed in 2026.
Coal, by product (000 t)(1) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2025 vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Production volumes
Steelmaking coal(2)(3)(4) 2,064 1,884 2,056 2,239 2,424 (15)% 10% 8,243 14,544 (43)%
Hard coking coal(2) 1,703 1,524 1,749 1,757 1,561 9% 12% 6,733 10,822 (38)%
PCI / SSCC 361 360 307 482 863 (58)% 0% 1,510 3,722 (59)%
Export thermal coal 413 269 298 244 396 4% 54% 1,224 1,111 10%
Sales volumes
Steelmaking coal(2)(4) 2,231 1,816 2,206 1,631 2,580 (14)% 23% 7,884 14,433 (45)%
Hard coking coal(2) 1,761 1,498 1,690 1,315 1,846 (5)% 18% 6,264 11,059 (43)%
PCI / SSCC 470 318 516 316 734 (36)% 48% 1,620 3,374 (52)%
Export thermal coal 310 361 335 472 647 (52)% (14)% 1,478 1,966 (25)%
Steelmaking coal, by operation (000 t)(1) Q4 Q3 Q2 Q1 Q4 Q4 2025 vs. Q4 2025 vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Steelmaking coal(2)(3)(4) 2,064 1,884 2,056 2,239 2,424 (15)% 10% 8,243 14,544 (43)%
Moranbah North(2) 173 177 136 532 176 (2)% (2)% 1,018 2,777 (63)%
Grosvenor - - - - - n/a n/a - 2,373 n/a
Aquila (incl. Capcoal)(2) 1,338 970 1,292 1,086 1,096 22% 38% 4,686 3,767 24%
Dawson 553 737 628 621 845 (35)% (25)% 2,539 2,907 (13)%
Jellinbah(4) - - - - 307 n/a n/a - 2,720 n/a
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal.
(4) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024,
and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed,
did not accrue to Anglo American and have been excluded.
Nickel
Nickel (tonnes) Q4 Q4 Q4 2025 vs. Q3 Q4 2025 vs. 2025
2025 2024 Q4 2024 2025 Q3 2025 2025 2024 vs. 2024
Nickel 10,300 10,000 3% 10,100 2% 39,700 39,400 1%
Nickel production in the fourth quarter was 10,300 tonnes, 3% higher than the comparative period, reflecting the benefit of higher
grades and improved recoveries.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore
Resources Pte. Ltd, and we continue to progress through the European Commission's anti-trust approval process.
Q4 Q3 Q2 Q1 Q4 Q4 2025 Q4 2025
Nickel (tonnes) vs. vs. 2025
2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 vs. 2024
Barro Alto
Ore mined 433,500 934,500 809,500 515,000 254,500 70% (54)% 2,692,500 3,015,900 (11)%
Ore processed 618,900 610,700 599,900 640,300 604,000 2% 1% 2,469,800 2,475,000 0%
Ore grade processed - %Ni 1.50 1.51 1.43 1.39 1.42 6% (1)% 1.46 1.46 0%
Production 8,400 8,200 7,700 8,100 8,100 4% 2% 32,400 32,300 0%
Codemin
Ore mined - - - 1,400 200 n/a n/a 1,400 200 600%
Ore processed 127,900 134,800 138,700 129,200 146,400 (13)% (5)% 530,600 563,200 (6)%
Ore grade processed - %Ni 1.45 1.46 1.40 1.37 1.42 2% (1)% 1.42 1.43 (1)%
Production 1,900 1,900 1,800 1,700 1,900 0% 0% 7,300 7,100 3%
Total nickel production 10,300 10,100 9,500 9,800 10,000 3% 2% 39,700 39,400 1%
Sales volumes 11,800 8,600 9,700 10,100 10,300 15% 37% 40,200 38,500 4%
Exploration and evaluation
Exploration and evaluation expenditure(1) for the continuing operations in Q4 2025 increased by 21% to $85 million compared to the
same period last year. Exploration expenditure decreased by 7% to $26 million, primarily due to planned lower spend. Evaluation
expenditure increased by 40% to $59 million, primarily due to planned increased spend in Copper and Premium Iron Ore.
(1) Anglo American expenses exploration and evaluation expenditure as incurred up to the point that the mining project is determined as technically feasible and commercially
viable, which is usually the completion of a pre-feasibility study.
Notes
- This Production Report for the fourth quarter ended 31 December 2025 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 17 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to
either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a
particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how
the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant
licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local
grievance mechanisms. Anglo American produces Group-wide policies and procedures to ensure best uniform practices and
standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such
policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting
those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within
their specific businesses.
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the
recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by
Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or
other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.
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Notes:
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients – future-enabling products that are
essential for decarbonising the global economy, improving living standards, and food security. Our portfolio of world-class operations and outstanding resource endowments
offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover new resources to how we mine, process,
move and market our products to our customers – safely, efficiently and responsibly. Our Sustainable Mining Plan commits us to a series of stretching goals over different
time horizons to ensure we contribute to a healthy environment, create thriving communities and build trust as a corporate leader. We work together with our business partners
and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate,
and for society as a whole. Anglo American is re-imagining mining to improve people’s lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and thereby accelerate delivery of its strategic
priorities of Operational excellence, Portfolio simplification, and Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond
business (De Beers) continue to progress and once completed, will focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients.
www.angloamerican.com
Group terminology
In this document, references to “Anglo American”, the “Anglo American Group”, the “Group”, “we”, “us”, and “our” are to refer to either Anglo American plc and its subsidiaries
and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for
convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and
their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational
adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures
to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and
procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions
where appropriate, and for implementation, oversight and monitoring within their specific businesses.
Disclaimer: This document has been prepared by Anglo American plc (“Anglo American”). By reviewing this document you agree to be bound by the following conditions. The release,
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This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to
buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal,
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Forward-looking statements and third party information
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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
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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
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the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising
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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
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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
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