Wrap Text
Production Report for the third quarter ended 30 September 2025
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")
28 October 2025
Production Report for the third quarter ended 30 September 2025
Duncan Wanblad, CEO of Anglo American, said: "We've delivered another solid quarter in Copper and Iron Ore, tracking
to our plans and we are well positioned to meet 2025 guidance, with the full year outlook increased at our Minas-Rio iron
ore operation in Brazil. In Copper, strong operational momentum and higher grades at both Quellaveco and Los Bronces
underpinned performance, offsetting the current lower production phase at Collahuasi which is expected to recover by
the end of 2026. In Iron Ore, Kumba had another solid quarter, with sales benefiting from improved rail performance,
while at Minas-Rio we are increasing 2025 production guidance to 23-25Mt on the back of strong operational
performance and following the successful completion of the 5-yearly pipeline inspection.
"In Steelmaking Coal, we continue to make progress towards a safe and structured restart and ramp up at Moranbah
North ahead of resuming normal operations. At Grosvenor, we received approval from the regulator in August for first
stage re-entry, marking a significant milestone in the recovery journey. Preparations are under way to restart the formal
sale process of the Steelmaking Coal business in the coming months.
"We made further progress with our portfolio simplification, successfully divesting our residual c.19.9% interest in Valterra
Platinum, raising cash proceeds of c.$2.5 billion. We continue to work through the regulatory approvals for the Nickel
transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process
is currently under way.
"Looking ahead, and building on the substantial value we have already unlocked through our own portfolio
transformation, our agreement(1) to merge with Teck represents our next major strategic step to accelerate value accretive
growth, with the combined company forming a global critical minerals champion offering more than 70% copper
exposure. Our recent agreement(2) with Codelco to implement a joint mine plan for the adjacent Los Bronces and Andina
operations in Chile serves as another example of delivering compelling industrial synergies as a means to drive our
copper growth ambitions."
Q3 2025 overview
Production Q3 2025 Q3 2024 % vs. Q3 2024 YTD 2025 YTD 2024 % vs. YTD 2024
Simplified portfolio
Copper (kt)(3) 184 181 1% 526 575 (9)%
Iron ore (Mt)(4) 14.3 15.7 (9)% 45.7 46.5 (2)%
Manganese ore (kt)(5) 973 406 140% 2067 1,545 34%
Exiting businesses
Diamonds (Mct)(6) 7.7 5.6 38% 17.9 18.9 (5)%
Steelmaking coal (Mt) 1.9 4.1 (54)% 6.2 12.1 (49)%
Nickel (kt) 10.1 9.9 2% 29.4 29.4 0%
- Copper production was broadly flat at 183,500 tonnes, reflecting strong plant performance coupled with higher grades
at both Quellaveco and Los Bronces, offset by lower production at Collahuasi due to lower grades and copper
recovery. Quarter-on-quarter, production is 6% higher, as a result of strong plant performance at Quellaveco and Los
Bronces.
- Iron ore production decreased by 9% to 14.3 million tonnes, primarily due to the expected lower production from Minas-
Rio as a result of the planned pipeline inspection in August, which was successfully completed ahead of schedule.
- Manganese ore production increased by 140% to 972,800 tonnes, reflecting more normalised production levels
following the temporary suspension caused by a tropical cyclone in March 2024. Export sales reached normalised
levels in August.
- Rough diamond production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng
in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter.
- Steelmaking coal production was 54% lower at 1.9 million tonnes, primarily due to the incident at Moranbah North in
March 2025 and the sale of Jellinbah in November 2024(7).
- Nickel production increased by 2% to 10,100 tonnes, reflecting the benefit of higher grades.
- Production and unit cost guidance for our continuing businesses remains unchanged for 2025, with the exception of
Minas-Rio, where continued strong operational performance and the successful pipeline inspection have enabled an
increase in guidance to 23-25 million tonnes (previously 22-24 million tonnes).
(1) The proposed merger is subject to Anglo American and Teck Resources shareholder approval, as well as customary completion and regulatory conditions.
(2) The transaction is subject to a number of conditions, including customary competition and regulatory approvals and implementation of the joint mine
plan is subject to securing the relevant environmental permits.
(3) Contained metal basis.
(4) Wet basis.
(5) Anglo American's 40% attributable share of saleable production.
(6) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(7) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and this
transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed, did not accrue
to Anglo American and have been excluded.
Production and unit cost guidance summary for 2025(1)
2025 production guidance 2025 unit cost guidance(2)
Simplified portfolio
Copper(3) 690-750 kt c.151 c/lb
Chile 380-410 kt c.195 c/lb
Peru 310-340 kt c.100 c/lb
Iron Ore(4) 58-62 Mt c.$36/tonne
(previously 57-61 Mt)
Kumba 35-37 Mt c.$39/tonne
Minas-Rio 23-25 Mt c.$32/tonne
(previously 22-24 Mt)
Exiting businesses
Diamonds(5) 20-23 Mct c.$94/carat
(1) Production and unit cost guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties and depreciation and include direct support costs only. FX rates used for 2025 unit costs: c.950 CLP:USD, c.3.75 PEN:USD,
c.5.75 BRL:USD, c.18.60 ZAR:USD. Subject to macro-economic factors.
(3) On a contained metal basis. Chile production is subject to water availability. Unit cost total reflects a weighted average using the mid-point of production
guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Minas-Rio's production guidance is revised higher reflecting
strong operational performance throughout the year and the successful pipeline inspection, which completed ahead of schedule in Q3 2025. Unit cost total
reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. De Beers continues to monitor rough diamond
trading conditions and will respond accordingly. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Realised prices
Q3 YTD 2025 vs
Q3 YTD 2025 Q3 YTD 2024 Q3 YTD 2024
Simplified portfolio
Copper (USc/lb)(1) 446 421 6%
Copper Chile (USc/lb)(2) 451 426 6%
Copper Peru (USc/lb) 441 414 7%
Iron Ore - FOB prices(3) 92 90 2%
Kumba Export (US$/wmt)(4) 94 94 0%
Minas-Rio (US$/wmt)(5) 88 85 4%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 155 160 (3)%
Average price index(7) 94 109 (14)%
Steelmaking Coal - HCC (US$/t)(8) 162 253 (36)%
Steelmaking Coal - PCI (US$/t)(8) 133 187 (29)%
Nickel (US$/lb)(9) 6.24 6.93 (10)%
(1) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales volumes.
(3) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.5% moisture). The realised prices could differ to Kumba's
stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $95/t (Q3 YTD 2024: $96/t),
higher than the dry 62% Fe benchmark price of $85/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB 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. The De Beers price index is relative to 100 as at December 2006.
(8) Weighted average coal sales price achieved at managed operations. The average realised price for thermal coal by-product for Q3 YTD 2025 decreased by
21% to $93/t (Q3 YTD 2024: $118/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements during the period, please find a link to our Press Releases below:
https://www.angloamerican.com/media/press-releases/2025
Copper
Copper(1) (tonnes) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Copper 183,500 181,300 1% 173,300 6% 525,700 575,100 (9)%
Copper Chile 100,200 112,600 (11)% 96,600 4% 285,800 359,100 (20)%
Copper Peru 83,300 68,700 21% 76,700 9% 239,900 216,000 11%
(1) Copper production shown on a contained metal basis.
Copper production for the third quarter of 2025 was up 1% at 183,500 tonnes, reflecting higher production from
Quellaveco and strong performance at Los Bronces, partially offset by lower production at Collahuasi. Overall copper
production increased by 6% from Q2 2025.
Chile - Copper production of 100,200 tonnes was 11% lower than the comparative period, reflecting lower ore grade
and recoveries at Collahuasi, partially offset by higher grades at Los Bronces.
Production from Los Bronces increased by 14% to 41,800 tonnes, reflecting a high level of compliance to the mine plan,
the benefit of higher grades (0.50% vs 0.44%) and improved plant performance and recoveries. Mining flexibility at Los
Bronces continues to improve as the Donoso 2 development is progressing ahead of schedule, with this phase now
allowing wider access to higher grade, softer ore. Full development of Donoso 2 is expected to be complete by early 2027.
At Collahuasi, Anglo American's attributable share of copper production decreased by 27% to 47,400 tonnes, reflecting
the anticipated lower ore grades (0.92% vs 1.20%), and a higher than expected level of oxidisation in the stockpiles
impacting copper recovery. Plant throughput has sequentially improved this quarter as a result of improved water
availability, as Collahuasi started receiving ultra-filtered sea water through the pipeline infrastructure of the new
desalination plant. The desalination plant is expected to be fully operational during the first half of 2026. Production is
expected to benefit from higher grades in Q4 2025.
In 2026, Collahuasi will continue to process some lower-grade materials from stockpiles until access to high grade ROM
ore in the Rosario pit is available towards the end of the year. Current expectations indicate that production rates for
2026 will be broadly similar to 2025, however, a significant rebound is anticipated in 2027 and beyond. The Collahuasi JV
management team is actively exploring options to partially mitigate the 2026 impact on production and Anglo American
is also assessing upside flexibility within the wider portfolio in Chile, including a potential restart of the second plant at Los
Bronces. We continue to focus on long-term value delivery including the significant expected synergies from the
proposed operational integration and optimisation of the adjacent Collahuasi/Quebrada Blanca assets and the
implementation of the Los Bronces/Andina joint mine plan, currently expected to commence production from 2030(1).
Production from El Soldado decreased by 3% to 11,000 tonnes reflecting the planned lower ore grade (0.84% vs 0.95%)
from processing lower grade stockpiles due to the transition between the mine phases.
The year to date average realised price for Copper Chile was 451 c/lb as compared to the average LME price of
434 c/lb, benefiting from provisional pricing adjustments.
Peru - Quellaveco production increased by 21% to 83,300 tonnes, benefiting from strong plant performance which
enabled higher recoveries and higher throughput, coupled with a higher grade phase this quarter. As planned, in 2025,
the mine is expected to average similar grades as 2024, with lower grades expected in the fourth quarter.
The year to date average realised price for Copper Peru was 441 c/lb as compared to the average LME price of 434 c/lb,
benefiting from provisional pricing adjustments.
Guidance
Total Copper production guidance for 2025 is unchanged at 690,000-750,000 tonnes (Chile 380,000-410,000 tonnes;
Peru 310,000-340,000 tonnes). Chile copper production guidance for 2026 (440,000-470,000 tonnes) is being
reviewed for the reasons described above and will be updated during the first quarter of 2026 as part of the normal
annual production review process. 2027 guidance is unchanged. Chile production is subject to water availability.
Unit cost guidance for 2025 is unchanged at c.151 c/lb(2) (Chile c.195 c/lb(2); Peru c.100 c/lb(2)).
(1) The definitive agreement on the Los Bronces/Andina joint mine plan is subject to a number of conditions, including customary competition and
regulatory approvals and implementation of the joint mine plan is subject to securing the relevant environmental permits.
(2) The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum. FX rate assumption for 2025 unit costs c.950 CLP:USD
for Chile and c.3.75 PEN:USD for Peru.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Copper (tonnes) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Total copper production 183,500 173,300 168,900 197,500 181,300 1% 6% 525,700 575,100 (9)%
Total copper sales volumes 185,700 171,300 173,300 204,800 173,200 7% 8% 530,300 564,100 (6)%
Copper Chile
Los Bronces mine(1)
Ore mined 9,684,700 9,271,800 9,398,500 9,372,900 9,462,100 2% 4% 28,355,000 34,124,800 (17)%
Ore processed - Sulphide 8,291,400 7,134,800 7,578,400 8,178,700 7,944,900 4% 16% 23,004,600 28,841,800 (20)%
Ore grade processed -
Sulphide (% TCu)(2) 0.50 0.50 0.57 0.49 0.44 14% 0% 0.52 0.47 11%
Production - Copper in
concentrate 36,500 31,900 37,800 33,800 30,200 21% 14% 106,200 111,400 (5)%
Production - Copper cathode 5,300 5,000 5,600 4,900 6,400 (17)% 6% 15,900 22,300 (29)%
Total production 41,800 36,900 43,400 38,700 36,600 14% 13% 122,100 133,700 (9)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 12,586,600 9,858,100 9,136,400 14,801,500 12,803,800 (2)% 28% 31,581,100 33,612,300 (6)%
Ore processed - Sulphide 15,513,900 14,610,300 14,084,800 14,940,700 14,975,700 4% 6% 44,209,000 45,106,900 (2)%
Ore grade processed -
Sulphide (% TCu)(2) 0.92 0.96 0.86 1.14 1.20 (23)% (4)% 0.92 1.16 (21)%
Anglo American's 44% share of
copper production for Collahuasi 47,400 48,100 35,300 56,100 64,700 (27)% (1)% 130,800 189,700 (31)%
El Soldado mine(1)
Ore mined 1,193,500 1,140,400 1,495,400 2,315,600 2,255,700 (47)% 5% 3,829,300 5,918,700 (35)%
Ore processed - Sulphide 1,636,700 1,714,600 1,454,400 1,689,100 1,505,800 9% (5)% 4,805,700 4,787,100 0%
Ore grade processed -
Sulphide (% TCu)(2) 0.84 0.84 0.92 0.94 0.95 (12)% 0% 0.86 0.94 (9)%
Production - Copper in
concentrate 11,000 11,600 10,300 12,500 11,300 (3)% (5)% 32,900 35,700 (8)%
Chagres smelter(1)
Ore smelted(3) 28,600 27,800 23,100 28,200 24,400 17% 3% 79,500 77,500 3%
Production 27,800 27,500 22,000 27,400 23,300 19% 1% 77,300 74,300 4%
Total copper production(4) 100,200 96,600 89,000 107,300 112,600 (11)% 4% 285,800 359,100 (20)%
Total payable copper production 96,000 92,700 85,400 103,000 108,000 (11)% 4% 274,100 345,000 (21)%
Total copper sales volumes 96,500 98,300 93,300 113,000 107,800 (10)% (2)% 288,100 350,100 (18)%
Total payable sales volumes 92,600 94,000 89,500 108,100 103,400 (10)% (1)% 276,100 336,200 (18)%
Third-party sales(5) 159,100 106,600 68,800 131,000 123,500 29% 49% 334,500 291,400 15%
Copper Peru
Quellaveco mine(6)
Ore mined 11,932,000 11,131,500 11,454,700 14,845,200 8,730,500 37% 7% 34,518,200 29,242,700 18%
Ore processed - Sulphide 13,018,400 12,884,900 12,465,200 12,865,300 12,431,300 5% 1% 38,368,500 37,035,000 4%
Ore grade processed -
Sulphide (% TCu)(2) 0.76 0.73 0.80 0.89 0.70 9% 4% 0.76 0.72 6%
Total copper production 83,300 76,700 79,900 90,200 68,700 21% 9% 239,900 216,000 11%
Total payable copper production 80,500 74,100 77,300 87,200 66,400 21% 9% 231,900 208,800 11%
Total copper sales volumes 89,200 73,000 80,000 91,800 65,400 36% 22% 242,200 214,000 13%
Total payable sales volumes 85,800 70,300 77,100 88,500 62,900 36% 22% 233,200 206,100 13%
(1) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American consolidates
these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Iron Ore
Iron Ore (000 t) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Iron Ore 14,342 15,746 (9)% 15,936 (10)% 45,723 46,469 (2)%
Kumba(1) 9,247 9,446 (2)% 9,257 0% 27,494 27,905 (1)%
Minas-Rio(2) 5,095 6,300 (19)% 6,679 (24)% 18,229 18,564 (2)%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Iron ore production decreased by 9% to 14.3 million tonnes, primarily due to lower production from Minas-Rio as a result
of the planned pipeline inspection in August, which is carried out every five years.
Kumba - Total production decreased by 2% to 9.2 million tonnes. Sishen's production was 6% lower, reflecting
maintenance activities ahead of the main tie-in of the ultra-high-dense-media-separation (UHDMS) project in 2026, and
this was partially offset by 8% higher production at Kolomela, demonstrating the flexible production approach of
managing Sishen and Kolomela as an integrated mine complex.
Total sales increased by 6% to 9.4 million tonnes(1), reflecting improved third-party logistics performance and higher stock
levels at the port. The Transnet annual shutdown for rail and port maintenance that began in early October has been
successfully completed.
Total finished stock was 7.3 million tonnes(1), broadly flat compared to Q2 2025 (7.4 million tonnes). Stock at the mines
was 5.5 million tonnes (Q2 2025: 6.4 million tonnes), with stock at the port at 1.8 million tonnes (Q2 2025: 1.0 million tonnes).
Kumba's iron (Fe) content averaged 64.0% (YTD 2024: 64.1%), while the average lump:fines ratio was 66:34 (YTD 2024: 64:36).
The year to date average realised price of $94/tonne(1) (FOB South Africa, wet basis) was 12% higher than the 62% Fe
benchmark price of $84/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of
premiums for our lump product and higher Fe content.
Minas-Rio - Production decreased by 19% to 5.1 million tonnes, largely driven by a 23-day planned shutdown in August
for pipeline inspection activities, which were completed ahead of schedule.
The year to date average realised price of $88/tonne (FOB Brazil, wet basis) was 6% higher than the Metal Bulletin 65
price of $83/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for our high quality
product, including higher (~67%) Fe content.
2025 Guidance
Production guidance for 2025 is increased to 58-62 million tonnes (previously 57-61 million tonnes) (Kumba unchanged
at 35-37 million tonnes; Minas-Rio increased to 23-25 million tonnes (previously 22-24 million tonnes)). Minas-Rio's
production guidance is revised higher reflecting strong operational performance throughout the year and the successful
pipeline inspection, which completed ahead of schedule in Q3 2025. Kumba guidance is subject to third-party rail and
port availability and performance.
Unit cost guidance for 2025 is unchanged at c.$36/tonne(2) (Kumba c.$39/tonne(2); Minas-Rio c.$32/tonne(2)).
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to sales
to other Group companies. At Q3 2024, total finished stock was 8.6 million tonnes; stock at the mines was 7.5 million tonnes and stock at the port
was 1.1 million tonnes.
(2) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD for Kumba and c.5.75 BRL:USD for Minas-Rio.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Iron Ore (000 t) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Iron Ore production(1) 14,342 15,936 15,445 14,299 15,746 (9)% (10)% 45,723 46,469 (2)%
Iron Ore sales(1) 14,407 16,406 14,564 16,223 15,181 (5)% (12)% 45,377 44,686 2%
Kumba production 9,247 9,257 8,990 7,826 9,446 (2)% 0% 27,494 27,905 (1)%
Sishen 6,347 6,427 5,955 5,687 6,767 (6)% (1)% 18,729 19,974 (6)%
Kolomela 2,900 2,830 3,035 2,139 2,679 8% 2% 8,765 7,931 11%
Kumba sales volumes(2) 9,392 9,770 8,939 9,289 8,822 6% (4)% 28,101 26,910 4%
Lump(2) 6,133 6,463 6,037 6,477 5,734 7% (5)% 18,633 17,235 8%
Fines(2) 3,259 3,307 2,902 2,812 3,088 6% (1)% 9,468 9,675 (2)%
Minas-Rio production
Pellet feed 5,095 6,679 6,455 6,473 6,300 (19)% (24)% 18,229 18,564 (2)%
Minas-Rio sales volumes
Export - pellet feed 5,015 6,636 5,625 6,934 6,359 (21)% (24)% 17,276 17,776 (3)%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture and Minas-Rio
product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Manganese
Manganese (tonnes) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Manganese ore(1) 972,800 405,500 140% 745,600 30% 2,066,800 1,545,300 34%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 140% to 972,800 tonnes, reflecting more normalised production levels
following the impact of the temporary suspension caused by tropical cyclone Megan in March 2024. Export sales
reached normalised levels in August.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Manganese (tonnes)(1) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Production
Manganese ore 972,800 745,600 348,400 742,400 405,500 140% 30% 2,066,800 1,545,300 34%
Sales volume
Manganese ore 1,030,000 608,800 298,400 331,600 393,500 162% 69% 1,937,200 1,556,100 24%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Botswana 6,030 3,994 51% 2,651 127% 13,253 13,691 (3)%
Namibia 457 456 0% 535 (15)% 1,623 1,650 (2)%
South Africa 659 513 28% 592 11% 1,734 1,616 7%
Canada 511 603 (15)% 361 42% 1,261 1,921 (34)%
Total carats recovered 7,657 5,566 38% 4,139 85% 17,871 18,878 (5)%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Operational Performance
In Q3 2025 production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in
Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter of 2025.
In Botswana, production increased by 51% to 6.0 million carats. In the comparative period there was one month of plant
maintenance at Jwaneng, whereas the plant was fully operational in Q3 2025. In addition, given that extended plant
maintenance is planned for the entirety of Q4 2025, higher grade ore was processed at Jwaneng in the third quarter.
Orapa resumed operations after a planned extended plant maintenance shut in Q2 2025.
Production in Namibia was flat at 0.5 million carats.
In South Africa, production increased by 28% to 0.7 million carats, reflecting the processing of increased volumes of
higher-grade underground ore.
Production in Canada decreased by 15% to 0.5 million carats due to planned treatment of lower-grade ore.
Trading Performance
Rough diamond trading conditions continued to be challenging during the third quarter. The improvement in rough
diamond demand seen during the first half of 2025 was undermined by new US tariffs on diamond imports from India.
India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond
jewellery. There was a positive development in September, when the US included natural diamonds to its Tariff Annex III
list making them eligible for tariff exemptions for countries with trade agreements. The EU has subsequently secured
these exemptions and the industry awaits the outcome of potential agreements with other countries. Consumer demand
for natural diamond jewellery remained stable in the US and broadly stable globally.
Rough diamond sales from two Sights in Q3 2025 totalled 5.7 million carats (4.6 million carats on a consolidated basis)(1)
reflecting continued stock rebalancing initiatives with specific assortments being sold at lower margins. This generated
consolidated rough diamond sales revenue of $700 million. In comparison, one Sight in Q3 2024 recorded sales of 2.1
million carats (1.7 million carats on a consolidated basis)(1), with consolidated rough diamond revenue of $213 million.
The year to date consolidated average realised price decreased by 3% to $155/ct, reflecting the impact of a 14%
decrease in the average rough price index, partially offset by strong demand for higher value stones impacting the sales
mix in Q2 and Q3 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
2025 Guidance
Production(2) guidance for 2025 is unchanged at 20-23 million carats (100% basis). De Beers continues to monitor rough
diamond trading conditions and will respond accordingly.
Unit cost guidance for 2025 is unchanged at c.$94/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Diamonds(1) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,151 1,859 2,249 1,002 1,402 125% 69% 7,259 5,777 26%
Orapa(2) 2,879 792 2,323 3,242 2,592 11% 264% 5,994 7,914 (24)%
Total Botswana 6,030 2,651 4,572 4,244 3,994 51% 127% 13,253 13,691 (3)%
Debmarine Namibia 303 385 461 395 298 2% (21)% 1,149 1,230 (7)%
Namdeb (land operations) 154 150 170 189 158 (3)% 3% 474 420 13%
Total Namibia 457 535 631 584 456 0% (15)% 1,623 1,650 (2)%
Venetia 659 592 483 550 513 28% 11% 1,734 1,616 7%
Total South Africa 659 592 483 550 513 28% 11% 1,734 1,616 7%
Gahcho Kue (51% basis) 511 361 389 456 603 (15)% 42% 1,261 1,921 (34)%
Total Canada 511 361 389 456 603 (15)% 42% 1,261 1,921 (34)%
Total carats recovered 7,657 4,139 6,075 5,834 5,566 38% 85% 17,871 18,878 (5)%
Total sales volume (100%) (000 carats)(3) 5,715 7,555 4,715 4,647 2,077 175% (24)% 17,985 14,765 22%
Consolidated sales volume (000 carats)(3) 4,558 6,815 4,190 4,273 1,665 174% (33)% 15,563 13,610 14%
Consolidated rough diamond sales value($m)(4) 700 1,185 520 543 213 229% (41)% 2,405 2,177 10%
Average price ($/ct)(5) 154 174 124 127 128 20% (11)% 155 160 (3)%
Average price index(6) 94 94 94 100 107 (12)% 0% 94 109 (14)%
Number of Sights 2 3 2 4(7) 1 7 6
(1) Production is on a 100% basis, except for the Gahcho 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. The De Beers price index is relative to 100 as at December 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.
Steelmaking Coal
Steelmaking Coal(1)(2) (000 t) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Steelmaking Coal 1,884 4,102 (54)% 2,056 (8)% 6,179 12,120 (49)%
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal coal
and includes production relating to third-party product purchased and processed at Anglo American's operations.
(2) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and
this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed, did not
accrue to Anglo American and have been excluded.
Steelmaking coal production decreased by 54% to 1.9 million tonnes, primarily impacted by the incident at Moranbah
North in March 2025 and the sale of our minority interest in Jellinbah which completed in January 2025. Production also
decreased due to mine sequencing at the Dawson open cut mine. Lower production at the Capcoal open cut operation
due to mine sequencing was partially offset by higher production at the Aquila underground mine, reflecting strong
performance from the longwall, which successfully undertook a walk-on/walk-off longwall move during the quarter with
minimal impact to production.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 81:19 during the quarter, higher than Q3 2024
(74:26), reflecting the change in product mix following the sale of Jellinbah.
The year to date average realised price for hard coking coal was $162/tonne, compared to the benchmark price of
$184/tonne. This resulted in a decrease in the price realisation to 88% (YTD 2024: 100%), reflecting a more normalised
realisation compared to the comparative period, which benefited as a result of the timing of sales.
At Moranbah North, we continue to make progress towards a safe and structured remote restart and ramp up this year,
ahead of transitioning to normal longwall operations. We continue to work closely with our workforce, Industry Safety and
Health Representatives (ISHR) and the Queensland safety regulator.
The Grosvenor mine received regulatory approval in August 2025 for the first stage of re-entry, marking a significant
milestone in its recovery journey. This approval signals the beginning of a staged and carefully managed re-entry
process, following the successful completion of key safety preparations, including initial mine re-ventilation activities.
On 19 August 2025, Peabody announced its purported termination of its November 2024 agreements to acquire our
Steelmaking Coal business in Australia, citing a Material Adverse Change ("MAC") as a result of the Moranbah North
incident. We are confident in our legal position that the incident at Moranbah North in March does not constitute a MAC
under the sale agreements and have initiated an arbitration process to seek damages for wrongful termination. We are
committed to exiting the Steelmaking Coal business and preparations are under way to restart the formal sales process
in the coming months.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Coal, by product (000 t)(1) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Production volumes
Steelmaking Coal(2)(3)(4) 1,884 2,056 2,239 2,424 4,102 (54)% (8)% 6,179 12,120 (49)%
Hard coking coal(2) 1,524 1,749 1,757 1,561 3,019 (50)% (13)% 5,030 9,261 (46)%
PCI / SSCC 360 307 482 863 1,083 (67)% 17% 1,149 2,859 (60)%
Export thermal coal 269 298 244 396 249 8% (10)% 812 715 14%
Sales volumes
Steelmaking Coal(2)(4) 1,816 2,206 1,631 2,580 3,921 (54)% (18)% 5,653 11,853 (52)%
Hard coking coal(2) 1,498 1,690 1,315 1,846 3,027 (51)% (11)% 4,503 9,213 (51)%
PCI / SSCC 318 516 316 734 894 (64)% (38)% 1,150 2,640 (56)%
Export thermal coal 361 335 472 647 579 (38)% 8% 1,168 1,319 (11)%
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Steelmaking coal, by operation (000 t)(1) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Steelmaking Coal(2)(3)(4) 1,884 2,056 2,239 2,424 4,102 (54)% (8)% 6,179 12,120 (49)%
Moranbah North(2) 177 136 532 176 1,117 (84)% 30% 845 2,601 (68)%
Grosvenor - - - - 191(5) n/a n/a - 2,373 n/a
Aquila (incl. Capcoal)(2) 970 1,292 1,086 1,096 1,068 (9)% (25)% 3,348 2,671 25%
Dawson 737 628 621 845 928 (21)% 17% 1,986 2,062 (4)%
Jellinbah(4) - - - 307 798 n/a n/a - 2,413 n/a
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal.
(4) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024,
and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed,
did not accrue to Anglo American and have been excluded.
(5) In Q3 2024, Grosvenor washed coal that had been mined prior to the underground fire in June 2024.
Nickel
Nickel (tonnes) Q3 Q3 Q3 2025 vs. Q2 Q3 2025 vs. YTD YTD YTD 2025 vs.
2025 2024 Q3 2024 2025 Q2 2025 2025 2024 YTD 2024
Nickel 10,100 9,900 2% 9,500 6% 29,400 29,400 0%
Production increased by 2% to 10,100 tonnes, reflecting the benefit of higher grades.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG
Singapore Resources Pte. Ltd, subject to relevant approvals.
Q3 Q2 Q1 Q4 Q3 Q3 2025 Q3 2025 YTD YTD YTD 2025
Nickel (tonnes) vs. vs. vs.
2025 2025 2025 2024 2024 Q3 2024 Q2 2025 2025 2024 YTD 2024
Barro Alto
Ore mined 934,500 809,500 515,000 254,500 1,166,800 (20)% 15% 2,259,000 2,761,400 (18)%
Ore processed 610,700 599,900 640,300 604,000 617,700 (1)% 2% 1,850,900 1,871,000 (1)%
Ore grade processed - %Ni 1.51 1.43 1.39 1.42 1.50 1% 6% 1.45 1.48 (2)%
Production 8,200 7,700 8,100 8,100 8,200 0% 6% 24,000 24,200 (1)%
Codemin
Ore mined - - 1,400 200 - n/a n/a 1,400 - n/a
Ore processed 134,800 138,700 129,200 146,400 140,800 (4)% (3)% 402,700 416,800 (3)%
Ore grade processed - %Ni 1.46 1.40 1.37 1.42 1.42 3% 4% 1.42 1.43 (1)%
Production 1,900 1,800 1,700 1,900 1,700 12% 6% 5,400 5,200 4%
Total nickel production 10,100 9,500 9,800 10,000 9,900 2% 6% 29,400 29,400 0%
Sales volumes 8,600 9,700 10,100 10,300 9,200 (7)% (11)% 28,400 28,200 1%
Exploration and evaluation
Exploration and evaluation expenditure(1) for the continuing operations in Q3 2025 increased by 3% to $61 million
compared to the same period last year. Exploration expenditure decreased by 23% to $23 million, primarily due to
planned lower spend. Evaluation expenditure increased by 31% to $38 million, primarily due to planned increased spend
in Copper.
(1) Anglo American expenses exploration and evaluation expenditure as incurred up to the point that the mining project is determined as technically
feasible and commercially viable, which is usually the completion of a pre-feasibility study.
Notes
- This Production Report for the third quarter ended 30 September 2025 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 16 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to
refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not
necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only,
and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled.
Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of
Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces
Group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American
Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute
prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and
procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their
specific businesses.
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the
recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other
securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting,
regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or
particular needs of any recipient.
For further information, please contact:
Media Investors
UK 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 Michelle West-Russell
rebecca.meeson-frizelle@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
South Africa Asanda Malimba
Nevashnee Naicker asanda.malimba@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8480
Tel: +27 (0)11 638 3189
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. This portfolio transformation is focusing Anglo American on its world-class resource asset base in copper,
premium iron ore and crop nutrients - once the sale of our steelmaking coal and nickel businesses and the separation of
our iconic diamond business (De Beers) have been completed.
http://www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other than statements of historical facts
included in this document, 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) and sustainability performance related (including
environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking
statements. 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 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, the City Code on Takeovers and Mergers, the UK Listing
Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of
the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and
the Namibian Stock Exchange and any other applicable 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.
(c)Anglo American Services (UK) Ltd 2025. AngloAmerican(TM) are trade marks of Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange,
the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
28 October 2025
Date: 28-10-2025 09:00:00
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