Wrap Text
Production Report for the second quarter ended 30 June 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: GBOOBTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
24 July 2025
Production Report for the second quarter ended 30 June 2025
Duncan Wanblad, CEO of Anglo American, said: "I am pleased to report another solid quarter in Copper and Iron Ore,
with both businesses tracking to guidance. In Copper, we benefited from strong performance at both Quellaveco and
Los Bronces, while Collahuasi improved from its first quarter. In Iron Ore, our focus on operational excellence is also
continuing to drive the right results with another excellent quarter of delivery from both Minas-Rio and Kumba.
"We continue to progress with our portfolio simplification as we reshape our business for the longer term - and our
reorganisation and cost reduction programmes are on track. The demerger of Valterra Platinum at the end of May has
been a great success with considerable value unlocked for shareholders, and we are continuing to progress the nickel
and steelmaking coal transactions. A formal process for the sale of De Beers is advancing, despite the current
challenging market conditions. In Steelmaking Coal, good progress has been made at Moranbah following the event on
31 March, with a full restart expected in due course. On this basis, we continue to believe that this event does not
constitute a material adverse change under our agreements with Peabody.
"Looking beyond this transitionary year, we will emerge as a highly differentiated, higher margin and more cash
generative business setting us up to deliver the outstanding potential of our world class assets and resource
endowments."
Q2 2025 overview
Production Q2 2025 Q2 2024 % vs. Q2 2024 Q1 2025 % vs. Q1 2025
Simplified portfolio
Copper (kt)(1) 173 196 (11)% 169 3%
Iron ore (Mt)(2) 15.9 15.6 2% 15.4 3%
Manganese ore (kt)(3) 746 356 109% 348 114%
Exiting businesses
Diamonds (Mct)(4) 4.1 6.4 (36)% 6.1 (32)%
Steelmaking Coal (Mt) 2.1 4.2 (51)% 2.2 (8)%
Nickel (kt)(5) 9.5 10.0 (5)% 9.8 (3)%
Exited businesses
Platinum Group Metals (koz)(6) 492 921 (47)% 696 (29)%
- Copper production was 173,300 tonnes, reflecting higher production from Quellaveco in Peru as a result of higher plant
throughput, offset by planned lower production in Chile, which resulted in a 11% decrease year-on-year. Quarter-on-
quarter, production is 3% higher, largely due to improved performance from Collahuasi.
- Iron ore production increased by 2% to 15.9 million tonnes, primarily driven by strong performance at Minas-Rio.
- Manganese ore production increased by 109% to 745,600 tonnes, primarily due to the resumption of mining activities
at the Australian operations following the damage caused by a tropical cyclone in March 2024. Export sales resumed
progressively from the second half of May.
- Rough diamond production decreased by 36% to 4.1 million carats, reflecting the continued production response to
the prolonged period of lower demand.
- Steelmaking coal production was 51% lower at 2.1 million tonnes, primarily due to the suspension of Grosvenor since
June 2024, the sale of Jellinbah in November 2024(7) and the event at Moranbah in March 2025.
- Nickel production decreased by 5% to 9,500 tonnes, reflecting expected lower grade.
- Production from our Platinum Group Metals (PGMs) operations decreased by 47% to 492,100 ounces. On a like-for-like
basis, up to the point of demerger in May, production decreased by 18%6, primarily reflecting planned lower purchase
of concentrate volumes, as well as the continued suspension of operations at Tumela Lower in Amandelbult following
flooding earlier this year.
- Production and unit cost guidance for our continuing businesses remains unchanged, except for lower Copper Peru
unit costs of c.100 c/lb (previously c.110 c/lb) which are offset by higher Copper Chile unit costs of c.195 c/lb
(previously c.185 c/lb). Overall, Copper unit cost guidance is unchanged.
(1) Contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production. Q1 2025 reported production has been restated from the Q1 2025 production report
to reflect the accounting basis for the South African operations.
(4) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(5) Reflects nickel production from the Nickel operations in Brazil only.
(6) Produced ounces of metal in concentrate. 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined production and
purchase of concentrate. In light of the demerger of PGMs effective 31 May 2025, Q2 2025 reflects the period 1 April - 31 May 2025. Q2 2024 comparative
period is unchanged, and reflects production for the period 1 April - 30 June 2024. Like-for-like basis excludes June 2024 production from the comparative period.
(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
(previously c.185 c/lb)
Peru 310-340 kt c.100 c/lb
(previously c.110 c/lb)
Iron Ore(4) 57-61 Mt c.$36/tonne
Kumba 35-37 Mt c.$39/tonne
Minas-Rio 22-24 Mt c.$32/tonne
Exiting businesses
Diamonds(5) 20-23 Mct c.$94/carat
10-12 Mt
Steelmaking Coal(6) (subject to the temporary stoppage at c.$105/tonne
Moranbah)
Nickel(7) 37-39 kt c.505 c/lb
(1) Production and unit cost guidance does not reflect the impact of expected disposals.
(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, c.1.60 AUD:USD. Subject to macro-economic factors.
(3) Copper business only. On a contained-metal basis. Chile production is subject to water availability, and is expected to be weighted to the second half of 2025
given the impact from lower grades in the first half from Collahuasi, particularly in Q1. 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 reflects a pipeline
inspection (that occurs every five years) planned for 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.
(6) Production guidance has not been updated as we continue to assess potential impacts from the temporary stoppage at Moranbah and excludes Grosvenor as the
operation remains suspended. A walk-on/walk-off longwall move at Aquila, that will have a minimal production impact, is planned for Q3 2025. Definitive
agreements to sell the entirety of the Steelmaking Coal business were announced in November 2024. Anglo American has sold its interest in Jellinbah to
Zashvin Pty Limited, and this transaction completed on 29 January 2025. We have agreed to sell the remaining Steelmaking Coal portfolio to Peabody Energy.
Production excludes thermal coal by-product. Steelmaking Coal FOB/tonne unit cost comprises managed operations and excludes royalties.
(7) Nickel operations in Brazil only. A definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd was announced in February 2025,
subject to relevant approvals.
Realised prices
H1 2025 H1 2024 H1 2025 vs H1 2024
Simplified portfolio
Copper (USc/lb)(1) 436 429 2%
Copper Chile (USc/lb)(2) 444 437 2%
Copper Peru (USc/lb) 427 415 3%
Iron Ore - FOB prices(3) 89 93 (4)%
Kumba Export (US$/wmt)(4) 91 97 (6)%
Minas-Rio (US$/wmt)(5) 86 86 0%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 155 164 (5)%
Average price index(7) 94 109 (14)%
Steelmaking Coal - HCC (US$/t)(8) 172 274 (37)%
Steelmaking Coal - PCI (US$/t)(8) 132 200 (34)%
Nickel (US$/lb)(9) 6.28 6.85 (8)%
Exited businesses
Platinum Group Metals(10)
Platinum (US$/oz)(10)(11) 982 964 2%
Palladium (US$/oz)(10)(11) 971 1,006 (3)%
Rhodium (US$/oz)(10)(11) 5,014 4,619 9%
Basket price (US$/PGM oz)(10)(12) 1,506 1,442 4%
(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 $93/t (H1 2024: $99/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. 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 H1 2025 decreased by 19% to
$95/t (H1 2024: $117/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
(10) H1 2025 realised prices reflect May YTD 2025, given the demerger effective date was 31 May 2025. H1 2024 comparative period is unchanged, and reflects the
realised prices for the period 1 January - 30 June 2024.
(11) Realised price excludes trading.
(12) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals sold (PGMs, base metals and other metals) excluding
trading and foreign exchange translation impacts, per PGM 5E + gold ounces sold (own mined and purchase of concentrate) excluding trading.
Preliminary H1 2025 financial notes
Based on the progress of the divestments and the successful demerger of our PGMs business on 31 May 2025, the
Steelmaking Coal, Nickel and PGMs business segments are all expected to be reported as discontinued operations at
the 2025 half year results, and the relevant assets and liabilities shown as held for sale for Steelmaking Coal and Nickel.
The underlying effective tax rate for H1 2025 is expected to be higher than the 40-43% guidance for 2025 due to the
relative levels of profits arising in the Group's operating jurisdictions.
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) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Copper 173,300 195,700 (11)% 168,900 3% 342,200 393,800 (13)%
Copper Chile 96,600 120,400 (20)% 89,000 9% 185,600 246,500 (25)%
Copper Peru 76,700 75,300 2% 79,900 (4)% 156,600 147,300 6%
(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production
from the Platinum Group Metals business).
Copper production for the second quarter of 2025 was 173,300 tonnes, reflecting higher production from Quellaveco as
a result of higher throughput, offset by planned lower production in Chile, at both Collahuasi and Los Bronces. Production
volumes increased sequentially from Q1 2025.
Chile - Copper production of 96,600 tonnes was lower than the comparative period, reflecting lower ore grade, lower
recoveries and water constraints at Collahuasi and planned lower throughput at Los Bronces.
Production from Los Bronces decreased by 24% to 36,900 tonnes, reflecting the impact of the smaller Los Bronces plant
being put on care and maintenance at the end of July 2024, partially offset by the benefit of higher grades (0.50% vs
0.48%) and improved plant performance and copper recovery. The current mine phase at Los Bronces has lower grade
and harder ore characteristics but good progress is being made in the development of Donoso 2, the next phase of the
mine, which has higher grade and softer ore. Development activities for this phase continue and it is expected to be fully
opened by early 2027.
At Collahuasi, Anglo American's attributable share of copper production decreased by 20% to 48,100 tonnes, reflecting
the anticipated lower ore grades (0.96% vs 1.08%) as well as lower throughput and copper recovery associated with
temporary water supply constraints and lower quality ore feed from processing lower grade stockpiles. Collahuasi was
expecting lower production in 2025 as the mine transitions between different phases, with some improvements expected
through the year, resulting in production weighted to the second half. Ultra-filtered sea water, using infrastructure from
the new desalination plant, was received in early July for system testing, and is expected to ramp-up during the second
half of 2025. The water desalination project is expected to be fully operational by mid-2026.
Production from El Soldado of 11,600 tonnes was broadly in line with the comparative period.
The H1 2025 average realised price for Copper Chile was 444 c/lb as compared to the average LME price of 428 c/lb,
benefitting from provisional pricing adjustments achieved in the first quarter.
Peru - Quellaveco production increased by 2% to 76,700 tonnes, reflecting higher throughput from strong plant
performance, partially offset by lower grade. As planned, in 2025, the mine is expected to average similar grades as
2024, while the next phases are opened and developed. Optimising plant stability and throughput remains a priority
during 2025 as we continue to work to improve recoveries, including at the coarse particle recovery plant.
The H1 2025 average realised price for Copper Peru was 427 c/lb as compared to the average LME price of 428 c/lb.
2025 Guidance
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 production is subject to water availability, and is expected to be weighted to the second half of
2025 given the impact from lower grades in the first half from Collahuasi, particularly in Q1.
The total copper unit cost guidance for 2025 is unchanged at c.151 c/lb(1).The Peru unit cost of c.100 c/lb(1) (previously
c.110 c/lb) is expected to be lower as it benefits from higher by-product credits and lower treatment and refinement
charges. The Chile unit cost of c.195 c/lb(1) (previously c.185 c/lb) is expected to be higher, owing to the impact of the
production mix between Los Bronces and Collahuasi.
(1) 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.
Copper(1) (tonnes) Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Total copper production 173,300 168,900 197,500 181,300 195,700 (11)% 3% 342,200 393,800 (13)%
Total copper sales volumes 171,300 173,300 204,800 173,200 213,600 (20)% (1)% 344,600 390,900 (12)%
Copper Chile
Los Bronces mine(2)
Ore mined 9,271,800 9,398,500 9,372,900 9,462,100 12,688,000 (27)% (1)% 18,670,300 24,662,700 (24)%
Ore processed - Sulphide 7,134,800 7,578,400 8,178,700 7,944,900 10,566,600 (32)% (6)% 14,713,200 20,896,900 (30)%
Ore grade processed -
Sulphide (% TCu)(3) 0.50 0.57 0.49 0.44 0.48 4% (12)% 0.54 0.48 13%
Production - Copper in
concentrate 31,900 37,800 33,800 30,200 40,900 (22)% (16)% 69,700 81,200 (14)%
Production - Copper cathode 5,000 5,600 4,900 6,400 7,500 (33)% (11)% 10,600 15,900 (33)%
Total production 36,900 43,400 38,700 36,600 48,400 (24)% (15)% 80,300 97,100 (17)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 9,858,100 9,136,400 14,801,500 12,803,800 10,336,300 (5)% 8% 18,994,500 20,808,500 (9)%
Ore processed - Sulphide 14,610,300 14,084,800 14,940,700 14,975,700 15,781,200 (7)% 4% 28,695,100 30,131,200 (5)%
Ore grade processed -
Sulphide (% TCu)(3) 0.96 0.86 1.14 1.20 1.08 (11)% 12% 0.91 1.13 (19)%
Anglo American's 44% share of
copper production for 48,100 35,300 56,100 64,700 60,300 (20)% 36% 83,400 125,000 (33)%
Collahuasi
El Soldado mine(2)
Ore mined 1,140,400 1,495,400 2,315,600 2,255,700 1,805,600 (37)% (24)% 2,635,800 3,663,000 (28)%
Ore processed - Sulphide 1,714,600 1,454,400 1,689,100 1,505,800 1,568,700 9% 18% 3,169,000 3,281,300 (3)%
Ore grade processed -
Sulphide (% TCu)(3) 0.84 0.92 0.94 0.95 0.94 (11)% (9)% 0.88 0.94 (6)%
Production - Copper in
concentrate 11,600 10,300 12,500 11,300 11,700 (1)% 13% 21,900 24,400 (10)%
Chagres smelter(2)
Ore smelted(4) 27,800 23,100 28,200 24,400 26,100 7% 20% 50,900 53,100 (4)%
Production 27,500 22,000 27,400 23,300 25,400 8% 25% 49,500 51,000 (3)%
Total copper production(5) 96,600 89,000 107,300 112,600 120,400 (20)% 9% 185,600 246,500 (25)%
Total payable copper production 92,700 85,400 103,000 108,000 115,700 (20)% 9% 178,100 237,000 (25)%
Total copper sales volumes 98,300 93,300 113,000 107,800 132,900 (26)% 5% 191,600 242,300 (21)%
Total payable sales volumes 94,000 89,500 108,100 103,400 127,600 (26)% 5% 183,500 232,800 (21)%
Third-party sales(6) 106,600 68,800 131,000 123,500 87,600 22% 55% 175,400 167,900 4%
Copper Peru
Quellaveco mine(7)
Ore mined 11,131,500 11,454,700 14,845,200 8,730,500 9,486,400 17% (3)% 22,586,200 20,512,200 10%
Ore processed - Sulphide 12,884,900 12,465,200 12,865,300 12,431,300 12,397,000 4% 3% 25,350,100 24,603,700 3%
Ore grade processed -
Sulphide (% TCu)(3) 0.73 0.80 0.89 0.70 0.74 (1)% (9)% 0.77 0.73 5%
Total copper production 76,700 79,900 90,200 68,700 75,300 2% (4)% 156,600 147,300 6%
Total payable copper production 74,100 77,300 87,200 66,400 72,800 2% (4)% 151,400 142,400 6%
Total copper sales volumes 73,000 80,000 91,800 65,400 80,700 (10)% (9)% 153,000 148,600 3%
Total payable sales volumes 70,300 77,100 88,500 62,900 77,700 (10)% (9)% 147,400 143,200 3%
(1) Excludes copper production from the Platinum Group Metals business.
(2) 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.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
(7) 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) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Iron Ore 15,936 15,580 2% 15,445 3% 31,381 30,723 2%
Kumba(1) 9,257 9,184 1% 8,990 3% 18,247 18,459 (1)%
Minas-Rio(2) 6,679 6,396 4% 6,455 3% 13,134 12,264 7%
(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 increased by 2% to 15.9 million tonnes, primarily driven by strong second quarter performance from Minas-Rio.
Kumba - Total production of 9.3 million tonnes in the quarter was broadly flat versus the comparative period, reflecting a
flexible production approach to managing Sishen and Kolomela as an integrated complex. Sishen's production was 3%
lower, reflecting maintenance activities, and this was offset by 11% higher production at Kolomela.
Total sales increased by 1% to 9.8 million tonnes(1), reflecting improved stock levels at the port at the beginning of the quarter.
Total finished stock was 7.4 million tonnes(1), lower than Q1 2025 (7.8 million tonnes)(1). Stock at the mines was 6.4 million
tonnes(1), with stock at the port at a more normalised level of 1.0 million tonnes(1) (Q1 2025: 1.6 million tonnes).
Kumba's iron (Fe) content averaged 64.1% (H1 2024: 64.1%), while the average lump:fines ratio was 67:33 (H1 2024: 64:36).
The H1 2025 average realised price of $91/tonne(1) (FOB South Africa, wet basis) was 8% higher than the 62% Fe
benchmark price of $84/tonne(1) (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of
premiums for higher iron content and lump product, partially offset by provisionally priced sales volumes.
Minas-Rio - Production increased by 4% to 6.7 million tonnes, reflecting further performance improvement. This
operational delivery was underpinned by improved mass recovery at the beneficiation plant, and enhanced operational discipline.
The H1 2025 average realised price of $86/tonne (FOB Brazil, wet basis) was 5% higher than the Metal Bulletin 65 price
of $82/tonne (FOB Brazil, adjusted for freight and moisture), benefitting from the premium for our high quality product,
including higher (~67%) Fe content, partially offset by provisionally priced sales volumes.
2025 Guidance
Production guidance for 2025 is unchanged at 57-61 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 22-24
million tonnes). Kumba is subject to third-party rail and port availability and performance. Minas-Rio's production
guidance reflects a pipeline inspection (that occurs every five years) planned for Q3 2025.
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 Q1 2025, total finished stock was 7.8 million tonnes; stock at the mines was 6.2 million tonnes and stock at the port was 1.6 million tonnes.
At Q2 2024, total finished stock was 8.2 million tonnes; stock at the mines was 7.4 million tonnes and stock at the port was 0.8 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.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Iron Ore (000 t) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Iron Ore production(1) 15,936 15,445 14,299 15,746 15,580 2% 3% 31,381 30,723 2%
Iron Ore sales(1) 16,406 14,564 16,223 15,181 16,508 (1)% 13% 30,970 29,505 5%
Kumba production 9,257 8,990 7,826 9,446 9,184 1% 3% 18,247 18,459 (1)%
Sishen 6,427 5,955 5,687 6,767 6,644 (3)% 8% 12,382 13,207 (6)%
Kolomela 2,830 3,035 2,139 2,679 2,540 11% (7)% 5,865 5,252 12%
Kumba sales volumes(2) 9,770 8,939 9,289 8,822 9,705 1% 9% 18,709 18,088 3%
Lump(2) 6,463 6,037 6,477 5,734 5,981 8% 7% 12,500 11,501 9%
Fines(2) 3,307 2,902 2,812 3,088 3,724 (11)% 14% 6,209 6,587 (6)%
Minas-Rio production
Pellet feed 6,679 6,455 6,473 6,300 6,396 4% 3% 13,134 12,264 7%
Minas-Rio sales volumes
Export - pellet feed 6,636 5,625 6,934 6,359 6,803 (2)% 18% 12,261 11,417 7%
(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) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Manganese ore(1) 745,600 356,000 109% 348,400 114% 1,094,000 1,139,800 (4)%
(1) Anglo American's 40% attributable share of saleable production and sales. Q1 2025 reported production and sales have been restated from the Q1 2025
production report to reflect the accounting basis for the South African operations.
Manganese ore production increased by 109% to 745,600 tonnes, reflecting the benefit of resuming mining activities in
the quarter, following the impact of the temporary suspension of the Australian operations caused by tropical cyclone
Megan in March 2024. Export sales resumed progressively from the second half of May.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Manganese (tonnes)(1) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Production
Manganese ore 745,600 348,400 742,400 405,500 356,000 109% 114% 1,094,000 1,139,800 (4)%
Sales volumes
Manganese ore 608,800 298,400 331,600 393,500 365,800 66% 104% 907,200 1,162,600 (22)%
(1) Anglo American's 40% attributable share of saleable production and sales. Q1 2025 reported production and sales have been restated from the Q1 2025
production report to reflect the accounting basis for the South African operations.
De Beers - Diamonds
Diamonds(1) (000 carats) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Botswana 2,651 4,710 (44)% 4,572 (42)% 7,223 9,697 (26)%
Namibia 535 561 (5)% 631 (15)% 1,166 1,194 (2)%
South Africa 592 505 17% 483 23% 1,075 1,103 (3)%
Canada 361 673 (46)% 389 (7)% 750 1,318 (43)%
Total carats recovered 4,139 6,449 (36)% 6,075 (32)% 10,214 13,312 (23)%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production in Q2 2025 decreased by 36% to 4.1 million carats, reflecting a planned production
response to the prolonged period of lower demand.
In Botswana, production decreased by 44% to 2.7 million carats, as a result of extended maintenance at Orapa(1) as well
as actions to lower production, which included putting the Letlhakane Tailings Treatment Plant on care and maintenance.
Jwaneng production was broadly consistent with the prior period.
Production in Namibia decreased by 5% to 0.5 million carats, as a result of planned actions to lower production at
Debmarine Namibia. Following a fleet optimisation study, the Coral Sea vessel was retired and the Grand Banks vessel
has been taken out of service, pending a decision on potential decommissioning or sale. This was partially offset by
planned mining of higher-grade areas at Namdeb.
In South Africa, the output from the Venetia underground project remains lower than during the prior open-pit operations,
with the capital spend being rephased while market conditions remain subdued. Production increased by 17% to 0.6
million carats, reflecting processing of increased volumes of higher-grade underground ore.
Production in Canada decreased by 46% to 0.4 million carats due to planned treatment of lower-grade ore.
Trading Performance
Rough diamond trading conditions remained challenged in the first half of 2025. Improved industry sentiment at the end
of the first quarter led to stabilisation of polished diamond prices. But uncertainty surrounding U.S. tariffs announced in
April subsequently slowed polished trading. In contrast to the ongoing challenging trading conditions, consumer demand
for diamond jewellery remained broadly stable in the first half of the year.
Rough diamond sales from three Sights in Q2 2025 totalled 7.6 million carats, benefitting from stock rebalancing
initiatives with specific assortments being sold at lower margins (6.8 million carats on a consolidated basis)(2), generating
consolidated rough diamond sales revenue of $1,185 million. This compared with three Sights in Q2 2024 of 7.8 million
carats (7.3 million carats on a consolidated basis)(2), generating consolidated rough diamond revenue of $1,039 million.
Accordingly, we expect to report negative underlying EBITDA for De Beers in the first half of 2025.
The H1 2025 consolidated average realised price decreased by 5% to $155/ct, reflecting the impact of a 14% decrease
in the average rough price index, partially offset by stronger demand for higher-value stones impacting the sales mix in
Q2 2025. The average rough price index does not reflect the impact of rebalancing initiatives.
2025 Guidance
Production(3) 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.$94/carat(4).
(1) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance March 2025, and Damtshaa
has been on care and maintenance since 2021.
(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(3) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(4) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Diamonds(1) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 1,859 2,249 1,002 1,402 1,881 (1)% (17)% 4,108 4,375 (6)%
Orapa(2) 792 2,323 3,242 2,592 2,829 (72)% (66)% 3,115 5,322 (41)%
Total Botswana 2,651 4,572 4,244 3,994 4,710 (44)% (42)% 7,223 9,697 (26)%
Debmarine Namibia 385 461 395 298 427 (10)% (16)% 846 932 (9)%
Namdeb (land operations) 150 170 189 158 134 12% (12)% 320 262 22%
Total Namibia 535 631 584 456 561 (5)% (15)% 1,166 1,194 (2)%
Venetia 592 483 550 513 505 17% 23% 1,075 1,103 (3)%
Total South Africa 592 483 550 513 505 17% 23% 1,075 1,103 (3)%
Gahcho Kue (51% basis) 361 389 456 603 673 (46)% (7)% 750 1,318 (43)%
Total Canada 361 389 456 603 673 (46)% (7)% 750 1,318 (43)%
Total carats recovered 4,139 6,075 5,834 5,566 6,449 (36)% (32)% 10,214 13,312 (23)%
Total sales volume (100%) (000 carats)(3) 7,555 4,715 4,647 2,077 7,819 (3)% 60% 12,270 12,688 (3)%
Consolidated sales volume (000 carats)(3) 6,815 4,190 4,273 1,665 7,333 (7)% 63% 11,005 11,945 (8)%
Consolidated rough diamond sales value($m)(4) 1,185 520 543 213 1,039 14% 128% 1,705 1,964 (13)%
Average price ($/ct)(5) 174 124 127 128 142 23% 40% 155 164 (5)%
Average price index(6) 94 94 100 107 108 (13)% 0% 94 109 (14)%
Number of Sights 3 2 4(7) 1 3 5 5
(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) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Steelmaking Coal 2,056 4,238 (51)% 2,239 (8)% 4,295 8,018 (46)%
(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 51% to 2.1 million tonnes, primarily impacted by the suspension of mining at
the Grosvenor longwall operation following the underground fire in June 2024, the sale of our minority interest in Jellinbah
which completed in January 2025 and the incident at Moranbah in March 2025. These decreases were partially offset by
higher production at the Aquila underground mine with strong performance of the longwall, coupled with improved
ground conditions. Higher production was also achieved at the Capcoal open cut operation, reflecting mine sequencing.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 85:15 during the quarter, higher than Q2 2024
(78:22), reflecting the change in product mix with the sale of Jellinbah.
The H1 2025 average realised price for hard coking coal was $172/tonne, compared to the benchmark price of
$185/tonne. This resulted in a decrease in the price realisation to 93% (H1 2024: 99%), reflecting a more normalised
realisation compared to the comparative period, which benefited as a result of the timing of sales.
We expect to report negative underlying EBITDA for Steelmaking Coal in the first half of 2025.
Considerable progress has been made towards a safe restart of the Moranbah North mine, including confirmation that
there is no meaningful damage from the event that occurred in March. Anglo American continues to believe that the
current production stoppage at the Moranbah North steelmaking coal mine in Australia does not constitute a Material
Adverse Change in accordance with the definitive agreements signed with Peabody in November 2024. We continue to
work with Peabody towards satisfying the remaining customary conditions in those agreements that are required for
completion of the transaction.
Significant progress has been made since the re-entry to the underground area in mid-April. Development operations
resumed in early June and work is under way to prepare the longwall face for restart. Longwall production is expected to
restart in due course, initially via remote operation, after some additional controls are implemented and final risk
assessments are completed, subject to the regulatory process.
Anglo American recently convened a tripartite industry forum to discuss and learn from the incident - a first for the mining
industry in Queensland and setting a new benchmark for transparency and industry collaboration. We continue to work
closely with our workforce, Industry Safety and Health Representatives (ISHR) and Resources Safety and Health
Queensland (RSHQ) under an agreed set of principles to progress with a staged approach to longwall restart.
At Grosvenor, we continue to work with the regulator to complete the remaining requirements for re-entry approval - a
critical milestone that will enable our teams to return underground, conduct visual inspections and continue our readiness activities.
2025 Guidance
Production guidance for 2025 has not been updated, remaining at 10-12 million tonnes as we continue to assess
potential impacts from the temporary stoppage at Moranbah. Production guidance excludes Grosvenor as the operation
remains suspended. A walk-on/walk-off longwall move at Aquila, that will have a minimal production impact, is planned
for Q3 2025.
Unit cost guidance for 2025 of c.$105/tonne(1) is currently under review, in light of the temporary stoppage at Moranbah.
(1) FX rate assumption for 2025 unit costs of c.1.60 AUD:USD.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Coal, by product (000 t)(1) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Production volumes
Steelmaking Coal(2)(3)(4) 2,056 2,239 2,424 4,102 4,238 (51)% (8)% 4,295 8,018 (46)%
Hard coking coal(2) 1,749 1,757 1,561 3,019 3,321 (47)% 0% 3,506 6,242 (44)%
PCI / SSCC 307 482 863 1,083 917 (67)% (36)% 789 1,776 (56)%
Export thermal coal 298 244 396 249 142 110% 22% 542 466 16%
Sales volumes
Steelmaking Coal(2)(4) 2,206 1,631 2,580 3,921 4,105 (46)% 35% 3,837 7,932 (52)%
Hard coking coal(2) 1,690 1,315 1,846 3,027 3,212 (47)% 29% 3,005 6,186 (51)%
PCI / SSCC 516 316 734 894 893 (42)% 63% 832 1,746 (52)%
Export thermal coal 335 472 647 579 311 8% (29)% 807 740 9%
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Steelmaking coal, by operation (000 t)(1) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Steelmaking Coal(2)(3)(4) 2,056 2,239 2,424 4,102 4,238 (51)% (8)% 4,295 8,018 (46)%
Moranbah(2) 136 532 176 1,117 923 (85)% (74)% 668 1,484 (55)%
Grosvenor - - - 191 1,215 n/a n/a - 2,182 n/a
Aquila (incl. Capcoal)(2) 1,292 1,086 1,096 1,068 626 106% 19% 2,378 1,603 48%
Dawson 628 621 845 928 647 (3)% 1% 1,249 1,134 10%
Jellinbah(4) - - 307 798 827 n/a n/a - 1,615 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(1) (tonnes) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Nickel 9,500 10,000 (5)% 9,800 (3)% 19,300 19,500 (1)%
(1) Excludes nickel production from the Platinum Group Metals business.
Production decreased by 5% to 9,500 tonnes, due to expected lower grade.
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.
2025 Guidance
Production guidance for 2025 is unchanged at 37,000-39,000 tonnes.
Unit cost guidance for 2025 is unchanged at c.505 c/lb(1).
(1) FX rate assumption for 2025 unit costs of c.5.75 BRL:USD.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
Nickel (tonnes) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Barro Alto
Ore mined 809,500 515,000 254,500 1,166,800 1,275,400 (37)% 57% 1,324,500 1,594,600 (17)%
Ore processed 599,900 640,300 604,000 617,700 616,800 (3)% (6)% 1,240,200 1,253,300 (1)%
Ore grade processed - %Ni 1.43 1.39 1.42 1.50 1.51 (5)% 3% 1.41 1.46 (3)%
Production 7,700 8,100 8,100 8,200 8,200 (6)% (5)% 15,800 16,000 (1)%
Codemin
Ore mined - 1,400 200 - - n/a n/a 1,400 - (99)%
Ore processed 138,700 129,200 146,400 140,800 139,700 (1)% 7% 267,900 276,000 (3)%
Ore grade processed - %Ni 1.40 1.37 1.42 1.42 1.45 (3)% 2% 1.39 1.44 (3)%
Production 1,800 1,700 1,900 1,700 1,800 0% 6% 3,500 3,500 0%
Total nickel production(1) 9,500 9,800 10,000 9,900 10,000 (5)% (3)% 19,300 19,500 (1)%
Sales volumes 9,700 10,100 10,300 9,200 11,300 (14)% (4)% 19,800 19,000 4%
(1) Excludes nickel production from the Platinum Group Metals business.
Platinum Group Metals (PGMs)(1)
PGMs (000 oz)(2) Q2 Q2 Q2 2025 vs. Q1 Q2 2025 vs. H1 H1 H1 2025 vs.
2025 2024 Q2 2024 2025 Q1 2025 2025 2024 H1 2024
Metal in concentrate production 492 921 (47)% 696 (29)% 1,188 1,755 (32)%
Own mined(3) 292 547 (47)% 462 (37)% 754 1,052 (28)%
Purchase of concentrate (POC)(4) 201 374 (46)% 234 (14)% 435 704 (38)%
Refined production(5) 624 1,154 (46)% 437 43% 1,061 1,782 (40)%
(1) In light of the demerger of PGMs effective 31 May 2025, Q2 2025 reflects the period 1 April - 31 May 2025, and H1 2025 reflects the period
1 January 2025 - 31 May 2025. Q2 2024 and H1 2024 comparative periods are unchanged, and reflect production for the periods 1 April - 30 June 2024 and
1 January - 30 June 2024 respectively.
(2) Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(3) Includes managed operations and 50% of joint operation production.
(4) Includes the other 50% of joint operation production, as well as the purchase of concentrate from third parties.
(5) Refined production excludes toll refined material.
The PGMs business (previously Anglo American Platinum, now Valterra Platinum) was demerged on 31 May following the
approval of the demerger resolution at the Anglo American AGM on 30 April, resulting in two months being reflected in Q2
2025, compared to three months in Q2 2024.
Please refer to Valterra Platinum's Q2 2025 production report, published on its website on 18 July 2025, for more details
on its production performance this quarter.
Metal in concentrate production
Own mined production for the quarter was 291,500 ounces, down 47%. Excluding June 2024 (on a like-for-like basis),
own mined production decreased by 16% due to the continued suspension of operations at Tumela Lower in
Amandelbult following flooding earlier this year.
Purchase of concentrate for the quarter was 200,700 ounces, down 46%. On a like-for-like basis, purchase of
concentrate decreased by 20% reflecting planned lower Kroondal volumes, which had transitioned to a 4E tolling
arrangement in September 2024.
Refined production
Refined production for the quarter was 624,100 ounces, down 46%. On a like-for-like basis, refined production
decreased by 18% owing to the lower metal in concentrate production as well as the comparative period benefitting
from a drawdown of work-in-progress inventory.
Sales
Sales volumes decreased by 49% to 640,300 ounces. On a like-for-like basis, sales decreased by 26% reflecting the
lower refined production as well as the comparative period benefitting from a drawdown of finished goods.
The May year-to-date average realised basket price was $1,506/PGM ounce, up 4%, mainly due to a 9% increase in
rhodium prices and a 2% increase in platinum prices.
Q2 Q1 Q4 Q3 Q2 Q2 2025 Q2 2025 H1 H1 H1 2025
PGMs(1) vs. vs. vs.
2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
M&C PGMs production (000 oz)(2) 492.1 696.3 875.7 922.3 921.0 (47)% (29)% 1,188.4 1,755.1 (32)%
Own mined 291.5 462.0 588.3 552.0 547.2 (47)% (37)% 753.5 1,051.5 (28)%
Mogalakwena 140.6 227.0 283.5 217.8 232.6 (40)% (38)% 367.6 452.1 (19)%
Amandelbult 41.3 85.8 136.9 158.2 157.6 (74)% (52)% 127.1 284.7 (55)%
Mototolo 46.6 66.2 74.2 74.1 66.3 (30)% (30)% 112.8 128.2 (12)%
Unki 36.7 53.6 60.3 62.2 54.7 (33)% (32)% 90.3 117.5 (23)%
Modikwa - joint operation(3) 26.3 29.4 33.4 39.7 36.0 (27)% (11)% 55.7 69.0 (19)%
Purchase of concentrate 200.7 234.3 287.4 370.3 373.8 (46)% (14)% 435.0 703.6 (38)%
Modikwa - joint operation(3) 26.3 29.4 33.4 39.7 36.0 (27)% (11)% 55.7 69.0 (19)%
Third parties(4) 174.3 204.9 254.0 330.6 337.8 (48)% (15)% 379.2 634.6 (40)%
Refined PGMs production (000 oz)(2)(5) 624.1 437.1 1,027.9 1,106.9 1,153.5 (46)% 43% 1,061.2 1,781.5 (40)%
By metal:
Platinum 303.9 170.2 482.1 536.9 554.0 (45)% 79% 474.1 826.7 (43)%
Palladium 190.6 141.3 327.9 341.7 372.5 (49)% 35% 331.9 578.9 (43)%
Rhodium 33.1 27.6 67.8 70.2 70.8 (53)% 20% 60.7 110.4 (45)%
Other PGMs and gold 96.5 98.0 150.1 158.1 156.2 (38)% (2)% 194.5 265.5 (27)%
Nickel (tonnes) 4,000 4,200 6,300 7,400 7,300 (45)% (5)% 8,200 12,000 (32)%
Tolled material (000 oz)(4)(6) 123.2 208.2 182.8 153.8 132.9 (7)% (41)% 331.4 293.1 13%
PGMs sales from production (000 oz)(2) 640.3 493.7 1,002.0 1,102.2 1,266.1 (49)% 30% 1,134.0 1,973.6 (43)%
Third-party PGMs sales (000 oz)(2)(7) 642.0 2,528.5 2,476.5 1,973.7 2,092.4 (69)% (75)% 3,170.5 3,292.5 (4)%
4E head grade (g/t milled)(8) 2.78 2.91 3.34 3.22 3.17 (12)% (4)% 2.86 3.11 (8)%
(1) In light of the demerger of PGMs effective 31 May 2025, Q2 2025 reflects the period 1 April - 31 May 2025, and H1 2025 reflects the period
1 January 2025 - 31 May 2025. Q2 2024 and H1 2024 comparative periods are unchanged, and reflect production for the periods 1 April - 30 June 2024 and
1 January - 30 June 2024 respectively.
(2) M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(3) Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. The PGMs business purchases the remaining 50%
of production, which is presented under 'Purchase of concentrate'.
(4) Kroondal was a 50% joint operation until 1 November 2023. Upon the disposal of our 50% interest, Kroondal transitioned to a 100% third-party purchase of
concentrate arrangement, whereby 100% of production is presented under 'Purchase of concentrate: Third parties' until it transitioned to a toll arrangement.
As expected, from 1 September 2024, Kroondal transitioned to a 4E toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes, which is
presented under 'Tolled material'.
(5) Refined production excludes toll material.
(6) Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the tolling agreements in place.
(7) Relates to sales of metal not produced by Anglo American operations, and includes metal lending and borrowing activity.
(8) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.
Exploration and evaluation
Exploration and evaluation expenditure for the continuing operations in Q2 2025 decreased by 2% to $65 million
compared to the same period last year. Exploration expenditure decreased by 29% to $22 million, primarily due to
planned lower spend. Evaluation expenditure increased by 23% to $43 million, primarily due to planned increased spend
in Copper.
Notes
- This Production Report for the second quarter ended 30 June 2025 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 19 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 - with the sale of our steelmaking coal and nickel businesses agreed, the demerger
of our PGMs business (Anglo American Platinum, now Valterra Platinum) completed, and the separation of our iconic
diamond business (De Beers) to follow.
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)
24 July 2025
Date: 24-07-2025 08:00:00
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