Wrap Text
Production Report for the third quarter ended 30 September 2026
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")
20 October 2026
Production Report for the third quarter ended 30 September 2026
Duncan Wanblad, CEO of Anglo American, said: "Operational performance was resilient across the business, continuing
our momentum from the first half of the year despite extreme winter weather in Chile. We are on track to meet our 2026
guidance, supported by the planned improvement in copper ore grades in the fourth quarter. In Copper, Quellaveco
production increased from the second quarter, benefiting from the expected improvement in the ore grades, while record
snowfall and related unplanned maintenance later in the third quarter affected production in Chile. In Premium Iron Ore,
Minas-Rio benefited from higher plant availability, while Kumba's tie-in of its first ultra-high-dense-media-separation
(UHDMS) module reduced production as planned, albeit with sales largely unaffected as stockpiles were drawn down.
We continue to manage controllable costs tightly, particularly in the context of pressures from energy input cost volatility
and higher ocean freight rates impacting spot iron ore price realisations. However, strong by-product credits and cost
performance see Copper Peru unit cost guidance improved to c.50 c/lb (previously c.65 c/lb).
"We continue to make progress on our portfolio optimisation. The sale of our Steelmaking Coal business in Australia to
Dhilmar for up to $3.875 billion in cash is on track to complete by the first quarter of 2027, while we continue to work
through the European Commission's regulatory approval process for the agreed sale of our Nickel business. At De Beers,
we continue to work towards a transaction in a challenging market, having taken decisive action to protect cash and
preserve value.
"Our merger with Teck to form a copper-focused global metals and minerals champion continues to progress and
integration planning is now at an advanced stage. We continue to engage constructively with China's anti-trust regulator,
with this being the final outstanding regulatory milestone required for completion. Expected completion timing by March
2027 remains unchanged."
Q3 2026 overview
Production Q3 2026 Q3 2025 % vs. Q3 2025 YTD 2026 YTD 2025 % vs. YTD 2025
Simplified portfolio
Copper (kt)(1) 175 184 (5)% 519 526 (1)%
Premium iron ore (Mt)(2) 13.8 14.3 (4)% 44.4 45.7 (3)%
Manganese ore (kt)(3) 1,031 973 6% 2,699 2,067 31%
Exiting businesses
Diamonds (Mct)(4) 6.8 7.7 (11)% 21.7 17.9 22%
Steelmaking coal (Mt) 2.9 1.9 53% 6.5 6.2 4%
Nickel (kt) 10.4 10.1 3% 28.6 29.4 (3)%
- Copper production decreased by 5% to 174,900 tonnes, primarily driven by unprecedented weather events in Chile,
and processing lower-grade stockpile ore at Collahuasi.
- Premium iron ore production decreased by 4% to 13.8 million tonnes, due to commencing the tie-in of the first UHDMS
module at Kumba, partially offset by higher plant availability at Minas-Rio, reflecting the planned shutdown in the
comparative period.
- Manganese ore production increased by 6% to 1,031,400 tonnes, reflecting increased operating levels in Australia and
improved productivity and operating improvements in South Africa.
- Rough diamond production decreased by 11% to 6.8 million carats, primarily driven by planned plant maintenance at
Orapa and a slowdown at Venetia ahead of the previously announced production pause.
- Steelmaking coal production increased by 53% to 2.9 million tonnes, primarily driven by the ramp-up of longwall
production at Moranbah North.
- Nickel production increased by 3% to 10,400 tonnes, reflecting timing of maintenance at Barro Alto.
- Production and unit cost guidance remains unchanged for 2026, except for lower Copper Peru unit costs of c.50 c/lb
(previously c.65 c/lb) and De Beers production of 25-28 million carats (previously 21-26 million carats), with unit costs
revised accordingly to c.$70/carat (previously c.$80/carat).
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. Gahcho Kue production will
be reported on a 100% basis from the Q4 2026 Production Report.
Production and unit cost guidance for 2026(1)
2026 production guidance 2026 unit cost guidance(2)
Simplified portfolio
Copper(3) 700-760 kt c.139 c/lb
(previously c.145 c/lb)
Chile 390-420 kt c.210 c/lb
Peru 310-340 kt c.50 c/lb
(previously c.65 c/lb)
Premium Iron Ore(4) 55-59 Mt c.$41/tonne
Kumba 31-33 Mt c.$45/tonne
Minas-Rio 24-26 Mt c.$36/tonne
Exiting businesses
Diamonds(5) 25-28 Mct c.$70/carat
(previously 21-26 Mct) (previously c.$80/carat)
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.900 CLP:USD, c.3.4 PEN:USD,
c.5.2 BRL:USD, c.16.50 ZAR:USD.
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability.
Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted
average using the mid-point of production guidance. The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum,
and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project in the second half of the year, with
sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail and port availability
and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. Gahcho Kue production will be reported
on a 100% basis from the Q4 2026 Production Report. De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing
demand. Unit cost is based on De Beers' proportionate consolidated share of costs and associated production.
Realised prices
Q3 YTD 2026 vs.
Q3 YTD 2026 Q3 YTD 2025 Q3 YTD 2025
Simplified portfolio
Copper (USc/lb)(1) 623 446 40%
Copper Chile (USc/lb)(2) 628 451 39%
Copper Peru (USc/lb) 617 441 40%
Premium iron ore - FOB prices(3) 82 92 (11)%
Kumba Export (US$/wmt)(4) 86 94 (8)%
Minas-Rio (US$/wmt)(5) 77 88 (12)%
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 97 155 (37)%
Average price index(7) 67 82 (18)%
Steelmaking coal - HCC (US$/t)(8) 207 162 28%
Steelmaking coal - PCI (US$/t)(8) 160 133 20%
Nickel (US$/lb)(9) 6.88 6.24 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 premium iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.5% moisture). The realised prices could differ to
Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is
$87/t (Q3 YTD 2025: $95/t), higher than the dry 62% Fe benchmark price of $80/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 2025 indices have been restated to include the effect of the
stock rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(8) The average realised price for export thermal coal by-product for Q3 YTD 2026 increased by 25% to $116/t (Q3 YTD 2025: $93/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below:
https://www.angloamerican.com/media/press-releases/2026
Copper
Copper(1) (tonnes) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Copper 174,900 183,500 (5)% 173,200 1% 518,500 525,700 (1)%
Copper Chile 94,200 100,200 (6)% 98,200 (4)% 289,400 285,800 1%
Copper Peru 80,700 83,300 (3)% 75,000 8% 229,100 239,900 (5)%
(1) Copper production shown on a contained metal basis.
Copper production in the third quarter of 174,900 tonnes was 5% lower than the comparative period, reflecting lower
production from Chile and Peru.
Chile - Copper production of 94,200 tonnes was 6% lower than the comparative period, reflecting extreme winter
weather together with planned lower ore grades at Collahuasi and El Soldado, partially offset by higher throughput and
recovery at Los Bronces from the restart of the second plant.
Production from Los Bronces of 42,500 tonnes was 2% higher than the comparative period. However, throughput and
mining rates were more than 10% lower quarter-on-quarter following record snowfall and related challenges with plant
maintenance towards the end of the third quarter.
At Collahuasi, Anglo American's attributable share of copper production decreased by 11% to 42,000 tonnes.
Throughput remained slightly below the comparative period, mainly reflecting the impact of severe weather conditions
experienced in the Tarapaca Region which have continued into the fourth quarter and the continued processing of
lower-grade stockpile ore and its related impact on recovery.
Collahuasi has now re-entered the higher-grade phases of the Rosario pit, supporting an increase in planned copper
production rates through the remainder of the year and into 2027. Throughput was supported by increased water
availability compared to the prior period, despite the ruling in May 2026 from the Second Environmental Tribunal which
has seen the Environmental Authorization partially set aside for the desalination plant. The operation will continue to
utilise water supply from existing alternative water sources. Collahuasi continues to work in coordination with the relevant
authorities and stakeholders to restart the desalination plant.
Production from El Soldado decreased by 12% to 9,700 tonnes due to lower throughput and planned lower ore grade
(0.80% vs 0.84%) as the mine transitions between phases. Despite experiencing record rainfall and severe weather
conditions in July, the operation effectively managed the impacts through proactive mitigation measures, minimising
operational disruptions.
The average YTD realised price for Copper Chile was 628 c/lb as compared to the average LME price of 609 c/lb,
reflecting provisional pricing adjustments.
Peru - Quellaveco continued to deliver stable mining and processing performance, with consistent throughput and
improved recoveries (85.6% vs 83.8%). Production of 80,700 tonnes was 3% lower than the comparative period,
reflecting the anticipated lower ore grades (0.73% vs 0.76%). In line with the expected grade profile, production remains
weighted to the second half of 2026, with the full year grade expected to be similar to 2025.
We continue to progress studies to optimise the planned transition from the current higher-grade supergene ore to the
hypogene ore. This is expected to maximise value by smoothing out the production profile to provide more stable
production rates in the first half of the 2030s.
The YTD average realised price for Copper Peru was 617 c/lb as compared to the average LME price of 609 c/lb,
benefiting from provisional pricing adjustments.
2026 Guidance
Production guidance for 2026 is unchanged at 700,000-760,000 tonnes (Chile 390,000-420,000 tonnes; Peru 310,000-
340,000 tonnes). Copper Chile production continues to be weighted to the second half of 2026 and is subject to water
availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade
profile.
Unit cost guidance for 2026 is revised lower to c.139 c/lb(1) (previously c.145 c/lb). Copper Peru unit cost improved to
c.50 c/lb(1) (previously c.65 c/lb), reflecting strong by-product realisations and controllable cost management. Copper
Chile unit cost remains unchanged at c.210 c/lb(1) with by-product realisations offset by the impact of challenging
weather conditions.
(1) The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
FX rate assumption for 2026 unit costs of c.900 CLP:USD for Chile and c.3.4 PEN:USD for Peru.
Q3 Q2 Q1 Q4 Q3 Q3 2026 Q3 2026 YTD YTD YTD 2026
Copper (tonnes) vs. vs. vs.
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 YTD 2025
Total copper production 174,900 173,200 170,400 169,500 183,500 (5)% 1% 518,500 525,700 (1)%
Total copper sales volumes 183,100 163,800 166,500 174,600 185,700 (1)% 12% 513,400 530,300 (3)%
Copper Chile
Los Bronces mine(1)
Ore mined 8,852,400 10,269,900 11,403,400 9,215,600 9,684,700 (9)% (14)% 30,525,700 28,355,000 8%
Ore processed - Sulphide 8,825,600 9,857,900 9,935,800 8,447,000 8,291,400 6% (10)% 28,619,300 23,004,600 24%
Ore grade processed -
Sulphide (% TCu)(2) 0.46 0.48 0.49 0.52 0.50 (8)% (4)% 0.48 0.52 (8)%
Recovery (%) 89.7 87.4 88.1 85.9 87.5 3% 3% 88.3 88.2 0%
Production - Copper in
concentrate 36,700 41,000 43,000 37,900 36,500 1% (10)% 120,700 106,200 14%
Production - Copper cathode 5,800 5,000 5,500 4,600 5,300 9% 16% 16,300 15,900 3%
Total production 42,500 46,000 48,500 42,500 41,800 2% (8)% 137,000 122,100 12%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 15,793,100 15,630,100 13,754,200 15,017,700 12,586,600 25% 1% 45,177,400 31,581,100 43%
Ore processed - Sulphide 14,979,300 15,916,900 16,037,100 17,118,700 15,513,900 (3)% (6)% 46,933,300 44,209,000 6%
Ore grade processed -
Sulphide (% TCu)(2) 0.87 0.80 0.77 0.87 0.92 (5)% 9% 0.81 0.92 (12)%
Recovery (%) 73.2 76.0 71.8 71.6 75.2 (3)% (4)% 73.7 73.3 1%
Anglo American's 44% share of
copper production for Collahuasi 42,000 42,600 38,800 47,000 47,400 (11)% (1)% 123,400 130,800 (6)%
El Soldado mine(1)
Ore mined 478,100 269,700 500,900 928,800 1,193,500 (60)% 77% 1,248,700 3,829,300 (67)%
Ore processed - Sulphide 1,500,600 1,469,500 1,555,600 1,668,300 1,636,700 (8)% 2% 4,525,700 4,805,700 (6)%
Ore grade processed -
Sulphide (% TCu)(2) 0.80 0.81 0.78 0.72 0.84 (5)% (1)% 0.80 0.86 (7)%
Recovery (%) 81.2 80.4 79.9 80.6 79.9 2% 1% 80.5 79.2 2%
Production - Copper in
concentrate 9,700 9,600 9,700 9,700 11,000 (12)% 1% 29,000 32,900 (12)%
Chagres smelter(1)
Ore smelted(3) 24,200 26,400 27,700 25,300 28,600 (15)% (8)% 78,300 79,500 (2)%
Production 23,400 25,700 26,300 24,600 27,800 (16)% (9)% 75,400 77,300 (2)%
Total copper production(4) 94,200 98,200 97,000 99,200 100,200 (6)% (4)% 289,400 285,800 1%
Total payable copper production 90,400 94,100 93,100 95,300 96,000 (6)% (4)% 277,600 274,100 1%
Total copper sales volumes 99,700 93,500 92,100 106,800 96,500 3% 7% 285,300 288,100 (1)%
Total payable sales volumes 95,500 89,500 88,300 102,300 92,600 3% 7% 273,300 276,100 (1)%
Third-party sales(5) 108,400 129,600 90,500 107,700 159,100 (32)% (16)% 328,500 334,500 (2)%
Copper Peru
Quellaveco mine(6)
Ore mined 14,029,900 13,588,700 12,075,200 10,850,700 11,932,000 18% 3% 39,693,800 34,518,200 15%
Ore processed - Sulphide 12,914,900 13,616,300 12,555,200 12,820,000 13,018,400 (1)% (5)% 39,086,400 38,368,500 2%
Ore grade processed -
Sulphide (% TCu)(2) 0.73 0.64 0.68 0.66 0.76 (4)% 14% 0.68 0.76 (11)%
Recovery (%) 85.6 86.3 85.5 83.1 83.8 2% (1)% 85.8 81.8 5%
Total copper production 80,700 75,000 73,400 70,300 83,300 (3)% 8% 229,100 239,900 (5)%
Total payable copper production 78,000 72,500 70,900 67,900 80,500 (3)% 8% 221,400 231,900 (5)%
Total copper sales volumes 83,400 70,300 74,400 67,800 89,200 (7)% 19% 228,100 242,200 (6)%
Total payable sales volumes 80,400 67,600 71,600 65,300 85,800 (6)% 19% 219,600 233,200 (6)%
(1) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Premium Iron Ore
Premium iron ore (000 t) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Premium iron ore 13,798 14,342 (4)% 15,392 (10)% 44,398 45,723 (3)%
Kumba - South Africa(1) 7,500 9,247 (19)% 8,844 (15)% 25,186 27,494 (8)%
Minas-Rio - Brazil(2) 6,298 5,095 24% 6,548 (4)% 19,212 18,229 5%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Premium iron ore production of 13.8 million tonnes was 4% lower than the comparative period due to lower production
from Kumba, partially offset by Minas-Rio.
Kumba - Total production decreased by 19% to 7.5 million tonnes, primarily driven by a 22% decrease in Sishen's
production to 4.9 million tonnes following the planned shutdown of the dense-media-separation (DMS) plant to
accommodate the main tie-in of the UHDMS plant. Kolomela's production decreased by 12% to 2.6 million tonnes, due to
low levels of plant feedstock.
Total sales increased by 3% to 9.7 million tonnes(1) supported by the planned drawdown of finished stock.
Total finished stock decreased to 5.1 million tonnes(1), compared to Q2 2026 (7.0 million tonnes). Stock at the mines was
2.9 million tonnes (Q2 2026: 4.8 million tonnes), with stock at the port flat at 2.2 million tonnes.
For the YTD, Kumba's iron (Fe) content averaged 63.6% (2025 YTD: 64.0%), while the average lump:fines ratio was 67:33
(2025 YTD: 66:34).
The YTD average realised price of $86/tonne(1) (FOB South Africa, wet basis) was 9% higher than the Fastmarkets 62%
Fe benchmark price of $79/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of
premiums for high Fe content and the rising premium for our lump product.
Minas-Rio - Production increased by 24% to 6.3 million tonnes, driven by higher plant availability following the planned
shutdown to complete the pipeline inspection campaign in the prior year.
The YTD average realised price of $77/tonne (FOB Brazil, wet basis) was 1% higher than the Fastmarkets 65% Fe
benchmark price of $76/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for grade
(~67%) Fe content, partially offset by the impact of redirected sales away from the conflict area in the Middle East and
provisionally priced sales volumes.
Rising freight rates ($38/tonne as at 30 September, Platts Iron Ore Freight Brazil-China index) continue to negatively
impact realised prices.
2026 Guidance
Production guidance for 2026 is unchanged at 55-59 million tonnes (Kumba 31-33 million tonnes; Minas-Rio 24-26 million
tonnes). Kumba production remains weighted to the first half of 2026 reflecting the tie-in of the UHDMS project in
the second half of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock.
Kumba guidance is subject to third-party rail and port availability and performance.
Unit cost guidance for 2026 is unchanged at c.$41/tonne(2) (Kumba c.$45/tonne(2); Minas-Rio c.$36/tonne(2)).
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone
results due to sales to other Group companies. At Q3 2025, total finished stock was 7.3 million tonnes; stock at the mines was
5.5 million tonnes and stock at the port was 1.8 million tonnes.
(2) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD for Kumba and c.5.2 BRL:USD for Minas-Rio.
Premium iron ore (000 t) Q3 Q2 Q1 Q4 Q3 Q3 2026 vs. Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 YTD 2025
Premium iron ore production(1) 13,798 15,392 15,208 15,113 14,342 (4)% (10)% 44,398 45,723 (3)%
Premium iron ore sales(1) 15,750 16,716 14,842 16,166 14,407 9% (6)% 47,308 45,377 4%
Kumba production 7,500 8,844 8,842 8,590 9,247 (19)% (15)% 25,186 27,494 (8)%
Sishen 4,947 6,479 6,257 6,560 6,347 (22)% (24)% 17,683 18,729 (6)%
Kolomela 2,553 2,365 2,585 2,030 2,900 (12)% 8% 7,503 8,765 (14)%
Kumba sales volumes(2) 9,702 9,418 9,140 8,947 9,392 3% 3% 28,260 28,101 1%
Lump(2) 6,756 6,246 5,961 6,139 6,133 10% 8% 18,963 18,633 2%
Fines(2) 2,946 3,172 3,179 2,808 3,259 (10)% (7)% 9,297 9,468 (2)%
Minas-Rio production
Pellet feed 6,298 6,548 6,366 6,523 5,095 24% (4)% 19,212 18,229 5%
Minas-Rio sales volumes
Export - pellet feed 6,048 7,298 5,702 7,219 5,015 21% (17)% 19,048 17,276 10%
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% moisture and
Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Manganese
Manganese (tonnes) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Manganese ore(1) 1,031,400 972,800 6% 908,300 14% 2,698,800 2,066,800 31%
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production increased by 6% to 1,031,400 tonnes, reflecting increased operating levels at the Australian
operations, supported by higher throughput, ore availability and recoveries. In South Africa, improved productivity and
operating improvements supported production during the quarter.
Manganese (tonnes)(1) Q3 Q2 Q1 Q4 Q3 Q3 2026 vs. Q3 2026 vs. YTD YTD YTD 2026
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 vs. YTD 2025
Production
Manganese ore 1,031,400 908,300 759,100 908,500 972,800 6% 14% 2,698,800 2,066,800 31%
Sales volumes
Manganese ore 911,000 1,043,700 946,000 976,500 1,030,000 (12)% (13)% 2,900,700 1,937,200 50%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Botswana 4,830 6,030 (20)% 5,488 (12)% 15,132 13,253 14%
Namibia 495 457 8% 531 (7)% 1,582 1,623 (3)%
South Africa 418 659 (37)% 734 (43)% 1,892 1,734 9%
Canada 1,064 511 108% 1,028 4% 3,115 1,261 147%
Total carats recovered 6,807 7,657 (11)% 7,781 (13)% 21,721 17,871 22%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. Gahcho Kue production
will be reported on a 100% basis from the Q4 2026 Production Report.
Operational Performance
Rough diamond production was 11% lower at 6.8 million carats, primarily driven by planned plant maintenance at Orapa
in Botswana and a slowdown at Venetia in South Africa ahead of a planned two-year production pause.
In Botswana, production decreased to 4.8 million carats, as a result of the planned plant maintenance at Orapa. Planned
plant maintenance at Jwaneng in Q4 2026 is expected to substantially decrease production levels from Q3 2026 rates.
In Namibia, production remained stable at 0.5 million carats.
In South Africa, production decreased to 0.4 million carats, as Venetia ramped down production and processing ahead
of its production pause. While activities to support the production pause will continue into early 2027, no further carat
production is expected in 2026.
In Canada, production increased to 1.1 million carats, due to the planned processing of higher-grade ore at Gahcho Kue.
As of 16 October 2026, De Beers has assumed full ownership of the Gahcho Kue mine following the enforcement of
security over Mountain Province Diamonds' 49% interest in the joint operation. As a result, De Beers will in future report
100% of Gahcho Kue mine production and sales rather than 51%. Whilst this does not impact global supply, this will result
in an increase in De Beers' reported attributable production.
Trading Performance
Rough diamond trading conditions showed signs of stability during the third quarter, reflecting a more balanced supply-
demand landscape and improved consumer demand across the US and India. Synthetic lab-grown diamonds continued
to affect demand for lower-value natural diamonds, adding pressure in more price-sensitive categories.
The YTD consolidated average realised price declined by 37% to $97/carat, as a result of an 18% decrease in the
average rough price index and the return to a more balanced sales mix (a higher proportion of higher value goods were
sold in the comparative period).
Rough diamond sales in Q3 2026 totalled 9.8 million carats (8.7 million carats on a consolidated basis)(1) from two Sights,
generating consolidated rough diamond sales revenue of $731 million. This compares with two Sights in Q3 2025 of 5.7 million carats
(4.6 million carats on a consolidated basis)(1), generating $700 million of consolidated rough diamond sales revenue.
2026 Guidance
Production(2) guidance for 2026 is revised to 25-28 million carats (100% basis) (previously 21-26 million carats),
reflecting De Beers assuming full ownership of the Gahcho Kue mine. De Beers continues to monitor rough diamond
trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 is revised to c.$70/carat(3) (previously c.$80/carat), reflecting the increased contribution
from Gahcho Kue, the impact of the Venetia production pause and ongoing cost control across all operations.
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. Gahcho Kue production will be
reported on a 100% basis from the Q4 2026 Production Report.
(3) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD.
Q3 Q2 Q1 Q4 Q3 Q3 2026 Q3 2026 YTD YTD YTD 2026
Diamonds(1) vs. vs. vs.
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 YTD 2025
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 2,978 2,789 2,232 - 3,151 (5)% 7% 7,999 7,259 10%
Orapa(2) 1,852 2,699 2,582 1,881 2,879 (36)% (31)% 7,133 5,994 19%
Total Botswana 4,830 5,488 4,814 1,881 6,030 (20)% (12)% 15,132 13,253 14%
Debmarine Namibia 366 370 354 286 303 21% (1)% 1,090 1,149 (5)%
Namdeb (land operations) 129 161 202 173 154 (16)% (20)% 492 474 4%
Total Namibia 495 531 556 459 457 8% (7)% 1,582 1,623 (3)%
Venetia 418 734 740 496 659 (37)% (43)% 1,892 1,734 9%
Total South Africa 418 734 740 496 659 (37)% (43)% 1,892 1,734 9%
Gahcho Kue (51% basis) 1,064 1,028 1,023 949 511 108% 4% 3,115 1,261 147%
Total Canada 1,064 1,028 1,023 949 511 108% 4% 3,115 1,261 147%
Total carats recovered 6,807 7,781 7,133 3,785 7,657 (11)% (13)% 21,721 17,871 22%
Total sales volume (100%) (000 carats)(3) 9,767 7,061 7,723 5,941 5,715 71% 38% 24,551 17,985 37%
Consolidated sales volume (000 carats)(3) 8,713 6,038 6,408 5,383 4,558 91% 44% 21,159 15,563 36%
Consolidated rough diamond sales value ($m)(4) 731 665 648 571 700 4% 10% 2,044 2,405 (15)%
Average price ($/ct)(5) 84 110 101 106 154 (45)% (24)% 97 155 (37)%
Average price index(6) 65 69 68 74 81 (20)% (6)% 67 82 (18)%
Number of Sights 2 3 2 3 2 7 7
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. Gahcho Kue production will be
reported on a 100% basis from the Q4 2026 Production Report.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance in March 2025, and
Damtshaa has been on care and maintenance since 2021.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from
Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock
rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
Steelmaking Coal
Steelmaking coal(1) (000 t) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Steelmaking coal 2,875 1,884 53% 2,032 41% 6,452 6,179 4%
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal coal
and includes production relating to third-party product purchased and processed at Anglo American's operations.
Steelmaking coal production increased by 53% to 2.9 million tonnes, primarily due to the ramp-up of longwall production
at Moranbah North following the incident in March 2025. Production at the Aquila underground and Capcoal open cut
operations was slightly higher than Q3 2025, while production at Dawson open cut operation was in line with the
comparative period.
Across the portfolio, the ratio of hard coking coal production to PCI/semi-soft coking coal was 80:20 during the quarter, in
line with Q3 2025 (81:19).
The YTD 2026 average realised price for hard coking coal was $207/tonne, compared to the benchmark price of
$241/tonne. This reflects a price realisation of 86% (YTD 2025: 88%) which is broadly in line with the comparative period.
As previously announced, Anglo American has entered into a definitive agreement to sell its remaining portfolio of
Steelmaking Coal assets in Australia to Dhilmar Limited, subject to relevant approvals, for up to $3.875 billion in cash, with
the transaction expected to complete by the first quarter of 2027.
Coal, by product (000 t)(1) Q3 Q2 Q1 Q4 Q3 Q3 2026 vs. Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 YTD 2025
Production volumes(2)(3)
Steelmaking coal 2,875 2,032 1,545 2,064 1,884 53% 41% 6,452 6,179 4%
Hard coking coal(2) 2,302 1,559 1,222 1,703 1,524 51% 48% 5,083 5,030 1%
PCI / SSCC 573 473 323 361 360 59% 21% 1,369 1,149 19%
Thermal coal 452 276 305 413 269 68% 64% 1,033 812 27%
Sales volumes(2)(3)
Steelmaking coal 2,913 1,923 1,471 2,231 1,816 60% 51% 6,307 5,653 12%
Hard coking coal(2) 2,444 1,409 1,238 1,761 1,498 63% 73% 5,091 4,503 13%
PCI / SSCC 469 514 233 470 318 47% (9)% 1,216 1,150 6%
Export thermal coal(3) 336 253 287 310 361 (7)% 33% 876 1,168 (25)%
Steelmaking coal, by operation Q3 Q2 Q1 Q4 Q3 Q3 2026 vs. Q3 2026 vs. YTD YTD YTD 2026 vs.
(000 t)(1) 2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 YTD 2025
Steelmaking coal(2)(3) 2,875 2,032 1,545 2,064 1,884 53% 41% 6,452 6,179 4%
Moranbah North(2) 1,119 459 195 173 177 532% 144% 1,773 845 110%
Grosvenor - - - - - n/a n/a - - n/a
Aquila (incl. Capcoal)(2) 1,034 1,060 1,071 1,338 970 7% (2)% 3,165 3,348 (5)%
Dawson 722 513 279 553 737 (2)% 41% 1,514 1,986 (24)%
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal. Export thermal coal sales excludes domestic thermal
coal sales of 0.1Mt in Q3 2026, 0.1Mt in Q2 2026 and 0.1Mt in Q1 2026.
Nickel
Nickel (tonnes) Q3 Q3 Q3 2026 vs. Q2 Q3 2026 vs. YTD YTD YTD 2026 vs.
2026 2025 Q3 2025 2026 Q2 2026 2026 2025 YTD 2025
Nickel 10,400 10,100 3% 9,100 14% 28,600 29,400 (3)%
Nickel production increased by 3% to 10,400 tonnes, benefiting from higher plant availability at Barro Alto as the planned
shutdown was brought forward to the second quarter in 2026.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG
Singapore Resources Pte. Ltd, and we continue to work through the European Commission's regulatory approval process.
Nickel (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2026 vs. Q3 2026 vs. YTD YTD YTD 2026
2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 vs. YTD 2025
Barro Alto
Ore mined 846,300 985,900 333,900 433,500 934,500 (9)% (14)% 2,166,100 2,259,000 (4)%
Ore processed 642,600 575,100 600,400 618,900 610,700 5% 12% 1,818,100 1,850,900 (2)%
Ore grade processed - %Ni 1.49 1.47 1.41 1.50 1.51 (1)% 1% 1.44 1.45 (1)%
Production 8,600 7,300 7,500 8,400 8,200 5% 18% 23,400 24,000 (3)%
Codemin
Ore mined 2,500 - - - - n/a n/a 2,500 1,400 79%
Ore processed 114,700 115,200 113,900 127,900 134,800 (15)% 0% 343,800 402,700 (15)%
Ore grade processed - %Ni 1.47 1.43 1.41 1.45 1.46 1% 3% 1.42 1.42 0%
Production 1,800 1,800 1,600 1,900 1,900 (5)% 0% 5,200 5,400 (4)%
Total nickel production 10,400 9,100 9,100 10,300 10,100 3% 14% 28,600 29,400 (3)%
Sales volumes 9,200 9,100 9,900 11,800 8,600 7% 1% 28,200 28,400 (1)%
Notes
- This Production Report for the third quarter ended 30 September 2026 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 16 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to
refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not
necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only,
and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled.
Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of
Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces
group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American
Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute
prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and
procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their
specific businesses.
Disclaimer: This document has been prepared by Anglo American plc ("Anglo American"). By reviewing this document
you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document,
in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this
document comes should inform themselves about, and observe, any such restrictions.
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.
No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability
assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of
Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or
otherwise) for any loss or damage of whatever nature, howsoever arising, from any use of, or reliance on, this material or
otherwise arising in connection with this material.
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 den Hollander
marcelo.esquivel@angloamerican.com emma.denhollander@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1452
Rebecca Meeson-Frizelle Wade Haggarty
rebecca.meeson-frizelle@angloamerican.com wade.haggarty@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1464
South Africa Nathan Morgan
Nevashnee Naicker nathan.morgan@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 2154
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 mineral endowments offers value-
accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand
growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how
we discover new resources to how we mine, process, move and market our products to our customers - safely, efficiently
and responsibly. Our Sustainability Strategy commits us to a series of stretching goals over different time horizons to
ensure we build trust as a corporate leader, contribute to a healthy environment and help create thriving communities.
We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural
resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a
whole. Anglo American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its
portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio optimisation, and
Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (De
Beers) continue to progress and, once completed, will focus Anglo American on its world-class resource asset base in
copper, premium iron ore and crop nutrients.
http://www.angloamerican.com
Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of historical fact included in
this document may be forward-looking statements, including, without limitation, those regarding Anglo American's
financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management
for future operations, prospects and projects (including development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers
and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance
related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations.
Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "aim", "project",
"anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. By their nature, such forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Anglo American or industry results to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future
business strategies and the environment in which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-
looking statements include, among others, levels of actual production during any period, levels of global demand and
product prices, unanticipated downturns in business relationships with customers or their purchases from Anglo
American, mineral resource exploration and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate
pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other
transactions, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third
parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme
weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment,
the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability
of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or
competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the
impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit,
liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions
and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements
and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures,
competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such
as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's
assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo
American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo
American's most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk
factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements
speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as
required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily
match or exceed its historical published earnings per share. Certain statistical and other information included in this
document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As
such it has not been independently verified and presents the views of those third parties, but may not necessarily
correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability
in respect of, such information.
No Investment Advice
This document has been prepared without reference to your particular investment objectives, financial situation, taxation
position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to
these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other
independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the
UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other
applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are used to assess our performance,
including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor
the Group's financial performance alongside IFRS measures to improve the comparability of information between
reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as
superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs
are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be
comparable with similarly titled measures and disclosures by other companies.
(c)Anglo American Services (UK) Ltd 2026. 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, and the Namibia Stock Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
20 October 2026
Date: 20/10/2026 08:02:16
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
