Press releases - 2025

Production Report for the fourth quarter ended 31 December 2024

Duncan Wanblad, Chief Executive of Anglo American, said: "All of our businesses delivered their full year production guidance following another solid operational performance in the fourth quarter. At our Copper operations, Quellaveco delivered its strongest quarter of the year, and the reshaped Los Bronces mine continues to perform well. Our Minas-Rio iron ore operation in Brazil produced a record 25 million tonnes for the year. 

"Our forward production guidance is unchanged in copper with growth in 2026 driven by higher grades in Chile, with this production level then maintained in 2027. We continue to set up the Copper business for growth in subsequent years with the resumption of the smaller plant at Los Bronces and through debottlenecking at Collahuasi. Iron ore guidance is unchanged except for the impact of the tie in of the previously announced UHDMS project at Kumba in 2026. At De Beers, difficult rough diamond trading conditions mean that we have reduced production guidance in 2025 and 2026 to reflect our focus on value, working capital efficiency and cash generation.

"We are making excellent progress with our portfolio simplification. In November we announced agreements to sell our Steelmaking Coal business for up to $4.9 billion in aggregate gross cash proceeds, with the Peabody transaction expected to complete by the third quarter of 2025. We also completed a second bookbuild offering of our Anglo American Platinum ("AAP") shares, which in combination with the prior placing generated c.$0.9bn. This has increased the free float of AAP by more than 50%, helping to mitigate flowback when we demerge the business, expected by the middle of 2025. The sales process of our Nickel business is well progressed and we continue to prepare the De Beers business for separation.

"Our focus on operational excellence is bringing far greater efficiency, underpinning our solid production performance in 2024. We are simplifying our portfolio at pace to focus on copper, premium iron ore and crop nutrients, offering a highly attractive and differentiated investment proposition with a structurally lower cost base. This higher margin and more cash generative Anglo American will offer greater resilience through the cycle and possesses outstanding value-accretive growth optionality in each of our businesses."

Q4 2024 highlights

• Copper production increased by 9% quarter-on-quarter, with Quellaveco achieving its strongest quarter of the year. Production is 14% lower compared to the same quarter of 2023, primarily due to the planned shut down of the smaller and more costly Los Bronces plant and anticipated lower grades at Collahuasi.
• Iron ore production increased by 4% largely due to Kumba's production in the comparative period being reduced to align with third-party logistics constraints. Minas-Rio production was broadly flat year-on-year despite significantly higher rainfall levels in the quarter, and the operation achieved its strongest quarter of the year, reflecting enhanced operational stability. In December, we also announced the completion of the Serpentina transaction with Vale, providing significant growth and synergy options for Minas-Rio.
• Production from our Platinum Group Metals (PGMs) operations decreased by 6%, primarily reflecting expected lower purchase of concentrate (POC) volumes, as a result of lower Kroondal volumes following its transition from 100% POC to a 4E tolling arrangement effective 1 September 2024.
• Steelmaking coal production was 49% lower primarily due to the underground fire at Grosvenor in June 2024, planned lower production from Moranbah due to the longwall move, and the sale of Jellinbah⁸, as the benefits of production from 1 November 2024 no longer accrued to Anglo American.
• Nickel production decreased by 10% due to planned lower grades. On a quarter-on-quarter basis, production was flat.
• Rough diamond production decreased by 26%, reflecting the proactive production response to the prolonged period of lower demand, higher than normal levels of inventory in the midstream and a continued focus on working capital.

^{(1) Refined PGMs and Nickel met the higher guidance revision from Q3, after strong operational performance. Diamond and Steelmaking coal production met the revised lower guidance - diamond production guidance was revised lower by c.6Mct during the year in response to the diamond market trading conditions, this revision was not reflective of the operations, and the production guidance for Steelmaking Coal was revised lower to exclude Grosvenor, which was suspended following an underground fire in June.
(2) Contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production from the Platinum Group Metals business).
(3) Wet basis
(4) Produced ounces of metal in concentrate. 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined production and purchase of concentrate.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(6) Steelmaking coal production guidance for 2024 includes our attributable share of Jellinbah's production for 12 months.
(7) Reflects nickel production from the Nickel operations in Brazil only (excludes 6.3 kt of Q4 2024 nickel production from the Platinum Group Metals business).
(8) Anglo American's attributable share of Jellinbah is 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, have been excluded from the Group's production report. Jellinbah production in November and December 2024 (not disclosed within the reported numbers) was 0.6Mt.}

Production guidance for 2025 to 2027

^{(1) Copper business only. On a contained-metal basis. In 2025, production is impacted by lower grades at most operations in Chile and from the smaller Los Bronces processing plant being on care and maintenance. . In 2026, production benefits from improved grades at Collahuasi in Chile and higher plant throughput in Peru. In 2027, production benefits from higher grades at Los Bronces and higher throughput at Collahuasi in Chile, partially offset by slightly lower production in Peru due to planned plant maintenance, including mills and conveyors. 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, particularly in Q1 at Collahuasi.
(2) Wet basis. In 2025, Minas-Rio production reflects a pipeline inspection (that occurs every five years), planned for the second half of the year. In 2026, Kumba production has been revised lower by c.4Mt due to tie in activities required for the ultra-high-dense-media-separation (UHDMS) project which was announced by Kumba in August 2024. Kumba production is subject to third-party rail and port availability and performance.
(3) 5E + gold produced metal in concentrate (M&C) ounces. Includes own mined production and purchase of concentrate (POC) volumes. The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%. In 2025, POC volumes will be lower than 2024 reflecting the impact of the Siyanda POC agreement transitioning to a 4E metals tolling arrangement early in the year, as well as Kroondal having transitioned to a 4E metals tolling arrangement in September 2024. In 2027, own mined production benefits from higher grades at Mogalakwena, Dishaba projects coming online at Amandelbult and the steady ramp-up of Der Brochen, while POC is impacted by anticipated lower third-party receipts. Production remains subject to the impact of Eskom load-curtailment.
(4) Refined production excludes toll refined material. Production remains subject to the impact of Eskom load-curtailment. Refined production is usually lower in the first quarter than the rest of the year due to the annual stock count and planned processing maintenance.
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. Production has been revised lower for 2025 and 2026 reflecting the challenging rough diamond trading conditions. De Beers continues to monitor rough diamond trading conditions and will respond accordingly.
(6) Production excludes thermal coal by-product. Production guidance in 2025 excludes Grosvenor (~4Mt) given the operation remains suspended following an underground fire in June 2024, and production from Jellinbah. 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. The remaining Steelmaking Coal portfolio will be sold to Peabody Energy, subject to relevant approvals, and this transaction is expected to complete by the third quarter of 2025. Production guidance remains subject to the completion of the agreed sale and guidance from 2026 onwards has been removed as the assets are anticipated to be under new ownership at that stage. There are no planned longwall moves at Moranbah in 2025. A walk-on/walk-off longwall move at Aquila, that will have a minimal production impact is planned for late Q3 2025.
(7) Nickel operations in Brazil only. The Group also produces approximately 20kt of nickel on an annual basis from the PGM operations. Production guidance in 2025 and 2026 has been revised higher reflecting the benefit of strong operational performance and process stability demonstrated in 2024. In 2027, production is impacted by lower grades.}

Realised prices

^{(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 ~1.6% moisture). The realised prices could differ to Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $94/t (FY 2023: $119/t), higher than the dry 62% Fe benchmark price of $91/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(6) Realised price excludes trading.
(7) 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.
(8) Consolidated average realised price based on 100% selling value post-aggregation.
(9)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.
(10) Weighted average coal sales price achieved at managed operations. The average realised price for thermal coal by-product for FY 2024 decreased by 18% to $119/t (FY 2023: $145/t). H2 2024 was $121/t and H1 2024 was $117/t, representing a 3% increase.
(11)Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).}

Notes

• This Production Report for the fourth quarter ended 31 December 2024 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Copper equivalent production shows changes in underlying production volume, and includes the equity share of De Beers’ production. It is calculated by expressing each product’s volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order that period-on-period comparisons exclude any impact for movements in price.
• 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.

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