Press releases - 2025

Production Report for the third quarter ended 30 September 2025

Duncan Wanblad, CEO of Anglo American, said: "We've delivered another solid quarter in Copper and Iron Ore, tracking to our plans and we are well positioned to meet 2025 guidance, with the full year outlook increased at our Minas-Rio iron ore operation in Brazil. In Copper, strong operational momentum and higher grades at both Quellaveco and Los Bronces underpinned performance, offsetting the current lower production phase at Collahuasi which is expected to recover by the end of 2026. In Iron Ore, Kumba had another solid quarter, with sales benefiting from improved rail performance, while at Minas-Rio we are increasing 2025 production guidance to 23-25Mt on the back of strong operational performance and following the successful completion of the 5-yearly pipeline inspection.

“In Steelmaking Coal, we continue to make progress towards a safe and structured restart and ramp up at Moranbah North ahead of resuming normal operations. At Grosvenor, we received approval from the regulator in August for first stage re-entry, marking a significant milestone in the recovery journey. Preparations are under way to restart the formal sale process of the Steelmaking Coal business in the coming months.

"We made further progress with our portfolio simplification, successfully divesting our residual c.19.9% interest in Valterra Platinum, raising cash proceeds of c.$2.5 billion. We continue to work through the regulatory approvals for the Nickel transaction and, for De Beers, we are making good progress with the dual track separation and a structured sale process is currently under way.

"Looking ahead, and building on the substantial value we have already unlocked through our own portfolio transformation, our agreement¹ to merge with Teck represents our next major strategic step to accelerate value accretive growth, with the combined company forming a global critical minerals champion offering more than 70% copper exposure. Our recent agreement² with Codelco to implement a joint mine plan for the adjacent Los Bronces and Andina operations in Chile serves as another example of delivering compelling industrial synergies as a means to drive our copper growth ambitions."

Q3 2025 overview

• Copper production was broadly flat at 183,500 tonnes, reflecting strong plant performance coupled with higher grades at both Quellaveco and Los Bronces, offset by lower production at Collahuasi due to lower grades and copper recovery. Quarter-on-quarter, production is 6% higher, as a result of strong plant performance at Quellaveco and Los Bronces.
• Iron ore production decreased by 9% to 14.3 million tonnes, primarily due to the expected lower production from Minas-Rio as a result of the planned pipeline inspection in August, which was successfully completed ahead of schedule.
• Manganese ore production increased by 140% to 972,800 tonnes, reflecting more normalised production levels following the temporary suspension caused by a tropical cyclone in March 2024. Export sales reached normalised levels in August.
• Rough diamond production increased by 38% to 7.7 million carats, primarily driven by higher production from Jwaneng in Botswana, in anticipation of the extended plant maintenance downtime in the fourth quarter.
• Steelmaking coal production was 54% lower at 1.9 million tonnes, primarily due to the incident at Moranbah North in March 2025 and the sale of Jellinbah in November 2024⁷.
• Nickel production increased by 2% to 10,100 tonnes, reflecting the benefit of higher grades.
• Production and unit cost guidance for our continuing businesses remains unchanged for 2025, with the exception of Minas-Rio, where continued strong operational performance and the successful pipeline inspection have enabled an increase in guidance to 23-25 million tonnes (previously 22–24 million tonnes).

Production and unit cost guidance summary for 2025⁽¹⁾

^{(1) Production and unit cost guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties and depreciation and include direct support costs only. FX rates used for 2025 unit costs: c.950 CLP:USD, c.3.75 PEN:USD, c.5.75 BRL:USD, c.18.60 ZAR:USD. Subject to macro-economic factors.
(3) On a contained metal basis. Chile production is subject to water availability. Unit cost total reflects a weighted average using the mid-point of production guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Minas-Rio's production guidance is revised higher reflecting strong operational performance throughout the year and the successful pipeline inspection, which completed ahead of schedule in Q3 2025. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kué 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.}

Footnotes to front page

^{(1)The proposed merger is subject to Anglo American and Teck Resources shareholder approval, as well as customary completion and regulatory conditions.
(2)The transaction is subject to a number of conditions, including customary competition and regulatory approvals and implementation of the joint mine plan is subject to securing the relevant environmental permits.
(3)Contained metal basis.
(4)Wet basis.
(5)Anglo American’s 40% attributable share of saleable production.
(6)Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(7)Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed, did not accrue to Anglo American and have been excluded.}

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 ~1.5% moisture). The realised prices could differ to Kumba's stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $95/t (Q3 YTD 2024: $96/t), higher than the dry 62% Fe benchmark price of $85/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(6) Consolidated average realised price based on 100% selling value post-aggregation.
(7) Average of the De Beers price index for the Sights within the period. The De Beers price index is relative to 100 as at December 2006.
(8) Weighted average coal sales price achieved at managed operations. The average realised price for thermal coal by-product for Q3 YTD 2025 decreased by 21% to $93/t (Q3 YTD 2024: $118/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).}

Notes

• This Production Report for the third quarter ended 30 September 2025 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Please refer to page 16 for information on forward-looking statements.

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