Q4 2025 Production Report
05 February, 2026
Anglo American plc
Production Report for the fourth quarter ended 31 December 2025
Duncan Wanblad, CEO of Anglo American, said: "We delivered another strong production quarter in our Copper and Premium Iron Ore businesses to end 2025, in line with our guidance. In the fourth quarter, we benefitted from higher copper grades and strong plant performance at Los Bronces, while Collahuasi reached its highest historical level of throughput, partly mitigating the impact from lower grade ore feed. In Premium Iron Ore, both Kumba and Minas-Rio continue to perform strongly.
"Looking ahead, we continue to focus on operational excellence and growth. For 2026, solid progress on mine development activities and strict cost control, coupled with the strong copper price environment, have allowed us to temporarily restart the second plant at Los Bronces. The additional plant delivers profitable production to partly mitigate the previously indicated lower production from Collahuasi in 2026. Copper production steps up from 2027, and our maiden 2028 guidance is expected to see our Chile operations produce over 125kt more copper than in 2025. We expect Quellaveco to continue being a highly cash generative operation with volumes around 300kt per year and is expected to reach the capital payback milestone in 2026, just four years post first production. Stability in the Premium Iron Ore operations sees guidance largely unchanged, albeit with a 4% upgrade to Minas-Rio's 2026 guidance reflecting expected strong operational performance.
"We are committed to seeing our portfolio transformation through to its conclusion. The formal sale process for Steelmaking Coal is progressing well, and we continue to ramp-up Moranbah North ahead of transitioning to normal longwall operations. In Nickel we continue to work through the regulatory process, and we are progressing the separation of De Beers.
"2025 has been a year of significant transformation and a defining moment in Anglo American's long history. We were delighted to receive Investment Canada Act approval in December for our merger with Teck, following overwhelming support from both companies' shareholders - a major milestone in our journey towards becoming Anglo Teck. We continue to secure key regulatory approvals for the transaction and we are advancing our integration plans, ensuring that once the transaction closes, we are ready to begin delivering the exceptional value that we have identified as a major global critical minerals champion."
Q4 2025 overview
| Production | Q4 2025 | Q4 2024 | % vs. Q4 2024 | 2025 | 2025 guidance | 2024 | % vs. FY 2024 |
|---|---|---|---|---|---|---|---|
| Simplified portfolio | |||||||
| Copper (kt)(1) | 170 | 198 | (14)% | 695 | 690-750 | 773 | (10)% |
| Premium iron ore (Mt)(2) | 15.1 | 14.3 | 6% | 60.8 | 58-62 | 60.8 | 0% |
| Manganese ore (kt)(3) | 909 | 742 | 22% | 2,975 | n/a | 2,288 | 30% |
| Exiting businesses | |||||||
| Diamonds (Mct)(4) | 3.8 | 5.8 | (35)% | 21.7 | 20-23 | 24.7 | (12)% |
| Steelmaking coal (Mt) | 2.1 | 2.4 | (15)% | 8.2 | n/a | 14.5 | (43)% |
| Nickel (kt) | 10.3 | 10.0 | 3% | 39.7 | n/a | 39.4 | 1% |
- Copper production was 169,500 tonnes, with higher production at Los Bronces as a result of higher grades and strong plant performance offset by lower grades at both Quellaveco and Collahuasi, resulting in a 14% decrease year-on-year.
- Premium iron ore production increased by 6% to 15.1 million tonnes, primarily due to higher production from Kumba.
- Manganese ore production increased by 22% to 908,500 tonnes, reflecting more normalised production levels following the temporary suspension caused by a tropical cyclone in Australia in March 2024.
- Rough diamond production decreased by 35% to 3.8 million carats, primarily driven by maintenance shutdowns at Jwaneng and Orapa as part of the production response to market conditions.
- Steelmaking coal production decreased by 15% to 2.1 million tonnes, primarily due to the sale of Jellinbah in November 20245 and lower production at Dawson due to wet weather and mine sequencing, partially offset by strong performance at the Aquila longwall operation.
- Nickel production increased by 3% to 10,300 tonnes, reflecting the benefit of higher grades and recoveries.
- All of our continuing businesses delivered their full year production guidance for 2025.
See next page for footnotes.
Production guidance for 2026 to 2028(1)
| 2026 | 2027 | 2028(new) | |
|---|---|---|---|
| Simplified portfolio | |||
| Copper(2) | 700–760 kt (previously 760-820 kt) |
750-810 kt (previously 760-820 kt) |
790-850 kt |
| Chile | 390–420 kt (previously 440-470 kt) |
450-480 kt | 500-530 kt |
| Peru | 310–340 kt (previously 320-350 kt) |
300-330 kt (previously 310-340 kt) |
290-320 kt |
| Premium Iron Ore(3) | 55–59 Mt (previously 54-58 Mt) |
59-63 Mt | 58-62 Mt |
| Kumba | 31–33 Mt | 35-37 Mt | 35-37 Mt |
| Minas-Rio | 24–26 Mt (previously 23-25 Mt) |
24-26 Mt | 23-25 Mt |
| Exiting businesses | |||
| Diamonds(4) | 21–26 Mct (previously 26-29 Mct) |
n/a | n/a |
(1) Production guidance is not provided for discontinued operations.
(2) On a contained metal basis. Production is subject to water availability. Refer to 'Guidance' section on pages 5-6 for further explanation.
(3) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Refer to 'Guidance' section on page 8 for further explanation.
(4) 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 in order to align output with prevailing demand. Refer to 'Guidance' section on page 11 for further explanation.
Footnotes to front page
(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 Kué joint operation which is on an attributable 51% basis.
(5) 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
| FY 2025 | FY 2024 | H2 2025 | H1 2025 | FY 2025 vs. FY 2024 | H2 2025 vs. H1 2025 | |
|---|---|---|---|---|---|---|
| Simplified portfolio | ||||||
| Copper (USc/lb)(1) | 475 | 416 | 514 | 436 | 14% | 18% |
| Copper Chile (USc/lb)(2) | 478 | 416 | 512 | 444 | 15% | 15% |
| Copper Peru (USc/lb) | 472 | 415 | 516 | 427 | 14% | 21% |
| Premium Iron Ore – FOB prices(3) | 93 | 89 | 97 | 89 | 4% | 9% |
| Kumba Export (US$/wmt)(4) | 95 | 92 | 99 | 91 | 3% | 9% |
| Minas-Rio (US$/wmt)(5) | 89 | 84 | 93 | 86 | 6% | 8% |
| Exiting businesses | ||||||
| Diamonds | ||||||
| Consolidated average realised price (US$/ct)(6) | 142 | 152 | 128 | 155 | (7)% | (17)% |
| Average price index(7) | 94 | 107 | 94 | 94 | (12)% | 0% |
| Steelmaking Coal – HCC (US$/t)(8) | 164 | 241 | 156 | 172 | (32)% | (9)% |
| Steelmaking Coal – PCI (US$/t)(8) | 135 | 177 | 139 | 132 | (24)% | 5% |
| Nickel (US$/lb)(9) | 6.18 | 6.82 | 6.08 | 6.28 | (9)% | (3)% |
(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 $96/t (FY 2024: $94/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 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, which excludes the effect of the stock rebalancing actions in 2025. The equivalent average price index including stock rebalancing actions would be 80 (FY 2024: 107). 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 FY 2025 decreased by 22% to $93/t (FY 2024: $119/t). H2 2025 was $92/t and H1 2025 was $95/t, representing a 3% decrease.
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Preliminary H2 financial update on FY2025 results
The Group expects to recognise charges within underlying EBITDA in the second half of 2025 relating to long-term rehabilitation provisions at Copper Chile that are currently estimated to be c.$0.2 billion.
Underlying EBITDA from De Beers is expected to be negative in 2025. Due to the Group profit mix for the business, and specifically the impact from De Beers losses, the Group underlying effective tax rate is expected to be above the 44-48% guidance range.
The Group is undertaking an impairment review of De Beers’ carrying value, assessing the impact of diamond market conditions, which could potentially lead to an impairment at the full year results.
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below.
- 16 December 2025 | Anglo American and Teck receive Government of Canada approval for merger of equals under Investment Canada Act
- 09 December 2025 | Anglo American and Teck shareholders approve merger of equals to form Anglo Teck
- 09 December 2025 | Anglo American shareholders approve merger of equals with Teck
- 21 November 2025 | Anglo American partners with UK’s Foreign, Commonwealth and Development Office to support inclusive growth in South Africa
- 10 November 2025 | Anglo American publishes shareholder circular for merger of equals with Teck
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