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Q3 2026 Production Report

20 October, 2026

Anglo American Plc 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).

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
(previously 21-26 Mct)
c.$70/carat
(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 Kué joint operation which is on an attributable 51% basis. Gahcho Kué 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.

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. Gahcho Kué production will be reported on a 100% basis from the Q4 2026 Production Report.

Realised prices


Q3 YTD 2026 Q3 YTD 2025 Q3 YTD 2026 vs 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 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 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).

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.

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View Anglo American Q3 2026 Production Tables (XLS, 241KB, opens in a new window)


For further information, please contact:

Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Emma den Hollander
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1452
Rebecca Meeson-Frizelle Wade Haggarty
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1464
Nathan Morgan
Email: [email protected]
Tel: +44 (0)20 7968 2154
South Africa
Nevashnee Naicker  
Email: [email protected]  
Tel: +27 (0)11 638 3189  
Ernest Mulibana
Email: [email protected]
Tel: +27 (0)82 263 7372

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.

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.

©Anglo American Services (UK) Ltd 2026.  ™ and ™ are trademarks of Anglo American Services (UK) Ltd.

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