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Q1 2026 Production Report

28 April, 2026

Anglo American plc Production Report for the first quarter ended 31 March 2026

Duncan Wanblad, CEO of Anglo American, said: "We've delivered a strong start to the year across both Copper and Premium Iron Ore, tracking well to our mine plans. In Copper, the reopening of the second plant at Los Bronces has provided incremental profitable production, Collahuasi continues to progress towards higher grade ore later this year and Quellaveco's recoveries improved, helping to partially offset the expected lower grades through the first half. In Premium Iron Ore, Kumba and Minas-Rio once again delivered stable operational performances. While the conflict in the Middle East is creating considerable volatility in the broader market, our resilient supply chain is currently supporting business continuity, and we are actively managing the situation to address potential adverse effects, including cost inflation.

"We are continuing to execute our portfolio optimisation. We have resumed normal operations at Moranbah North and the sale process for Steelmaking Coal is progressing well, with expectations for a sale to be agreed in the second quarter of 2026. We are progressing the sale process for De Beers and continue to assess further cost and capital preservation measures to minimise the impact from challenging diamond markets. In Nickel, we are working through the European Commission's anti-trust approval process.

"Our merger with Teck, to form a copper-focused global critical minerals champion, is on track for an expected September 2026 to March 2027 close. We were pleased to receive regulatory approval from South Korea in the quarter, with anti-trust approval from China now the final outstanding regulatory milestone, alongside other customary closing conditions. Although we both continue to operate separately until closing, the integration planning is progressing well, ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and expected synergies that we have identified."

Q1 2026 overview

Production Q1 2026 Q1 2025 % vs. Q1 2025
Simplified portfolio


Copper (kt)(1) 170 169 1%
Premium iron ore (Mt)(2) 15.2 15.4 (2)%
Manganese ore (kt)(3) 759 348 118%
Exiting businesses


Diamonds (Mct)(4) 7.1 6.1 17%
Steelmaking coal (Mt) 1.5 2.2 (31)%
Nickel (Kt) 9.1 9.8 (7)%
  • Copper production increased by 1% to 170,400 tonnes, primarily due to higher production at Los Bronces and Collahuasi as a result of higher throughput, partially offset by anticipated lower grades at Quellaveco.
  • Premium iron ore production was 15.2 million tonnes, with slightly lower production from Kumba and Minas-Rio, resulting in a 2% decrease.
  • Manganese ore production increased by 118% to 759,100 tonnes, reflecting increased production levels following the temporary suspension caused by a tropical cyclone in Australia in March 2024.
  • Rough diamond production increased by 17% to 7.1 million carats, primarily driven by planned ore release from Gahcho Kué and higher volumes from Venetia underground.
  • Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily due to lower production from Moranbah North following the incident in March 2025 and significant weather impacts at Dawson.
  • Nickel production decreased by 7% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
  • Production and unit cost guidance for our continuing businesses remains unchanged for 2026.

(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.

Production and unit cost guidance for 2026(1)

  2026 production guidance 2026 unit cost guidance(2)
Simplified portfolio    
Copper(3) 700–760 kt c.172 c/lb
Chile 390–420 kt c.230 c/lb
Peru 310–340 kt c.100 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) 21–26 Mct 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.860 CLP:USD, c.3.2 PEN:USD, c.5.3 BRL:USD, c.16.00 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 and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production will be weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned 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. 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.

Notes

  • This Production Report for the first quarter ended 31 March 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.

View full PDF of this press release (PDF, 307 KB, opens in a new window)

View Anglo American Q1 Production Tables (XLS, 236 KB, 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 Michelle West-Russell
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
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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