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

• 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.

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.

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Source: Anglo American