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Anglo American
Anglo American (AAL) investor relations material
Anglo American Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status update summary5 Feb, 2026
Operational performance and production
Copper production for 2025 was 695,200 tonnes, down 10% year-on-year, with Q4 output at 169,500 tonnes, reflecting lower grades at Quellaveco and Collahuasi, but higher grades and plant performance at Los Bronces.
Premium iron ore production reached 60.8 million tonnes in 2025, flat year-on-year, with Q4 up 6% due to higher Kumba output; Minas-Rio maintained stable performance.
Manganese ore production rose 30% to 2,975,300 tonnes in 2025, rebounding from cyclone-related disruptions in 2024.
Diamond production fell 12% to 21.7 million carats in 2025, with Q4 output down 35% due to maintenance shutdowns and market-driven adjustments.
Steelmaking coal output dropped 43% to 8.2 million tonnes in 2025, mainly due to the Jellinbah sale and lower Dawson production.
Guidance updates and outlook
2026 copper production guidance revised to 700,000–760,000 tonnes (from 760,000–820,000), reflecting lower Collahuasi grades, partially offset by a temporary second plant restart at Los Bronces.
Premium iron ore 2026 guidance raised to 55–59 million tonnes, with Minas-Rio upgraded to 24–26 million tonnes on strong operational performance.
Diamond production guidance for 2026 cut to 21–26 million carats (from 26–29 million) due to challenging market conditions.
Copper production expected to step up from 2027, with 2028 Chile operations guidance over 125kt higher than 2025.
Quellaveco is expected to maintain ~300kt annual copper output and reach capital payback in 2026.
Pricing and financials
Realised copper prices rose 14% to 475 USc/lb in 2025, with Chile and Peru both benefiting from provisional pricing.
Premium iron ore prices averaged $93/t, up 4% year-on-year, with Kumba and Minas-Rio both achieving premiums over benchmarks.
Diamond average realised price declined 7% to $142/ct, reflecting a weaker price index and stock rebalancing.
Steelmaking coal prices fell 32% to $164/t for hard coking coal, with price realisation at 87% of benchmark.
Underlying EBITDA from De Beers is expected to be negative for 2025, with a potential impairment review underway.
Post-merger value delivery strategy?
De Beers' impairment and separation timeline?
Copper Chile production mitigation strategy?
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Next Anglo American earnings date
H2 202519 Feb, 2026
Anglo American
Next Anglo American earnings date
H2 202519 Feb, 2026
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Frequently asked questions
Anglo American plc is a multinational mining company engaged in the exploration and extraction of commodities including diamonds, copper, platinum group metals, and iron ore. It operates mining operations in Africa, South America, and Australia. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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