Anglo American (AAL) Status update summary

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.