Anglo American (AAL) Status Update summary

Operational performance and production guidance

• Copper and iron ore operations delivered solid results, with copper production up 1% year-on-year and iron ore down 9% due to planned maintenance at Minas-Rio.

• Minas-Rio iron ore production guidance for 2025 increased to 23-25Mt, reflecting strong operational performance and early completion of pipeline inspection.

• Manganese ore production rebounded 140% year-on-year after cyclone-related disruptions, while diamond production rose 38% due to higher output in Botswana.

• Steelmaking coal output fell 54% following the Moranbah North incident and asset sales; nickel production rose 2% on higher grades.

• Production and unit cost guidance for 2025 remains unchanged except for Minas-Rio, which was revised upward.

Financial and trading update

• Realised copper prices increased 6-7% year-on-year, while iron ore prices were stable; diamond prices fell 3% and steelmaking coal prices dropped 29-36%.

• Rough diamond sales volumes and revenues surged due to stock rebalancing, but average realised prices declined.

• Steelmaking coal price realisation decreased to 88% of benchmark, reflecting more normalised sales timing.

Strategic and portfolio developments

• Progress made on portfolio simplification, including divestment of Valterra Platinum and ongoing regulatory processes for nickel and De Beers transactions.

• Agreement to merge with Teck aims to create a global critical minerals leader with over 70% copper exposure.

• Joint mine plan with Codelco for Los Bronces and Andina expected to unlock significant value and synergies.