Anglo American (AAL) Status Update summary

Portfolio transformation and strategic progress

• Portfolio simplification advanced with the successful demerger of Valterra Platinum and ongoing sales of nickel and steelmaking coal businesses.

• Formal process for the sale of De Beers is progressing despite challenging diamond market conditions.

• Reorganisation and cost reduction programmes are on track, aiming for a higher margin, more cash generative business post-transition.

• Steelmaking coal and nickel segments expected to be reported as discontinued operations at the 2025 half year results.

• Leadership team streamlined to reflect portfolio changes and strategic focus.

Production and operational performance

• Copper production in Q2 2025 was 173,300 tonnes, down 11% year-on-year but up 3% quarter-on-quarter, with strong performance at Quellaveco and Los Bronces, and improvement at Collahuasi.

• Iron ore output rose 2% to 15.9 million tonnes, driven by Minas-Rio, with Kumba maintaining stable production.

• Manganese ore production surged 109% to 745,600 tonnes due to resumption of Australian operations post-cyclone.

• Rough diamond production fell 36% to 4.1 million carats, reflecting a response to lower demand, with Botswana and Canada seeing the largest declines.

• Steelmaking coal output dropped 51% to 2.1 million tonnes, impacted by operational suspensions and asset sales.

• Nickel production decreased 5% to 9,500 tonnes, in line with lower ore grades.

• Platinum Group Metals production fell 47% to 492,100 ounces, reflecting the demerger and operational suspensions.

Financial and cost guidance

• Production and unit cost guidance for 2025 remains unchanged for most businesses; copper unit cost guidance is stable overall, with lower Peru costs offset by higher Chile costs.

• Copper 2025 production guidance: 690,000–750,000 tonnes; iron ore: 57–61 million tonnes; diamonds: 20–23 million carats; steelmaking coal: 10–12 million tonnes; nickel: 37,000–39,000 tonnes.

• Unit cost guidance for 2025: copper c.151c/lb, iron ore c.$36/t, diamonds c.$94/ct, steelmaking coal c.$105/t, nickel c.505c/lb.

• H1 2025 average realised prices: copper Chile 444c/lb, copper Peru 427c/lb, iron ore Kumba $91/t, Minas-Rio $86/t, diamonds $155/ct, steelmaking coal $172/t, nickel $6.28/lb.

• Underlying effective tax rate for H1 2025 expected to be higher than 40–43% guidance due to profit mix.