Press releases - 2025

Anglo American plc Production Report for the first quarter ended 31 March 2025

Duncan Wanblad, Chief Executive of Anglo American, said: "We have had a strong start to the year in Copper and Iron Ore, with both businesses performing in line with guidance. In Copper, Quellaveco and Los Bronces are both performing well, helping to offset the expected lower grades and variability in recoveries at Collahuasi. In Iron Ore, Kumba posted another solid quarter and increased iron ore sales as Transnet saw better rail logistics performance, and Minas-Rio had another excellent quarter. Our focus on operational excellence is delivering valuable stability to our simplified portfolio which provides a strong base for the rest of the year.

"We are making good progress with our portfolio simplification as we prepare to complete the transactions through which we will exit our PGMs, Steelmaking Coal and Nickel businesses. The demerger of Anglo American Platinum is expected to be effective from 31 May, subject to shareholder approval on 30 April. The sale of our Steelmaking Coal business to Peabody Energy and the sale of our Nickel business to MMG Singapore Resources continue to target completion by Q3 2025. In the first quarter we finalised a new long-term diamond sales agreement with the Government of Botswana and we continue to pursue a dual track process to divest our interest in De Beers, which we are committed to completing at the right time and when market conditions allow.

"2025 is undoubtedly a year of portfolio and organisational transition for Anglo American and we will emerge as a highly differentiated, sustainably higher margin and higher return on capital employed investment proposition, well positioned for our next phase of growth and value delivery. While the impact of tariffs on the global economy is uncertain in the short-term, we have conviction in the strong longer-term outlook for our products, which have scope to become even more important to the changing global economy in coming years. Our restructuring and cost savings programme remains on track, giving us confidence that we are well on our way to reshaping our business and embedding far greater resilience, both through the cycle and in the current volatile macro environment.

"Looking ahead, we are working at pace with Codelco to secure definitive agreements later this year to develop a joint mine plan for our respective Los Bronces and Andina copper mines - both world-class in their own right. We are also advancing our considerable pipeline of organic growth options, with the recent designation of our polymetallic Sakatti project in Finland as a 'Strategic Project' by the European Commission further increasing confidence in our growth path to 1 million tonnes of annual copper production."

Q1 2025 overview

• Copper production was 168,900 tonnes, reflecting higher production from Peru as a result of higher grades, offset by planned lower production in Chile, which resulted in a 15% decrease year-on-year.
• Iron ore production increased by 2% to 15.4 million tonnes, primarily driven by a strong first quarter performance from Minas-Rio.
• Manganese ore production decreased by 60% to 317,000 tonnes, primarily due to the ongoing temporary suspension of the Australian operations following the damage caused by a tropical cyclone in March 2024. Export sales are expected to resume in the June 2025 quarter.
• Production from our Platinum Group Metals (PGMs) operations decreased by 17% to 696,300 ounces, primarily reflecting planned lower purchase of concentrate volumes, as well as heavy rains and widespread flooding which impacted own mined production, primarily at Amandelbult.
• Steelmaking coal production was 41% lower at 2.2 million tonnes, primarily due to the underground fire at Grosvenor in June 2024. Excluding the impact of Grosvenor and Jellinbah⁶, production increased by 11%, reflecting higher production at the Dawson open cut mine and the Aquila underground mine.
• Nickel production increased by 3% to 9,800 tonnes, reflecting operational stability at Barro Alto.
• Rough diamond production decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged period of lower demand.

^{(1) Contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production from the Platinum Group Metals business).
(2) Wet basis.
(3) Produced ounces of metal in concentrate. 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined production and purchase of concentrate.
(4) Reflects nickel production from the Nickel operations in Brazil only (excludes 4.2kt of Q1 2025 nickel production from the Platinum Group Metals business).
(5) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
(6) Anglo American's attributable share of Jellinbah was 23.3%. Anglo American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and this transaction completed on 29 January 2025. Production and sale volumes from Jellinbah post 1 November 2024, after the sale was agreed, have been excluded from the Group's production report.}

Production and unit cost guidance summary for 2025⁽¹⁾

^{(1) Production and unit cost guidance does not reflect the impact of expected disposals/demergers.
(2) Unit costs exclude royalties and depreciation and include direct support costs only. FX rates used for 2025 unit costs: c.950 CLP:USD, c.3.75 PEN:USD, c.5.75 BRL:USD, c.18.60 ZAR:USD, c.1.60 AUD:USD. Subject to macro-economic factors.
(3) Copper business only. On a contained-metal basis. Chile production is subject to water availability, and is expected to be weighted to the second half of 2025 given the impact from lower grades in the first half from Collahuasi, particularly in Q1. Unit cost total is a weighted average based on the mid-point of production guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production is subject to third-party rail and port availability and performance. Minas-Rio production guidance reflects a pipeline inspection (that occurs every five years) planned for Q3 2025. Unit cost total is a weighted average based on the mid-point of production guidance.
(5) 5E + gold produced metal in concentrate (M&C) ounces. Includes own mined production and purchase of concentrate (POC) volumes. The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%. POC volumes will be lower than 2024 reflecting the impact of the Siyanda POC agreement transitioning to a 4E metals tolling arrangement expected in the first half of the year, as well as Kroondal having transitioned to a 4E metals tolling arrangement in September 2024. Production remains subject to the impact of Eskom load-curtailment. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. The demerger of Anglo American Platinum is on track. The shareholder circular has been published and, following an approved ordinary resolution from the Anglo American shareholders on 30 April, it is expected that the effective date for the demerger will be Saturday, 31 May 2025.
(6) Refined production excludes toll refined material. Production remains subject to the impact of Eskom load-curtailment.
(7) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. De Beers continues to monitor rough diamond trading conditions and will respond accordingly. Unit cost is based on De Beers’ proportionate consolidated share of costs and associated production.
(8) Production excludes thermal coal by-product. Production guidance excludes Grosvenor as operations remain suspended and remains unchanged as we continue to assess potential impacts from the temporary stoppage at Moranbah. A walk-on/walk-off longwall move at Aquila, that will have a minimal production impact, is planned for Q3 2025. Definitive agreements to sell the entirety of the Steelmaking Coal business were announced in November 2024. Anglo American has sold its interest in Jellinbah to Zashvin Pty Limited, and this transaction completed on 29 January 2025. The remaining Steelmaking Coal portfolio will be sold to Peabody Energy, subject to relevant approvals, and this transaction is expected to complete by the third quarter of 2025. Steelmaking Coal FOB/tonne unit cost comprises managed operations and excludes royalties.
(9) Nickel operations in Brazil only. The Group also produces approximately 20kt of nickel on an annual basis from the PGM operations. A definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd was announced in February 2025, subject to relevant approvals, with the transaction expected to complete by the third quarter of 2025.}

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