Business
Anglo American Production Report Q4 2025
Anglo American plc reported its fourth quarter 2025 production, with copper output at 169,500 tonnes, down 14% year-on-year due to lower grades at Quellaveco and Collahuasi, though Los Bronces saw improved performance. Premium iron ore production rose 6% to 15.1 million tonnes, driven by Kumba. Manganese ore increased 22% to 908,500 tonnes, while rough diamond production fell 35% to 3.8 million carats due to maintenance. Steelmaking coal production decreased 15% to 2.1 million tonnes, impacted by the sale of Jellinbah. Nickel production was up 3% to 10,300 tonnes. The company revised its 2026 copper production guidance downwards to 700-760 kt and increased Minas-Rio's 2026 guidance to 24-26 Mt. The merger with Teck received Investment Canada Act approval, a significant milestone towards forming Anglo Teck. Preliminary financial updates indicate expected charges of approximately $0.2 billion for rehabilitation provisions at Copper Chile and negative underlying EBITDA for De Beers in 2025, with an ongoing impairment review for De Beers. Disclaimer*
About this update from Anglo American Plc
[{"type":"text","content":"\n\nClick on, or paste the following link into your web browser, to view the associated PDF document.\nhttp://www.rns-pdf.londonstockexchange.com/rns/7886R_1-2026-2-5.pdf\n\n5 February 2026\nAnglo American plc\nProduction Report for the fourth quarter ended 31 December 2025\nDuncan Wanblad, CEO of Anglo American, said: \"We delivered another strong production quarter in our Copper and Premium Iron Ore businesses to end 2025, in line with our guidance. In the fourth quarter, we benefitted from higher copper grades and strong plant performance at Los Bronces, while Collahuasi reached its highest historical level of throughput, partly mitigating the impact from lower grade ore feed. In Premium Iron Ore, both Kumba and Minas-Rio continue to perform strongly.\n\"Looking ahead, we continue to focus on operational excellence and growth. For 2026, solid progress on mine development activities and strict cost control, coupled with the strong copper price environment, have allowed us to temporarily restart the second plant at Los Bronces. The additional plant delivers profitable production to partly mitigate the previously indicated lower production from Collahuasi in 2026. Copper production steps up from 2027, and our maiden 2028 guidance is expected to see our Chile operations produce over 125kt more copper than in 2025. We expect Quellaveco to continue being a highly cash generative operation with volumes around 300kt per year and is expected to reach the capital payback milestone in 2026, just four years post first production. Stability in the Premium Iron Ore operations sees guidance largely unchanged, albeit with a 4% upgrade to Minas-Rio's 2026 guidance reflecting expected strong operational performance.\n\"We are committed to seeing our portfolio transformation through to its conclusion. The formal sale process for Steelmaking Coal is progressing well, and we continue to ramp-up Moranbah North ahead of transitioning to normal longwall operations. In Nickel we continue to work through the regulatory process, and we are progressing the separation of De Beers.\n\"2025 has been a year of significant transformation and a defining moment in Anglo American's long history. We were delighted to receive Investment Canada Act approval in December for our merger with Teck, following overwhelming support from both companies' shareholders - a m...