Anglo American plc (AAL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning, everyone, and very warm welcome to Anglo-American's 2025 results presentation. Just a few words from me before I hand over to Duncan and John. Of course, first, as always, safety. It's our very first value and our number one priority. And we are making very, very good progress. We recorded our lowest ever total recordable injury frequency rate last year. But in spite of this great progress, we actually had two workplace fatalities last year. Tragic and, of course, unacceptable. Duncan will mention this and talk a little more about it in his presentation, but let me add that we cannot and will not rest until we are consistently achieving zero harm. So now, as many of you know, 2025 was a year of transformational progress at Anglo-American. We've executed major portfolio changes to unlock substantial value for our shareholders, and that has paved the way for what we now see as the next step in our journey and our strategic phase of value creation. And that is, of course, to form a global minerals champion in the shape of Anglo Tech, setting up exceptional investment exposure to copper in particular. Now, whilst offering compelling value, of course, through the exceptional synergies, both industrial and other, this combined entity will be set up also to create long-term value based on the many things that these two companies have done so well over so many years, focusing on safety and health, being responsible and inclusive, environmental stewardship and social progress for our many stakeholders. Our board looks very much forward to progressing this formidable combination towards completion once we have received the final outstanding approvals. Briefly on board changes, Anne Wade joined our board at the beginning of last year as a non-executive direc...