Wrap Text
Production Report for the first quarter ended 31 March 2025
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
24 April 2025
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
Production Q1 2025 Q1 2024 % vs. Q1 2024
Simplified portfolio
Copper (kt)(1) 169 198 (15)%
Iron ore (Mt)(2) 15.4 15.1 2%
Manganese ore (kt) 317 784 (60)%
Exiting businesses
Platinum group metals (koz)(3) 696 834 (17)%
Steelmaking coal (Mt) 2.2 3.8 (41)%
Nickel (kt)(4) 9.8 9.5 3%
Diamonds (Mct)(5) 6.1 6.9 (11)%
- 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 Jellinbah(6), 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 Kue 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)
2025 production guidance 2025 unit cost guidance(2)
Simplified portfolio
Copper(3) 690-750 kt c.151 c/lb
Chile 380-410 kt c.185 c/lb
Peru 310-340 kt c.110 c/lb
Iron Ore(4) 57-61 Mt c.$36/tonne
Kumba 35-37 Mt c.$39/tonne
Minas-Rio 22-24 Mt c.$32/tonne
Exiting businesses Latest exit timelines
Platinum Group Metals - M&C(5) 3.0-3.4 Moz c.$970/PGM ounce
Own mined 2.1-2.3 Moz Demerger on track for 31 May
2025, subject to shareholder
POC 0.9-1.1 Moz approval
Platinum Group Metals - Refined(6) 3.0-3.4 Moz
Diamonds(7) 20-23 Mct c.$94/carat Dual track process ongoing for
divestment or demerger
Steelmaking Coal(8) 10-12 Mt c.$105/tonne Sale transaction expected to
complete by Q3 2025
Nickel(9) 37-39 kt c.505 c/lb Sale transaction expected to
complete by Q3 2025
(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 Kue 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.
Realised prices
Q1 2025 Q1 2024 Q1 2025 vs Q1 2024 FY 2024
Copper (USc/lb)(1) 444 395 12% 416
Copper Chile (USc/lb)(2) 458 396 16% 416
Copper Peru (USc/lb) 427 394 8% 415
Iron Ore - FOB prices(3) 96 83 16% 89
Kumba Export (US$/wmt)(4) 98 87 13% 92
Minas-Rio (US$/wmt)(5) 94 77 22% 84
Platinum Group Metals
Platinum (US$/oz)(6) 985 889 11% 955
Palladium (US$/oz)(6) 957 1,043 (8)% 1,003
Rhodium (US$/oz)(6) 4,556 4,563 0% 4,637
Basket price (US$/PGM oz)(7) 1,533 1,483 3% 1,468
Diamonds
Consolidated average realised price (US$/ct)(8) 124 201 (38)% 152
Average price index(9) 94 110 (15)% 107
Steelmaking Coal - HCC (US$/t)(10) 172 299 (42)% 241
Steelmaking Coal - PCI (US$/t)(10) 141 214 (34)% 177
Nickel (US$/lb)(11) 6.27 6.43 (2)% 6.82
(1) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales volumes.
(3) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.6% moisture). The realised prices could differ to Kumba's
stand-alone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $100/t (Q1 2024: $89/t),
higher than the dry 62% Fe benchmark price of $90/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Acu) (wet basis as product is shipped with ~9% moisture).
(6) Realised price excludes trading.
(7) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals sold (PGMs, base metals and other metals) excluding
trading and foreign exchange translation impacts, per PGM 5E + gold ounces sold (own mined and purchase of concentrate) excluding trading.
(8) Consolidated average realised price based on 100% selling value post-aggregation.
(9) Average of the De Beers price index for the Sights within the period. The De Beers price index is relative to 100 as at December 2006.
(10) Weighted average coal sales price achieved at managed operations. The average realised price for thermal coal by-product for Q1 2025 decreased by 19% to
$96/t (Q1 2024: $118/t). FY 2024 average realised price for thermal coal by-product was $119/t.
(11) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of reported financial impacts from portfolio simplification during 2025
Based on the progress of the divestments, we expect the Steelmaking Coal and Nickel business segments to be reported as
discontinued operations at the 2025 half year results, and the relevant assets and liabilities shown as held for sale. The demerger of
the PGMs business segment, which is subject to shareholder approval, is also expected to be reported as a discontinued operation, if
approved by shareholders on 30 April 2025.
A summary of the proceeds, taxes and transaction costs for those transactions that are expected to be completed this year, subject
to completion and relevant approvals, are detailed below:
Steelmaking Coal - proceeds of $870 million(1) have been received in January 2025 for the completed sale of our interest in Jellinbah.
For the remaining Steelmaking Coal assets, proceeds of $1.975 billion(2) (excluding the $75 million deposit already received upon
signing) are expected on completion by Q3 2025, with c.$0.2 billion of expected taxes and transaction costs.
Nickel - proceeds of $350 million(2) are expected on completion by Q3 2025, with negligible taxes and transaction costs expected.
PGMs - the demerger is expected to result in taxes and transaction costs of $0.4-0.5 billion in 2025 (excluding those to be incurred by
Anglo American Platinum).
Restructuring costs incurred in 2025 are expected to be c.$0.3 billion and are expected to be recognised as a 'Special item'.
(1) In line with the agreement, the initial cash consideration of $1,019 million was reduced by $149 million of cash dividends received in 2024
post agreement of the sale.
(2) Excludes the impact of any working capital adjustments.
For more information on Anglo American's announcements during the period, please find a link to our Press Releases below:
https://www.angloamerican.com/media/press-releases/2025
Copper
Copper(1) (tonnes) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Copper 168,900 198,100 (15)% 197,500 (14)%
Copper Chile 89,000 126,100 (29)% 107,300 (17)%
Copper Peru 79,900 72,000 11% 90,200 (11)%
(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper
production from the Platinum Group Metals business).
Copper production for the first quarter of 2025 was 168,900 tonnes, reflecting higher production from Quellaveco as a result of
higher grades, offset by planned lower production in Chile, primarily from Collahuasi.
Chile - Copper production of 89,000 tonnes was lower than the comparative period, reflecting the planned lower ore grade at
Collahuasi and planned lower throughput at Los Bronces.
Production from Los Bronces decreased by 11% to 43,400 tonnes, reflecting the benefit of higher grades (0.57% vs 0.47%) and
improved plant performance and recoveries, which helped to partially offset the impact of the smaller, more costly Los Bronces
plant, which was put on care and maintenance at the end of July 2024. The current mine phase of Los Bronces has lower grade and
harder ore characteristics, and we are making good progress in the development of the next phase of the mine, Donoso 2, which has
higher grade and softer ore. Development activities are under way and this phase is expected to be fully opened by early 2027.
At Collahuasi, Anglo American's attributable share of copper production decreased by 45% to 35,300 tonnes, reflecting the
anticipated lower ore grades (0.86% vs 1.20%) as well as lower copper recoveries associated with lower ore feed quality from
processing lower grade stockpiles. As previously disclosed, Collahuasi was expecting lower production in 2025 as the mine
transitions between different phases, with Q1 being the lowest planned quarter before improvements are expected through the
remainder of the year, with production weighted to the second half of the year.
Production from El Soldado decreased by 19% to 10,300 tonnes, reflecting lower throughput due to planned maintenance and
planned lower grades (0.92% vs 0.94%).
The average realised price for Copper Chile was 458 c/lb as compared to the average LME price of 424 c/lb, benefitting from
provisional pricing adjustments.
Peru - Quellaveco production increased by 11% to 79,900 tonnes, with the operation achieving a record first quarter performance,
primarily due to higher grades (0.80% vs 0.72%). In 2025, the mine is expected, as planned, to average similar grades as in 2024,
while the next phases are opened and developed, allowing for greater flexibility in the medium and long term. Optimising the coarse
particle recovery plant remains a priority for 2025, and continued recovery improvements are expected progressively throughout the year.
The average realised price for Copper Peru was 427 c/lb as compared to the average LME price of 424 c/lb.
2025 Guidance
Production guidance for 2025 is unchanged at 690,000-750,000 tonnes (Chile 380,000-410,000 tonnes; Peru 310,000-340,000
tonnes). 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 guidance for 2025 is unchanged at c.151 c/lb(1) (Chile c.185 c/lb(1); Peru c.110 c/lb(1)).
(1) The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum. FX rate assumption for 2025 unit costs of
c.950 CLP:USD for Chile and c.3.75 PEN:USD for Peru.
Copper(1) (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Total copper production 168,900 197,500 181,300 195,700 198,100 (15)% (14)%
Total copper sales volumes 173,300 204,800 173,200 213,600 177,300 (2)% (15)%
Copper Chile
Los Bronces mine(2)
Ore mined 9,398,500 9,372,900 9,462,100 12,688,000 11,974,700 (22)% 0%
Ore processed - Sulphide 7,578,400 8,178,700 7,944,900 10,566,600 10,330,300 (27)% (7)%
Ore grade processed -
Sulphide (% TCu)(3) 0.57 0.49 0.44 0.48 0.47 21% 16%
Production - Copper in concentrate 37,800 33,800 30,200 40,900 40,300 (6)% 12%
Production - Copper cathode 5,600 4,900 6,400 7,500 8,400 (33)% 14%
Total production 43,400 38,700 36,600 48,400 48,700 (11)% 12%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 9,136,400 14,801,500 12,803,800 10,336,300 10,472,200 (13)% (38)%
Ore processed - Sulphide 14,084,800 14,940,700 14,975,700 15,781,200 14,350,000 (2)% (6)%
Ore grade processed -
Sulphide (% TCu)(3) 0.86 1.14 1.20 1.08 1.20 (28)% (25)%
Anglo American's 44% share of copper
production for Collahuasi 35,300 56,100 64,700 60,300 64,700 (45)% (37)%
El Soldado mine(2)
Ore mined 1,495,400 2,315,600 2,255,700 1,805,600 1,857,400 (19)% (35)%
Ore processed - Sulphide 1,454,400 1,689,100 1,505,800 1,568,700 1,712,600 (15)% (14)%
Ore grade processed -
Sulphide (% TCu)(3) 0.92 0.94 0.95 0.94 0.94 (2)% (2)%
Production - Copper in concentrate 10,300 12,500 11,300 11,700 12,700 (19)% (18)%
Chagres smelter(2)
Ore smelted(4) 23,100 28,200 24,400 26,100 27,000 (14)% (18)%
Production 22,000 27,400 23,300 25,400 25,600 (14)% (20)%
Total copper production(5) 89,000 107,300 112,600 120,400 126,100 (29)% (17)%
Total payable copper production 85,400 103,000 108,000 115,700 121,300 (30)% (17)%
Total copper sales volumes 93,300 113,000 107,800 132,900 109,400 (15)% (17)%
Total payable sales volumes 89,500 108,100 103,400 127,600 105,200 (15)% (17)%
Third-party sales(6) 68,800 131,000 123,500 87,600 80,300 (14)% (47)%
Copper Peru
Quellaveco mine(7)
Ore mined 11,454,700 14,845,200 8,730,500 9,486,400 11,025,800 4% (23)%
Ore processed - Sulphide 12,465,200 12,865,300 12,431,300 12,397,000 12,206,700 2% (3)%
Ore grade processed -
Sulphide (% TCu)(3) 0.80 0.89 0.70 0.74 0.72 11% (10)%
Total copper production 79,900 90,200 68,700 75,300 72,000 11% (11)%
Total payable copper production 77,300 87,200 66,400 72,800 69,600 11% (11)%
Total copper sales volumes 80,000 91,800 65,400 80,700 67,900 18% (13)%
Total payable sales volumes 77,100 88,500 62,900 77,700 65,500 18% (13)%
(1) Excludes copper production from the Platinum Group Metals business.
(2) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American consolidates
these operations.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
(7) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Iron Ore
Iron Ore (000 t) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Iron Ore 15,445 15,143 2% 14,299 8%
Kumba(1) 8,990 9,275 (3)% 7,826 15%
Minas-Rio(2) 6,455 5,868 10% 6,473 0%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.6% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Iron ore production increased by 2% to 15 million tonnes, primarily driven by a strong first quarter performance from Minas-Rio.
Kumba - Total production of 9.0 million tonnes in the quarter reflects a flexible production approach to managing Sishen and
Kolomela as one integrated complex. Integrated production was set to enable on-mine stockpiles to be proactively drawn down,
with Sishen production 9% lower, largely offset by 12% higher production at Kolomela.
Total sales increased by 7% to 8.9 million tonnes(1), reflecting improved rail performance in the quarter and the equipment reliability
challenges experienced at Saldanha Bay Port in the comparative period.
Total finished stock was 7.8 million tonnes(1), higher than Q4 2024 (7.5 million tonnes)(1). Improved rail performance by Transnet
enabled a drawdown of stock at the mines to 6.2 million tonnes(1), with stock at the port at a more normalised level of 1.6 million tonnes(1).
Kumba's iron (Fe) content averaged 64.2% (Q1 2024: 64.2%), while the average lump:fines ratio was 68:32 (Q1 2024: 66:34).
The average realised price of $98/tonne(1) (FOB South Africa, wet basis) was 11% higher than the 62% Fe benchmark price of
$88/tonne(1) (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of premiums for higher iron
content and lump product.
Minas-Rio - Production increased by 10% to 6.5 million tonnes, a record first quarter performance. This result was underpinned by
improved mass recovery performance at the beneficiation plant, driven by reduced ore feed variability, higher iron ore content, and
greater operational stability due to fewer unplanned maintenance hours.
The average realised price of $94/tonne (FOB Brazil, wet basis) was 8% higher than the Metal Bulletin 65 price of $87/tonne (FOB
Brazil, adjusted for freight and moisture), benefitting from the premium for our high quality product, including higher (~67%) Fe
content and provisionally priced sales volumes.
2025 Guidance
Production guidance for 2025 is unchanged at 57-61 million tonnes (Kumba 35-37 million tonnes; Minas-Rio 22-24 million tonnes).
Kumba is subject to third-party rail and port availability and performance. Minas-Rio's production guidance reflects a pipeline
inspection (that occurs every five years) planned for Q3 2025.
Unit cost guidance for 2025 is unchanged at c.$36/tonne(2) (Kumba c.$39/tonne(2); Minas-Rio c.$32/tonne(2)).
(1) Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to sales to other
Group companies. At Q4 2024, total finished stock was 7.5 million tonnes, stock at the mines was 6.9 million tonnes and stock at the port was 0.5 million tonnes.
At Q1 2024, total finished stock was 8.6 million tonnes, stock at the mines was 6.9 million tonnes and stock at the port was 1.7 million tonnes.
(2) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD for Kumba and c.5.75 BRL:USD for Minas-Rio.
Iron Ore (000 t) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Iron Ore production(1) 15,445 14,299 15,746 15,580 15,143 2% 8%
Iron Ore sales(1) 14,564 16,223 15,181 16,508 12,997 12% (10)%
Kumba production 8,990 7,826 9,446 9,184 9,275 (3)% 15%
Sishen 5,955 5,687 6,767 6,644 6,563 (9)% 5%
Kolomela 3,035 2,139 2,679 2,540 2,712 12% 42%
Kumba sales volumes(2) 8,939 9,289 8,822 9,705 8,383 7% (4)%
Lump(2) 6,037 6,477 5,734 5,981 5,520 9% (7)%
Fines(2) 2,902 2,812 3,088 3,724 2,863 1% 3%
Minas-Rio production
Pellet feed 6,455 6,473 6,300 6,396 5,868 10% 0%
Minas-Rio sales volumes
Export - pellet feed 5,625 6,934 6,359 6,803 4,614 22% (19)%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio product is
shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to sales to other Group companies.
Platinum Group Metals (PGMs)
PGMs (000 oz)(1) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Metal in concentrate production 696 834 (17)% 876 (20)%
Own mined(2) 462 504 (8)% 588 (21)%
Purchase of concentrate (POC)(3) 234 330 (29)% 287 (18)%
Refined production(4) 437 628 (30)% 1,028 (57)%
(1) Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint operation production.
(3) Includes the other 50% of joint operation production, as well as the purchase of concentrate from third parties.
(4) Refined production excludes toll refined material.
Metal in concentrate production
Production for the quarter was affected by heavy rains and widespread flooding, primarily at Amandelbult, resulting in an 8%
decrease in own mined production to 462,000 ounces.
Production at Mogalakwena increased by 3% to 227,000 ounces, reflecting higher throughput at the concentrators and marginally
higher grades. Four Jameson cells were commissioned at the North Concentrator during the quarter as part of a mass pull and
recovery optimisation strategy. Once fully operational, this strategy is expected to produce a higher grade concentrate, enabling
reduced concentrate volumes and smelting requirements, while improving energy efficiency and reducing emissions.
Mototolo production increased by 7% to 66,200 ounces, reflecting the benefits of the new seven-day mining shift cycle implemented
in the second quarter of 2024.
Amandelbult was affected by heavy rains which caused widespread flooding in the region. The significant rainfall and subsequent
overflow of the nearby river systems resulted in the suspension of operations at the Tumela mine at the end of February. As a
consequence, production at Amandelbult decreased by 32% to 85,800 ounces. All operations at Amandelbult have since restarted,
with the exception of Tumela Lower, where de-watering activities were completed in mid-April and work has now shifted to
infrastructure repairs, and mining operations are expected to commence from mid-year and be fully ramped up in the third quarter.
Unki production decreased by 15% to 53,600 ounces mainly as a result of expected lower grades, and Modikwa's production
decreased by 11% to 29,400 ounces primarily due to lower concentrator plant recovery following the introduction of open pit
material during the quarter.
Purchase of concentrate decreased by 29% to 234,300 ounces, reflecting planned lower Kroondal volumes, which had transitioned
to a 4E tolling arrangement in September 2024, as well as lower receipts from third parties due to the heavy rainfall.
Refined production
Refined production decreased by 30% to 437,100 ounces, owing to the triennial stock count at the Precious Metals Refinery, the
transition of Kroondal volumes (~66,000 ounces) to a 4E tolling arrangement and lower M&C production. There was no Eskom load-
curtailment on the operations.
Sales
Sales volumes decreased by 30% to 493,700 ounces, in line with lower refined production.
The average realised basket price of $1,533/PGM ounce was 3% higher driven by an 11% higher platinum realised price, partially
offset by an 8% lower palladium realised price.
As previously announced, Anglo American is on track with the demerger of Anglo American Platinum Limited. 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.
2025 Guidance
Production guidance for 2025 for metal in concentrate(1) and refined production is unchanged at 3.0-3.4 million ounces. 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 guidance for 2025 is unchanged at c.$970/PGM ounce(2).
(1) Metal in concentrate (M&C) production by source is expected to be own mined of 2.1-2.3 million ounces and purchase of concentrate of 0.9-1.1 million ounces.
The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%.
(2) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
M&C PGMs production (000 oz)(1) 696.3 875.7 922.3 921.0 834.1 (17)% (20)%
Own mined 462.0 588.3 552.0 547.2 504.3 (8)% (21)%
Mogalakwena 227.0 283.5 217.8 232.6 219.5 3% (20)%
Amandelbult 85.8 136.9 158.2 157.6 127.1 (32)% (37)%
Mototolo 66.2 74.2 74.1 66.3 61.9 7% (11)%
Unki 53.6 60.3 62.2 54.7 62.8 (15)% (11)%
Modikwa - joint operation(2) 29.4 33.4 39.7 36.0 33.0 (11)% (12)%
Purchase of concentrate 234.3 287.4 370.3 373.8 329.8 (29)% (18)%
Modikwa - joint operation(2) 29.4 33.4 39.7 36.0 33.0 (11)% (12)%
Third parties(3) 204.9 254.0 330.6 337.8 296.8 (31)% (19)%
Refined PGMs production (000 oz)(1)(4) 437.1 1,027.9 1,106.9 1,153.5 628.0 (30)% (57)%
By metal:
Platinum 170.2 482.1 536.9 554.0 272.7 (38)% (65)%
Palladium 141.3 327.9 341.7 372.5 206.4 (32)% (57)%
Rhodium 27.6 67.8 70.2 70.8 39.6 (30)% (59)%
Other PGMs and gold 98.0 150.1 158.1 156.2 109.3 (10)% (35)%
Nickel (tonnes) 4,200 6,300 7,400 7,300 4,700 (11)% (33)%
Tolled material (000 oz)(3)(5) 208.2 182.8 153.8 132.9 160.2 30% 14%
PGMs sales from production (000 oz)(1) 493.7 1,002.0 1,102.2 1,266.1 707.5 (30)% (51)%
Third-party PGMs sales (000 oz)(1)(6) 2,528.5 2,476.5 1,973.7 2,092.4 1,200.1 111% 2%
4E head grade (g/t milled)(7) 2.91 3.34 3.22 3.17 3.05 (5)% (13)%
(1) M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. Anglo American Platinum purchases the
remaining 50% of production, which is presented under 'Purchase of concentrate'.
(3) Kroondal was a 50% joint operation until 1 November 2023. Upon the disposal of our 50% interest, Kroondal transitioned to a 100% third-party purchase of
concentrate arrangement, whereby 100% of production is presented under 'Purchase of concentrate: Third parties' until it transitioned to a toll arrangement.
As expected, from 1 September 2024, Kroondal transitioned to a 4E toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes, which is
presented under 'Tolled material'.
(4) Refined production excludes toll material.
(5) Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the tolling agreements in place.
(6) Relates to sales of metal not produced by Anglo American operations, and includes metal lending and borrowing activity.
(7) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.
De Beers - Diamonds
Diamonds(1) (000 carats) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Botswana 4,572 4,987 (8)% 4,244 8%
Namibia 631 633 0% 584 8%
South Africa 483 598 (19)% 550 (12)%
Canada 389 645 (40)% 456 (15)%
Total carats recovered 6,075 6,863 (11)% 5,834 4%
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production decreased by 11% to 6.1 million carats, reflecting the continued production response to the prolonged
period of lower demand.
In Botswana, production decreased by 8% to 4.6 million carats, as a result of the planned actions to lower production.
Production in Namibia is broadly unchanged, with planned actions to lower production at Debmarine Namibia offset by planned
mining of higher grade areas and better recoveries at Namdeb.
In South Africa, production decreased by 19% to 0.5 million carats, due to changes in shift configuration as well as the impact of the
heavy rainfall and flooding in January 2025 which temporarily restricted access to the mining operations.
Production in Canada decreased by 40% to 0.4 million carats due to planned treatment of lower grade ore.
Trading Performance
Consumer demand for diamond jewellery in the United States over the year-end holiday season was in line with expectations,
however, rough diamond demand in the first quarter remained subdued as the midstream continued its cautious approach to
restocking due to excess loose polished diamond inventory. While there were signs of loose polished diamond prices stabilising
towards the end of the quarter, lifting industry confidence, ongoing macroeconomic uncertainty, in particular the impact of US
tariffs, will likely result in continued cautious Sightholder purchases in the near term. We continue to manage the business to
preserve cash while maintaining underlying value.
Rough diamond sales from two Sights in Q1 2025 totalled 4.7 million carats (4.2 million carats on a consolidated basis)(1), generating
consolidated rough diamond sales revenue of $520 million. This compared with two Sights in Q1 2024 of 4.9 million carats (4.6
million carats on a consolidated basis)(1), generating consolidated rough diamond revenue of $925 million.
The consolidated average realised price decreased by 38% to $124/ct, reflecting the impact of a change in sales mix, stock
rebalancing, as well as a 15% decrease in the average rough price index.
2025 Guidance
Production guidance(2) for 2025 is unchanged at 20-23 million carats (100% basis). De Beers continues to monitor rough diamond
trading conditions and will respond accordingly.
Unit cost guidance for 2025 is unchanged at c.$94/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2025 unit costs of c.18.60 ZAR:USD.
Diamonds(1) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 2,249 1,002 1,402 1,881 2,494 (10)% 124%
Orapa(2) 2,323 3,242 2,592 2,829 2,493 (7)% (28)%
Total Botswana 4,572 4,244 3,994 4,710 4,987 (8)% 8%
Debmarine Namibia 461 395 298 427 505 (9)% 17%
Namdeb (land operations) 170 189 158 134 128 33% (10)%
Total Namibia 631 584 456 561 633 0% 8%
Venetia 483 550 513 505 598 (19)% (12)%
Total South Africa 483 550 513 505 598 (19)% (12)%
Gahcho Kue (51% basis) 389 456 603 673 645 (40)% (15)%
Total Canada 389 456 603 673 645 (40)% (15)%
Total carats recovered 6,075 5,834 5,566 6,449 6,863 (11)% 4%
Total sales volume (100%) (000 carats)(3) 4,715 4,647 2,077 7,819 4,869 (3)% 1%
Consolidated sales volume (000 carats)(3) 4,190 4,273 1,665 7,333 4,612 (9)% (2)%
Consolidated rough diamond sales value($m)(4) 520 543 213 1,039 925 (44)% (4)%
Average price ($/ct)(5) 124 127 128 142 201 (38)% (2)%
Average price index(6) 94 100 107 108 110 (15)% (6)%
Number of Sights 2 4(7) 1 3 2
(1) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Consolidated rough diamond sales value includes De Beers Group's 50% proportionate share of sales to entities outside De Beers Group from
Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value post-aggregation.
(6) Average of the De Beers price index for the Sights within the period. The De Beers price index is relative to 100 as at December 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling event due to challenging trading conditions.
Steelmaking Coal
Steelmaking Coal(1)(2) (000 t) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Steelmaking Coal 2,239 3,780 (41)% 2,424 (8)%
(1) Anglo American's attributable share of saleable production. Steelmaking coal production volumes may include some product sold as thermal coal and
includes production relating to third-party product purchased and processed at Anglo American's operations.
(2) 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.
Steelmaking coal production decreased by 41% to 2.2 million tonnes, primarily impacted by the suspension of mining at the
Grosvenor longwall operation following the underground fire in June 2024 and the sale of our minority interest in Jellinbah which
completed in January 2025. Excluding the impact of Grosvenor and Jellinbah, production increased by 11%, with higher production
from both the Dawson open cut mine and the Aquila underground mine. This was partially offset by lower production at Moranbah
due to difficult strata conditions and an extended ramp-up of the new longwall.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 78:22 during the quarter, broadly in line with Q1 2024 (77:23).
The average realised price for hard coking coal was $172/tonne, compared to the benchmark price of $185/tonne. This resulted in a
decrease in the price realisation to 93% (Q1 2024: 97%), reflecting a more normalised realisation compared to the comparative
period, which benefitted as a result of the timing of sales.
Significant work continues across the Grosvenor mine to enable the safe re-entry of people and equipment.
On 31 March, a small, contained ignition occurred in the goaf at Moranbah, resulting in the controlled and safe withdrawal of all
personnel to the surface. Initial re-entry to Moranbah was completed on 19 April 2025 following appropriate engagement. We
remain committed to working closely with the regulator and key stakeholders as we progress towards a structured restart to
longwall production once it is determined it is safe to do so.
As previously announced, Anglo American has entered into definitive agreements to sell the remaining portfolio of Steelmaking Coal
assets in Australia to Peabody Energy, subject to relevant approvals, with the transaction expected to complete by Q3 2025.
2025 Guidance
Production guidance for 2025 is unchanged at 10-12 million tonnes as we continue to assess potential impacts from the temporary
stoppage at Moranbah. Production guidance excludes Grosvenor as operations remain suspended. A walk-on/walk-off longwall move
at Aquila, that will have a minimal production impact, is planned for Q3 2025.
Unit cost guidance for 2025 is unchanged at c.$105/tonne(1).
(1) FX rate assumption for 2025 unit costs of c.1.60 AUD:USD.
Coal, by product (000 t)(1) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Production volumes
Steelmaking Coal(2)(3)(4) 2,239 2,424 4,102 4,238 3,780 (41)% (8)%
Hard coking coal(2) 1,757 1,561 3,019 3,321 2,921 (40)% 13%
PCI / SSCC 482 863 1,083 917 859 (44)% (44)%
Export thermal coal 244 396 249 142 324 (25)% (38)%
Sales volumes
Steelmaking Coal(2)(4) 1,631 2,580 3,921 4,105 3,827 (57)% (37)%
Hard coking coal(2) 1,315 1,846 3,027 3,212 2,974 (56)% (29)%
PCI / SSCC 316 734 894 893 853 (63)% (57)%
Export thermal coal 472 647 579 311 429 10% (27)%
Steelmaking coal, by operation (000 t)(1) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Steelmaking Coal(2)(3)(4) 2,239 2,424 4,102 4,238 3,780 (41)% (8)%
Moranbah(2) 532 176 1,117 923 561 (5)% 202%
Grosvenor - - 191 1,215 967 n/a n/a
Aquila (incl. Capcoal)(2) 1,086 1,096 1,068 626 977 11% (1)%
Dawson 621 845 928 647 487 28% (27)%
Jellinbah(4) - 307 798 827 788 n/a n/a
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold as thermal coal.
(4) 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.
Nickel
Nickel(1) (tonnes) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Nickel 9,800 9,500 3% 10,000 (2)%
(1) Excludes nickel production from the Platinum Group Metals business.
Production increased by 3% to 9,800 tonnes, reflecting operational stability at Barro Alto, despite lower grades.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG Singapore
Resources Pte. Ltd, subject to relevant approvals, with the transaction expected to complete by Q3 2025.
2025 Guidance
Production guidance for 2025 is unchanged at 37,000-39,000 tonnes.
Unit cost guidance for 2025 is unchanged at c.505 c/lb(1).
(1) FX rate assumption for 2025 unit costs of c.5.75 BRL:USD.
Nickel (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Barro Alto
Ore mined 515,000 254,500 1,166,800 1,275,400 319,200 61% 102%
Ore processed 640,300 604,000 617,700 616,800 636,500 1% 6%
Ore grade processed - %Ni 1.39 1.42 1.50 1.51 1.42 (2)% (2)%
Production 8,100 8,100 8,200 8,200 7,800 4% 0%
Codemin
Ore mined 1,400 200 - - - n/a 600%
Ore processed 129,200 146,400 140,800 139,700 136,300 (5)% (12)%
Ore grade processed - %Ni 1.37 1.42 1.42 1.45 1.43 (4)% (4)%
Production 1,700 1,900 1,700 1,800 1,700 0% (11)%
Total nickel production(1) 9,800 10,000 9,900 10,000 9,500 3% (2)%
Sales volumes 10,100 10,300 9,200 11,300 7,700 31% (2)%
(1) Excludes nickel production from the Platinum Group Metals business.
Manganese
Manganese (000 t) Q1 Q1 Q4
2025 2024 Q1 2025 vs. Q1 2024 2024 Q1 2025 vs. Q4 2024
Manganese ore(1) 317 784 (60)% 742 (57)%
(1) Anglo American's 40% attributable share of saleable production.
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 tropical cyclone Megan in March 2024. During 2024, operational recovery
focused on re-establishing critical services and undertaking a substantial de-watering programme which enabled a phased return to
mining activities in June 2024. These mining activities have enabled the operation to build-up sufficient stockpiles and finished
goods, resulting in the wash plant being paused for most of this quarter. Export sales are expected to resume and progressively
increase over the June quarter.
Manganese (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2025 vs. Q1 2025 vs.
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Samancor production
Manganese ore(1) 317,000 742,400 405,500 356,000 783,800 (60)% (57)%
Samancor sales volumes
Manganese ore 271,500 331,600 393,500 365,800 796,800 (66)% (18)%
(1) Anglo American's 40% attributable share of saleable production.
Exploration and evaluation
Exploration and evaluation expenditure in Q1 2025 decreased by 12% to $58 million compared to the same period last year.
Exploration expenditure decreased by 19% to $22 million, primarily due to planned lower spend. Evaluation expenditure decreased
by 8% to $36 million, primarily due to planned lower spend in Steelmaking Coal.
Notes
- This Production Report for the first quarter ended 31 March 2025 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 19 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to
either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a
particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how
the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant
licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local
grievance mechanisms. Anglo American produces Group-wide policies and procedures to ensure best uniform practices and
standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such
policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting
those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the
recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by
Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or
other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
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Marcelo Esquivel Emma Waterworth
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Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
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Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
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Nevashnee Naicker asanda.malimba@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8480
Tel: +27 (0)11 638 3189
Ernest Mulibana
ernest.mulibana@angloamerican.com
Tel: +27 82 263 7372
Notes:
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore and crop
nutrients - future-enabling products that are essential for decarbonising the global economy, improving living standards, and food
security. Our portfolio of world-class operations and outstanding resource endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover
new resources to how we mine, process, move and market our products to our customers - safely, efficiently and responsibly. Our
Sustainable Mining Plan commits us to a series of stretching goals over different time horizons to ensure we contribute to a healthy
environment, create thriving communities and build trust as a corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the
communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve
people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and
thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio simplification, and Growth. This portfolio
transformation will focus Anglo American on its world-class resource asset base in copper, premium iron ore and crop nutrients,
once the sale of our steelmaking coal and nickel businesses, the demerger of our PGMs business (Anglo American Platinum), and the
separation of our iconic diamond business (De Beers) have been completed.
http://www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other than statements of historical facts included in this
document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment
strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development
plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions)
and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions,
milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American
or industry results to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business
strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo
American's actual results, performance or achievements to differ materially from those in the forward-looking statements include,
among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in
business relationships with customers or their purchases from Anglo American, mineral resource exploration and project
development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents,
the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information
systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of
litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely
manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including
transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and
operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal
and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such
as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and
changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates,
conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual
Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be
placed on forward-looking statements.
These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or
undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE
Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other
applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any
change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any
such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or
exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from
third-party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently
verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and
Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.
(c)Anglo American Services (UK) Ltd 2025. AngloAmerican(TM) are trade marks of Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange,
the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
24 April 2025
Date: 24-04-2025 08:00:00
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