Wrap Text
Production Report for the first quarter ended 31 March 2026
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: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
28 April 2026
Production Report for the first quarter ended 31 March 2026
Duncan Wanblad, CEO of Anglo American, said: "We've delivered a strong start to the year across both Copper and
Premium Iron Ore, tracking well to our mine plans. In Copper, the reopening of the second plant at Los Bronces has
provided incremental profitable production, Collahuasi continues to progress towards higher grade ore later this year
and Quellaveco's recoveries improved, helping to partially offset the expected lower grades through the first half. In
Premium Iron Ore, Kumba and Minas-Rio once again delivered stable operational performances. While the conflict in the
Middle East is creating considerable volatility in the broader market, our resilient supply chain is currently supporting
business continuity, and we are actively managing the situation to address potential adverse effects, including cost
inflation.
"We are continuing to execute our portfolio optimisation. We have resumed normal operations at Moranbah North and
the sale process for Steelmaking Coal is progressing well, with expectations for a sale to be agreed in the second quarter
of 2026. We are progressing the sale process for De Beers and continue to assess further cost and capital preservation
measures to minimise the impact from challenging diamond markets. In Nickel, we are working through the European
Commission's anti-trust approval process.
"Our merger with Teck, to form a copper-focused global critical minerals champion, is on track for an expected
September 2026 to March 2027 close. We were pleased to receive regulatory approval from South Korea in the quarter,
with anti-trust approval from China now the final outstanding regulatory milestone, alongside other customary closing
conditions. Although we both continue to operate separately until closing, the integration planning is progressing well,
ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and
expected synergies that we have identified."
Q1 2026 overview
Production Q1 2026 Q1 2025 % vs. Q1 2025
Simplified portfolio
Copper (kt)(1) 170 169 1%
Premium iron ore (Mt)(2) 15.2 15.4 (2)%
Manganese ore (kt)(3) 759 348 118%
Exiting businesses
Diamonds (Mct)(4) 7.1 6.1 17%
Steelmaking coal (Mt) 1.5 2.2 (31)%
Nickel (kt) 9.1 9.8 (7)%
- Copper production increased by 1% to 170,400 tonnes, primarily due to higher production at Los Bronces and
Collahuasi as a result of higher throughput, partially offset by anticipated lower grades at Quellaveco.
- Premium iron ore production was 15.2 million tonnes, with slightly lower production from Kumba and Minas-Rio,
resulting in a 2% decrease.
- Manganese ore production increased by 118% to 759,100 tonnes, reflecting increased production levels following the
temporary suspension caused by a tropical cyclone in Australia in March 2024.
- Rough diamond production increased by 17% to 7.1 million carats, primarily driven by planned ore release from
Gahcho Kue and higher volumes from Venetia underground.
- Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily due to lower production from Moranbah
North following the incident in March 2025 and significant weather impacts at Dawson.
- Nickel production decreased by 7% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
- Production and unit cost guidance for our continuing businesses remains unchanged for 2026.
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American's 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
Production and unit cost guidance for 2026(1)
2026 production guidance 2026 unit cost guidance(2)
Simplified portfolio
Copper(3) 700-760 kt c.172 c/lb
Chile 390-420 kt c.230 c/lb
Peru 310-340 kt c.100 c/lb
Premium Iron Ore(4) 55-59 Mt c.$41/tonne
Kumba 31-33 Mt c.$45/tonne
Minas-Rio 24-26 Mt c.$36/tonne
Exiting businesses
Diamonds(5) 21-26 Mct c.$80/carat
(1) Production guidance is not provided for discontinued operations.
(2) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2026 unit costs: c.860 CLP:USD, c.3.2 PEN:USD,
c.5.3 BRL:USD, c.16.00 ZAR:USD.
(3) On a contained metal basis. Copper Chile production continues to be weighted to the second half of 2026 and is subject to water availability.
Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile. Unit cost total reflects a weighted
average using the mid-point of production guidance. The copper unit costs are impacted by FX rates and pricing of by-products, such as molybdenum.
(4) Wet basis. Kumba production will be weighted to the first half of 2026 reflecting the tie-in of the UHDMS project which is planned in the second half
of the year, with sales not expected to be impacted owing to the planned drawdown of finished stock. Kumba guidance is subject to third-party rail
and port availability and performance. Unit cost total reflects a weighted average using the mid-point of production guidance.
(5) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis. De Beers continues to monitor rough
diamond trading conditions in order to align output with prevailing demand. Unit cost is based on De Beers' proportionate consolidated share of
costs and associated production.
Realised prices
Q1 2026 Q1 2025 Q1 2026 vs. Q1 2025 FY 2025
Simplified portfolio
Copper (USc/lb)(1) 572 444 29% 475
Copper Chile (USc/lb)(2) 579 458 26% 478
Copper Peru (USc/lb) 563 427 32% 472
Premium iron ore - FOB prices(3) 91 96 (5)% 93
Kumba Export (US$/wmt)(4) 93 98 (5)% 95
Minas-Rio (US$/wmt)(5) 89 94 (5)% 89
Exiting businesses
Diamonds
Consolidated average realised price (US$/ct)(6) 101 124 (19)% 142
Average price index(7) 68 82 (17)% 80
Steelmaking coal - HCC (US$/t)(8) 199 172 16% 164
Steelmaking coal - PCI (US$/t)(8) 160 141 13% 135
Nickel (US$/lb)(9) 6.71 6.27 7% 6.18
(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 premium 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 ~1.5% 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
$94/t (Q1 2025: $100/t), higher than the dry 62% Fe benchmark price of $87/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) Consolidated average realised price based on 100% selling value post-aggregation.
(7) Average of the De Beers price index for the Sights within the period. The 2025 indices have been restated to include the effect of the stock
rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(8) The average realised price for export thermal coal by-product for Q1 2026 increased by 5% to $101/t (Q1 2025: $96/t). FY 2025 was $93/t.
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Summary of updates during the quarter
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below:
https://www.angloamerican.com/media/press-releases/2026
https://www.angloamerican.com/investors/regulatory-news
Copper
Copper(1) (tonnes) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Copper 170,400 168,900 1% 169,500 1%
Copper Chile 97,000 89,000 9% 99,200 (2)%
Copper Peru 73,400 79,900 (8)% 70,300 4%
(1) Copper production shown on a contained metal basis.
Copper production for the first quarter of 2026 has tracked to plan, up 1% at 170,400 tonnes, reflecting higher production
from Los Bronces and Collahuasi primarily as a result of higher throughput, partially offset by lower production from
Quellaveco due to anticipated lower ore grades.
Chile - Copper production of 97,000 tonnes was 9% higher than the comparative period, reflecting higher throughput at
Los Bronces and Collahuasi, as well as improved recoveries at Collahuasi.
Production from Los Bronces increased by 12% to 48,500 tonnes following the restart of the second plant. Mining
flexibility at Donoso 2 largely enabled a 21% increase in ore mined which offset lower ore grades (0.49% vs 0.57%).
At Collahuasi, Anglo American's attributable share of copper production increased by 10% to 38,800 tonnes, reflecting
higher throughput and improved recoveries (71.8% vs 66.2%), partially offset by lower grades (0.77% vs 0.86%)
associated with lower-grade materials from stockpiles. As previously disclosed, while the mine transitions between
phases, the processing of lower-grade stockpile ore will continue until access to high grade ROM ore in the Rosario pit is
available towards the end of the year. Higher throughput was supported by increased water availability. The desalination
plant is currently being commissioned and is on track to be ramped up and fully operational by mid-2026.
Production from El Soldado decreased by 6% to 9,700 tonnes reflecting the planned lower ore grade (0.78% vs 0.92%)
partially offset by higher throughput and recoveries (79.9% vs 76.7%).
The average realised price for Copper Chile was 579 c/lb as compared to the average LME price of 583 c/lb, reflecting
provisional pricing adjustments.
Peru - Quellaveco production decreased by 8% to 73,400 tonnes, primarily due to anticipated lower ore grades (0.68%
vs 0.80%), partially offset by strong, stable plant performance, which enabled higher recoveries (85.5% vs 80.2%). In line
with the expected grade profile, production continues to be weighted to the second half of 2026, and the full year grade
is expected to be similar to 2025.
The average realised price for Copper Peru was 563 c/lb as compared to the average LME price of 583 c/lb, reflecting
provisional pricing adjustments.
2026 Guidance
Production guidance for 2026 is unchanged at 700,000-760,000 tonnes (Chile 390,000-420,000 tonnes; Peru 310,000-
340,000 tonnes). Copper Chile production continues to be weighted to the second half of 2026 and is subject to water
availability. Copper Peru production continues to be weighted to the second half of 2026, owing to the expected grade profile.
Unit cost guidance for 2026 is unchanged at c.172 c/lb(1) (Chile c.230 c/lb(1); Peru c.100 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 2026 unit costs of
c.860 CLP:USD for Chile and c.3.2 PEN:USD for Peru.
Copper (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Total copper production 170,400 169,500 183,500 173,300 168,900 1% 1%
Total copper sales volumes 166,500 174,600 185,700 171,300 173,300 (4)% (5)%
Copper Chile
Los Bronces mine(1)
Ore mined 11,403,400 9,215,600 9,684,700 9,271,800 9,398,500 21% 24%
Ore processed - Sulphide 9,935,800 8,447,000 8,291,400 7,134,800 7,578,400 31% 18%
Ore grade processed -
Sulphide (% TCu)(2) 0.49 0.52 0.50 0.50 0.57 (14)% (6)%
Recovery (%) 88.1 85.9 87.5 88.8 87.7 0% 3%
Production - Copper in
concentrate 43,000 37,900 36,500 31,900 37,800 14% 13%
Production - Copper cathode 5,500 4,600 5,300 5,000 5,600 (2)% 20%
Total production 48,500 42,500 41,800 36,900 43,400 12% 14%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 13,754,200 15,017,700 12,586,600 9,858,100 9,136,400 51% (8)%
Ore processed - Sulphide 16,037,100 17,118,700 15,513,900 14,610,300 14,084,800 14% (6)%
Ore grade processed -
Sulphide (% TCu)(2) 0.77 0.87 0.92 0.96 0.86 (10)% (11)%
Recovery (%) 71.8 71.6 75.2 77.5 66.2 8% 0%
Anglo American's 44% share of
copper production for Collahuasi 38,800 47,000 47,400 48,100 35,300 10% (17)%
El Soldado mine(1)
Ore mined 500,900 928,800 1,193,500 1,140,400 1,495,400 (67)% (46)%
Ore processed - Sulphide 1,555,600 1,668,300 1,636,700 1,714,600 1,454,400 7% (7)%
Ore grade processed -
Sulphide (% TCu)(2) 0.78 0.72 0.84 0.84 0.92 (15)% 8%
Recovery (%) 79.9 80.6 79.9 81.0 76.7 4% (1)%
Production - Copper in
concentrate 9,700 9,700 11,000 11,600 10,300 (6)% 0%
Chagres smelter(1)
Ore smelted(3) 27,700 25,300 28,600 27,800 23,100 20% 9%
Production 26,300 24,600 27,800 27,500 22,000 20% 7%
Total copper production(4) 97,000 99,200 100,200 96,600 89,000 9% (2)%
Total payable copper production 93,100 95,300 96,000 92,700 85,400 9% (2)%
Total copper sales volumes 92,100 106,800 96,500 98,300 93,300 (1)% (14)%
Total payable sales volumes 88,300 102,300 92,600 94,000 89,500 (1)% (14)%
Third-party sales(5) 90,500 107,700 159,100 106,600 68,800 32% (16)%
Copper Peru
Quellaveco mine(6)
Ore mined 12,075,200 10,850,700 11,932,000 11,131,500 11,454,700 5% 11%
Ore processed - Sulphide 12,555,200 12,820,000 13,018,400 12,884,900 12,465,200 1% (2)%
Ore grade processed -
Sulphide (% TCu)(2) 0.68 0.66 0.76 0.73 0.80 (15)% 3%
Recovery (%) 85.5 83.1 83.8 81.5 80.2 7% 3%
Total copper production 73,400 70,300 83,300 76,700 79,900 (8)% 4%
Total payable copper production 70,900 67,900 80,500 74,100 77,300 (8)% 4%
Total copper sales volumes 74,400 67,800 89,200 73,000 80,000 (7)% 10%
Total payable sales volumes 71,600 65,300 85,800 70,300 77,100 (7)% 10%
(1) 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.
(2) TCu = total copper.
(3) Copper contained basis. Includes third-party concentrate.
(4) Total copper production includes Anglo American's 44% interest in Collahuasi.
(5) Relates to sales of copper not produced by Anglo American operations.
(6) Anglo American ownership interest of Quellaveco is 60%. Production is stated at 100% as Anglo American consolidates this operation.
Premium Iron Ore
Premium iron ore (000 t) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Premium iron ore 15,208 15,445 (2)% 15,113 1%
Kumba - South Africa(1) 8,842 8,990 (2)% 8,590 3%
Minas-Rio - Brazil(2) 6,366 6,455 (1)% 6,523 (2)%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~1.5% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Premium iron ore production of 15.2 million tonnes, a 2% decrease, due to marginally lower production from both Kumba
and Minas-Rio.
Kumba - Total production decreased by 2% to 8.8 million tonnes primarily driven by a 15% decrease in Kolomela's
production to 2.6 million tonnes, due to a planned drawdown of on-mine finished stock to make space for stockpiling
during the scheduled rail maintenance in Q2. This was partly offset by a 5% increase in Sishen's production to 6.3 million
tonnes due to improved plant feedstock and performance.
Total sales increased by 2% to 9.1 million tonnes(1) due to improved port performance and availability of finished stock
levels at Saldanha Bay port.
Total finished stock decreased to 7.3 million tonnes(1), compared to Q4 2025 (7.5 million tonnes). Stock at the mines was
4.7 million tonnes (Q4 2025: 5.7 million tonnes), with stock at the port at 2.6 million tonnes (Q4 2025: 1.8 million tonnes),
which include shipments in-transit.
Kumba's iron (Fe) content averaged 63.7% (Q1 2025: 64.2%), while the average lump:fines ratio was 65:35 (Q1 2025: 68:32).
The average realised price of $93/tonne(1) (FOB South Africa, wet basis) was 8% higher than the Fastmarkets 62% Fe
benchmark price of $86/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of
premiums for our lump product and high Fe content, as well as provisional pricing.
Minas-Rio - Production was broadly flat versus the comparative period at 6.4 million tonnes. This stability was
underpinned by enhanced plant utilisation, driven by increased consistency in the ore feed during the wet season,
partially offset by the lower iron content grade.
The average realised price of $89/tonne (FOB Brazil, wet basis) was 5% higher than the Fastmarkets 65% Fe benchmark
price of $85/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for our high quality
product, including higher (~67%) Fe content and provisional pricing.
2026 Guidance
Production guidance for 2026 is unchanged at 55-59 million tonnes (Kumba 31-33 million tonnes; Minas-Rio 24-26
million tonnes). Kumba production will be weighted to the first half of 2026 reflecting the tie-in of the UHDMS project
which is planned in the second half of the year, with sales not expected to be impacted owing to the planned drawdown
of finished stock. Kumba guidance is subject to third-party rail and port availability and performance.
Unit cost guidance for 2026 is unchanged at c.$41/tonne(2) (Kumba c.$45/tonne(2); Minas-Rio c.$36/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 Q1 2025, total finished stock was 7.8 million tonnes; stock at the mines was 6.2 million tonnes and stock at the port
was 1.6 million tonnes.
(2) FX rate assumption for 2026 unit costs of c.16.00 ZAR:USD for Kumba and c.5.3 BRL:USD for Minas-Rio.
Premium iron ore (000 t) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Premium iron ore production(1) 15,208 15,113 14,342 15,936 15,445 (2)% 1%
Premium iron ore sales(1) 14,842 16,166 14,407 16,406 14,564 2% (8)%
Kumba production 8,842 8,590 9,247 9,257 8,990 (2)% 3%
Sishen 6,257 6,560 6,347 6,427 5,955 5% (5)%
Kolomela 2,585 2,030 2,900 2,830 3,035 (15)% 27%
Kumba sales volumes(2) 9,140 8,947 9,392 9,770 8,939 2% 2%
Lump(2) 5,961 6,139 6,133 6,463 6,037 (1)% (3)%
Fines(2) 3,179 2,808 3,259 3,307 2,902 10% 13%
Minas-Rio production
Pellet feed 6,366 6,523 5,095 6,679 6,455 (1)% (2)%
Minas-Rio sales volumes
Export - pellet feed 5,702 7,219 5,015 6,636 5,625 1% (21)%
(1) Total premium iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.5% 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.
Manganese
Manganese (tonnes) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Manganese ore(1) 759,100 348,400 118% 908,500 (16)%
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 118% to 759,100 tonnes, compared with the same period in 2025, which was
impacted by the temporary suspension of operations in Australia following the tropical cyclone Megan in March 2024.
During the current quarter the operations in Australia were impacted by adverse weather conditions and tropical cyclone Narelle.
Manganese (tonnes)(1) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Production
Manganese ore 759,100 908,500 972,800 745,600 348,400 118% (16)%
Sales volumes
Manganese ore 946,000 976,500 1,030,000 608,800 298,400 217% (3)%
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
Diamonds(1) (000 carats) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Botswana 4,814 4,572 5% 1,881 156%
Namibia 556 631 (12)% 459 21%
South Africa 740 483 53% 496 49%
Canada 1,023 389 163% 949 8%
Total carats recovered 7,133 6,075 17% 3,785 88%
(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 increased by 17% to 7.1 million carats, primarily driven by planned ore release from Gahcho
Kue in Canada and higher volumes from Venetia underground.
In Botswana, production increased by 5% to 4.8 million carats, as a result of higher recovered grade at Orapa. Jwaneng
production was broadly consistent with the comparative period.
Namibia's production decreased by 12% to 0.6 million carats, due to scheduled maintenance on two vessels at
Debmarine Namibia along with the impact of decommissioning two vessels in 2025.
In South Africa, production at Venetia increased by 53% reaching 0.7 million carats, largely as a result of processing
higher volumes of underground ore.
In Canada, production increased to 1.0 million carats, reflecting the planned ore release in Gahcho Kue from a new area
of the mine.
Trading Performance
Rough diamond trading conditions continued to be challenged due to ongoing industry, geopolitical and tariff
headwinds.
Rough diamond sales in Q1 2026 totalled 7.7 million carats (6.4 million carats on a consolidated basis)(1) from two Sights,
generating consolidated rough diamond sales revenue of $648 million. This compares with two Sights in Q1 2025 of 4.7
million carats (4.2 million carats on a consolidated basis)(1), generating $520 million of consolidated rough diamond sales
revenue.
The consolidated average realised price declined by 19% to $101/carat, primarily driven by a 17% decrease in the
average rough price index (which is now reported including the impact of the stock rebalancing actions) as well as a
sales mix with a higher proportion of lower value goods.
Anglo American is committed to divesting De Beers and we continue to progress a formal sale process and expect to
provide an update through the course of 2026.
2026 Guidance
Production(2) guidance for 2026 is unchanged at 21-26 million carats (100% basis). De Beers continues to monitor rough
diamond trading conditions in order to align output with prevailing demand.
Unit cost guidance for 2026 is unchanged at c.$80/carat(3).
(1) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group
from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kue joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2026 unit costs of c.16.00 ZAR:USD.
Diamonds(1) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 2,232 0 3,151 1,859 2,249 (1)% n/a
Orapa(2) 2,582 1,881 2,879 792 2,323 11% 37%
Total Botswana 4,814 1,881 6,030 2,651 4,572 5% 156%
Debmarine Namibia 354 286 303 385 461 (23)% 24%
Namdeb (land operations) 202 173 154 150 170 19% 17%
Total Namibia 556 459 457 535 631 (12)% 21%
Venetia 740 496 659 592 483 53% 49%
Total South Africa 740 496 659 592 483 53% 49%
Gahcho Kue (51% basis) 1,023 949 511 361 389 163% 8%
Total Canada 1,023 949 511 361 389 163% 8%
Total carats recovered 7,133 3,785 7,657 4,139 6,075 17% 88%
Total sales volume (100%) (000 carats)(3) 7,723 5,941 5,715 7,555 4,715 64% 30%
Consolidated sales volume (000 carats)(3) 6,408 5,383 4,558 6,815 4,190 53% 19%
Consolidated rough diamond sales value ($m)(4) 648 571 700 1,185 520 25% 13%
Average price ($/ct)(5) 101 106 154 174 124 (19)% (5)%
Average price index(6) 68 74 81 83 82 (17)% (8)%
Number of Sights 2(7) 3 2 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. Letlhakane was placed on care and maintenance in March 2025, and
Damtshaa has been on care and maintenance since 2021.
(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 2025 indices have been restated to include the effect of the stock
rebalancing actions. The De Beers price index is relative to 100 as at December 2006.
(7) Sight 3 commenced in March 2026, however was not complete by quarter end. The full Sight 3 results will be reported in Q2 2026.
Steelmaking Coal
Steelmaking coal(1) (000 t) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Steelmaking coal 1,545 2,239 (31)% 2,064 (25)%
(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.
Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily impacted by lower production from
Moranbah North following the incident in March 2025 and significant weather impacts at the Dawson open cut operation.
At Moranbah North, the regulator lifted the final directives in February 2026, marking a significant milestone in our staged
restart to safe longwall production, reflecting the constructive collaboration with the workforce and safety regulator
throughout this process. Moranbah North has transitioned to normal longwall operations and is now progressing through
a ramp-up.
Across all the operations, the ratio of hard coking coal production to PCI/semi-soft coking coal was 79:21 during the
quarter, broadly in line with Q1 2025 (78:22).
The average realised price for hard coking coal was $199/tonne, compared to the benchmark price of $235/tonne. This
resulted in a decrease in the price realisation to 85% (Q1 2025: 93%), reflecting lower volumes of premium hard coking
coal from Moranbah North.
Significant progress has been made at the Grosvenor mine since approval to re-enter the underground area was given
by the regulator in August 2025. Physical inspections have confirmed limited damage to critical life-of-mine infrastructure
and the longwall equipment installed for the next panel is undamaged. The re-entry and rectification process is in the final
stages and operational readiness assessments are complete. Longwall production is targeted to recommence by late
2027, subject to investment approval.
As previously announced, Anglo American is committed to divesting its Steelmaking Coal business and the sale process
is progressing well, with expectations for a sale to be agreed in the second quarter of 2026.
Coal, by product (000 t)(1) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Production volumes(2)(3)
Steelmaking coal 1,545 2,064 1,884 2,056 2,239 (31)% (25)%
Hard coking coal(2) 1,222 1,703 1,524 1,749 1,757 (30)% (28)%
PCI / SSCC 323 361 360 307 482 (33)% (11)%
Thermal coal 305 413 269 298 244 25% (26)%
Sales volumes(2)(3)
Steelmaking coal 1,471 2,231 1,816 2,206 1,631 (10)% (34)%
Hard coking coal(2) 1,238 1,761 1,498 1,690 1,315 (6)% (30)%
PCI / SSCC 233 470 318 516 316 (26)% (50)%
Export thermal coal(3) 287 310 361 335 472 (39)% (7)%
Steelmaking coal, by operation (000 t)(1) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Steelmaking coal(2)(3) 1,545 2,064 1,884 2,056 2,239 (31)% (25)%
Moranbah North(2) 195 173 177 136 532 (63)% 13%
Grosvenor - - - - - n/a n/a
Aquila (incl. Capcoal)(2) 1,071 1,338 970 1,292 1,086 (1)% (20)%
Dawson 279 553 737 628 621 (55)% (50)%
(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. Export thermal coal sales excludes domestic thermal coal
sales of 0.1Mt in Q1 2026.
Nickel
Nickel (tonnes) Q1 Q1 Q1 2026 vs. Q4 Q1 2026 vs.
2026 2025 Q1 2025 2025 Q4 2025
Nickel 9,100 9,800 (7)% 10,300 (12)%
Nickel production decreased by 7% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin. Production is
currently expected to increase gradually at both operations from the second quarter.
As previously announced, Anglo American has entered into a definitive agreement to sell the Nickel business to MMG
Singapore Resources Pte. Ltd, and we continue to progress through the European Commission's anti-trust approval
process.
Nickel (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2026 vs. Q1 2026 vs.
2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Barro Alto
Ore mined 333,900 433,500 934,500 809,500 515,000 (35)% (23)%
Ore processed 600,400 618,900 610,700 599,900 640,300 (6)% (3)%
Ore grade processed - %Ni 1.41 1.50 1.51 1.43 1.39 1% (6)%
Production 7,500 8,400 8,200 7,700 8,100 (7)% (11)%
Codemin
Ore mined - - - - 1,400 n/a n/a
Ore processed 113,900 127,900 134,800 138,700 129,200 (12)% (11)%
Ore grade processed - %Ni 1.41 1.45 1.46 1.40 1.37 3% (3)%
Production 1,600 1,900 1,900 1,800 1,700 (6)% (16)%
Total nickel production 9,100 10,300 10,100 9,500 9,800 (7)% (12)%
Sales volumes 9,900 11,800 8,600 9,700 10,100 (2)% (16)%
Notes
- This Production Report for the first quarter ended 31 March 2026 is unaudited.
- Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
- Please refer to page 16 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.
Disclaimer: This document has been prepared by Anglo American plc ("Anglo American"). By reviewing this document
you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document,
in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this
document comes should inform themselves about, and observe, any such restrictions.
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
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particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of
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information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any
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use of, or reliance on, this material or otherwise arising in connection with this material.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
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Marcelo Esquivel Michelle West-Russell
marcelo.esquivel@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
Rebecca Meeson-Frizelle Wade Haggarty
rebecca.meeson-frizelle@angloamerican.com wade.haggarty@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1464
South Africa Nathan Morgan
Nevashnee Naicker nathan.morgan@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 2154
Tel: +27 (0)11 638 3189
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 mineral 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 Sustainability Strategy commits us to a series of stretching goals over different time horizons to
ensure we build trust as a corporate leader, contribute to a healthy environment and help create thriving communities.
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 optimisation, and
Growth. The sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (De
Beers) continue to progress and once completed, will focus Anglo American on its world-class resource asset base in
copper, premium iron ore and crop nutrients.
http://www.angloamerican.com
Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than statements of historical fact included in
this document may be forward-looking statements, 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), the anticipated benefits of mergers
and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance
related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations.
Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "aim", "project",
"anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. 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 ability to identify, consummate and integrate
pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other
transactions, 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, rules or 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.
No Investment Advice
This document has been prepared without reference to your particular investment objectives, financial situation, taxation
position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to
these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other
independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the
UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other
applicable legislation).
Alternative Performance Measures
Throughout this document a range of financial and non-financial measures are used to assess our performance,
including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting
Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor
the Group's financial performance alongside IFRS measures to improve the comparability of information between
reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as
superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs
are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be
comparable with similarly titled measures and disclosures by other companies.
(c)Anglo American Services (UK) Ltd 2026. 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)
28 April 2026
Date: 28-04-2026 08:00:00
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