t
Anglo American plc released its Production Report on 23 July 2026 for the quarter ended 30 June 2026, reporting Q2 copper production of 173,200 tonnes and premium iron ore production of 15.4 million tonnes, and revising its 2026 overall Copper unit cost guidance to c.145 c/lb (previously c.172 c/lb). The company confirmed the May agreement to sell its Steelmaking Coal business to Dhilmar for up to $3.875 billion, is progressing the sale of De Beers, and continues through anti-trust approval for the Nickel business sale to MMG Singapore Resources Pte. Ltd. Anglo American also stated its merger with Teck is on track for completion between September 2026 and March 2027, with final anti-trust approval from China remaining outstanding.
| Date | 23 Jul 2026 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 4871N |
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4871N_1-2026-7-22.pdf
23 July 2026
Anglo American plc
Production Report for the second quarter ended 30 June 2026
Duncan Wanblad, CEO of Anglo American, said: "We have delivered another strong quarter across both Copper and Premium Iron Ore, with performance tracking well to plan. In Copper, both Collahuasi and Quellaveco increased production from the first quarter, while the restart of the second plant at Los Bronces continues to provide incremental profitable production. In Premium Iron Ore, Kumba and Minas-Rio maintained stable operational performances. As the conflict in the Middle East continues to cause global market volatility, we are beginning to see some inflationary pressures primarily through higher fuel and other mining consumables. Our supply chain is actively managing these input costs and we have benefited from strong by-product credits in Copper in the first half of the year. This and strong cost control has driven a reduction in our unit cost guidance for Copper Chile to c.210 c/lb (previously c.230 c/lb) and Copper Peru to c.65 c/lb (previously c.100 c/lb).
"Our portfolio optimisation gained further momentum during the quarter. In May we announced an agreement to sell our Steelmaking Coal business in Australia to Dhilmar for up to $3.875 billion in cash, with completion expected by the first quarter of 2027. We are also progressing the sale process for De Beers, while concurrently advancing streamlining opportunities to improve cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets. For the agreed sale of our Nickel business, we are continuing to work through the European Commission's anti-trust approval process.
"Our merger with Teck is on track to form a copper-focused global metals and minerals champion, with the expected completion window of September 2026 to March 2027 unchanged. We continue to progress towards completion, with anti-trust approval from China the final outstanding regulatory milestone. While both companies will operate entirely separately until completion, integration planning is well advanced, focused on ensuring that once the transaction closes we will be well positioned to begin the work to realise the material value and synergies we have identified from Anglo Teck."
Q2 2026 overview
|
Production |
Q2 2026 |
Q2 2025 |
% vs. Q2 2025 |
Q1 2026 |
% vs. Q1 2026 |
|
Simplified portfolio |
|
|
|
|
|
|
Copper (kt)(1) |
173 |
173 |
0% |
170 |
2% |
|
Premium iron ore (Mt)(2) |
15.4 |
15.9 |
(3)% |
15.2 |
1% |
|
Manganese ore (kt)(3) |
908 |
746 |
22% |
759 |
20% |
|
Exiting businesses |
|
|
|
|
|
|
Diamonds (Mct)(4) |
7.8 |
4.1 |
88% |
7.1 |
9% |
|
Steelmaking coal (Mt) |
2.0 |
2.1 |
(1)% |
1.5 |
32% |
|
Nickel (kt) |
9.1 |
9.5 |
(4)% |
9.1 |
0% |
• Copper production was flat at 173,200 tonnes, primarily due to higher throughput at Los Bronces, offset by processing lower-grade stockpile ore at Collahuasi and the anticipated lower grades at Quellaveco.
• Premium iron ore production decreased by 3% to 15.4 million tonnes, primarily due to planned plant maintenance at Kumba and the impact of lower ore grade and mass recovery at Minas-Rio.
• Manganese ore production increased by 22% to 908,300 tonnes, reflecting higher operating levels following the impacts of a tropical cyclone in Australia which affected the comparative period.
• Rough diamond production increased by 88% to 7.8 million carats, primarily driven by extended maintenance at Orapa which affected the comparative quarter and planned higher-grade ore at both Jwaneng and Gahcho Kué.
• Steelmaking coal production was broadly flat at 2.0 million tonnes, primarily driven by expected difficult strata conditions at Aquila offset by the ramp-up of Moranbah North.
• Nickel production decreased by 4% to 9,100 tonnes, reflecting maintenance at Barro Alto and Codemin.
• Production and unit cost guidance remains unchanged for 2026, except for lower Copper Chile unit costs of c.210 c/lb (previously c.230 c/lb) and Copper Peru unit costs of c.65 c/lb (previously c.100 c/lb). Overall, Copper unit cost guidance is revised lower to c.145 c/lb (previously c.172 c/lb).
Production and unit cost guidance for 2026(1)
|
|
2026 production guidance |
2026 unit cost guidance(2) |
|
|
Simplified portfolio |
(reaffirmed) |
|
|
|
Copper(3) |
700-760 kt |
c.145 c/lb |
|
|
|
(previously c.172 c/lb) |
||
|
Chile |
390-420 kt |
c.210 c/lb |
|
|
|
|
(previously c.230 c/lb) |
|
|
Peru |
310-340 kt |
c.65 c/lb |
|
|
|
|
(previously 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.900 CLP:USD, c.3.4 PEN:USD, c.5.2 BRL:USD, c.16.50 ZAR:USD (previously 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, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs).
(4) Wet basis. Kumba production remains 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 Kué 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.
Footnotes to front page
(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 Kué joint operation which is on an attributable 51% basis.
Realised prices
|
|
H1 2026 |
H1 2025 |
H1 2026 vs. H1 2025 |
|
Simplified portfolio |
|||
|
Copper (USc/lb)(1) |
608 |
436 |
39% |
|
Copper Chile (USc/lb)(2) |
608 |
444 |
37% |
|
Copper Peru (USc/lb) |
608 |
427 |
42% |
|
Premium iron ore - FOB prices(3) |
87 |
89 |
(2)% |
|
Kumba Export (US$/wmt)(4) |
90 |
91 |
(1)% |
|
Minas-Rio (US$/wmt)(5) |
82 |
86 |
(5)% |
|
Exiting businesses |
|||
|
Diamonds |
|
|
|
|
Consolidated average realised price (US$/ct)(6) |
105 |
155 |
(32)% |
|
Average price index(7) |
69 |
82 |
(16)% |
|
Steelmaking coal - HCC (US$/t)(8) |
201 |
172 |
17% |
|
Steelmaking coal - PCI (US$/t)(8) |
157 |
132 |
19% |
|
Nickel (US$/lb)(9) |
6.89 |
6.28 |
10% |
(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 $91/t (H1 2025: $93/t), higher than the dry 62% Fe benchmark price of $84/t (FOB South Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (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 H1 2026 increased by 15% to $109/t (H1 2025: $95/t).
(9) Nickel realised price reflects the market discount for ferronickel (the product produced by the Nickel business).
Preliminary H1 2026 financial notes
Underlying EBITDA from De Beers and Steelmaking Coal is expected to be negative in H1 2026.
For more information on Anglo American's announcements since our previous production report, please find links to our announcements below.
- 18 May 2026 | Anglo American update re. Collahuasi environmental permit in Chile
- 29 April 2026 | AGM 2026 - Address to Shareholders
Copper
|
Copper(1) (tonnes) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Copper |
173,200 |
173,300 |
0% |
170,400 |
2% |
343,600 |
342,200 |
0% |
|
Copper Chile |
98,200 |
96,600 |
2% |
97,000 |
1% |
195,200 |
185,600 |
5% |
|
Copper Peru |
75,000 |
76,700 |
(2)% |
73,400 |
2% |
148,400 |
156,600 |
(5)% |
(1) Copper production shown on a contained metal basis.
Copper production for the second quarter of 2026 continues to track to plan and is in line with the comparative period at 173,200 tonnes, reflecting higher production from Chile, offset by anticipated lower production from Peru.
Chile - Copper production of 98,200 tonnes was 2% higher than the comparative period, reflecting higher throughput at Los Bronces, partially offset by lower production from Collahuasi due to lower ore grades.
Production from Los Bronces increased by 25% to 46,000 tonnes following the restart of the second plant at the beginning of the year and sustained recovery in plant performance and mine compliance. Continued mining flexibility at Donoso 2 largely enabled an 11% increase in ore mined which offset the impact of lower ore grades (0.48% vs 0.50%).
At Collahuasi, Anglo American's attributable share of copper production decreased by 11% to 42,600 tonnes, reflecting lower grades (0.80% vs 0.96%) associated with processing lower-grade stockpile ore. This was partially offset by higher throughput, while recovery remained broadly in line with the comparative period (76.0% vs 77.5%). As previously disclosed, while the mine transitions between phases, the processing of lower-grade stockpile ore will continue until access to higher-grade ore in the Rosario pit is available towards the end of the year. Higher throughput was supported by increased water availability compared to the prior period, despite the ruling in May 2026 from the Second Environmental Tribunal which has seen the Environmental Authorization set aside for the desalination plant. The operation will continue to utilise water supply from existing alternative water sources. We continue to work in coordination with the relevant authorities and stakeholders to restart the desalination plant.
Production from El Soldado decreased by 17% to 9,600 tonnes due to lower throughput and planned lower ore grade (0.81% vs 0.84%) as the mine transitions between phases.
The H1 2026 average realised price for Copper Chile was 608 c/lb as compared to the average LME price of 593c/lb, benefiting from provisional pricing adjustments.
Peru - Quellaveco continued to deliver stable mining and processing performance, resulting in higher throughput and recoveries (86.3% vs 81.5%). Production of 75,000 tonnes was 2% lower than the comparative period, reflecting the impact of anticipated lower ore grades (0.64% vs 0.73%). In line with the expected grade profile, production remains weighted to the second half of 2026, and the full year grade is expected to be similar to 2025.
The H1 2026 average realised price for Copper Peru was 608 c/lb as compared to the average LME price of 593 c/lb, benefiting from 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 revised lower to c.145 c/lb(1) (previously c.172 c/lb). The Chile unit cost of c.210 c/lb(1) (previously c.230 c/lb) and Peru unit cost of c.65 c/lb(1) (previously c.100 c/lb) are expected to be lower as they benefit from higher by-product credits and favourable FX movements.
(1) The copper unit costs are impacted by FX rates, pricing of by-products, such as molybdenum, and treatment and refining costs (TC/RCs). FX rate assumption for 2026 unit costs of c.900 CLP:USD for Chile and c.3.4 PEN:USD for Peru (previously c.860 CLP:USD for Chile and c.3.2 PEN:USD for Peru).
|
Copper (tonnes) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Total copper production |
173,200 |
170,400 |
169,500 |
183,500 |
173,300 |
0% |
2% |
343,600 |
342,200 |
0% |
|
Total copper sales volumes |
163,800 |
166,500 |
174,600 |
185,700 |
171,300 |
(4)% |
(2)% |
330,300 |
344,600 |
(4)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Chile |
|
|
|
|
|
|
|
|
|
|
|
Los Bronces mine(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
10,269,900 |
11,403,400 |
9,215,600 |
9,684,700 |
9,271,800 |
11% |
(10)% |
21,673,300 |
18,670,300 |
16% |
|
Ore processed - Sulphide |
9,857,900 |
9,935,800 |
8,447,000 |
8,291,400 |
7,134,800 |
38% |
(1)% |
19,793,700 |
14,713,200 |
35% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.48 |
0.49 |
0.52 |
0.50 |
0.50 |
(4)% |
(2)% |
0.48 |
0.54 |
(11)% |
|
Recovery (%) |
87.4 |
88.1 |
85.9 |
87.5 |
88.8 |
(2)% |
(1)% |
87.8 |
88.2 |
0% |
|
Production - Copper in concentrate |
41,000 |
43,000 |
37,900 |
36,500 |
31,900 |
29% |
(5)% |
84,000 |
69,700 |
21% |
|
Production - Copper cathode |
5,000 |
5,500 |
4,600 |
5,300 |
5,000 |
0% |
(9)% |
10,500 |
10,600 |
(1)% |
|
Total production |
46,000 |
48,500 |
42,500 |
41,800 |
36,900 |
25% |
(5)% |
94,500 |
80,300 |
18% |
|
Collahuasi 100% basis (Anglo American share 44%) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
15,630,100 |
13,754,200 |
15,017,700 |
12,586,600 |
9,858,100 |
59% |
14% |
29,384,300 |
18,994,500 |
55% |
|
Ore processed - Sulphide |
15,916,900 |
16,037,100 |
17,118,700 |
15,513,900 |
14,610,300 |
9% |
(1)% |
31,954,000 |
28,695,100 |
11% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.80 |
0.77 |
0.87 |
0.92 |
0.96 |
(17)% |
4% |
0.78 |
0.91 |
(14)% |
|
Recovery (%) |
76.0 |
71.8 |
71.6 |
75.2 |
77.5 |
(2)% |
6% |
74.0 |
72.3 |
2% |
|
Anglo American's 44% share of copper production for Collahuasi |
42,600 |
38,800 |
47,000 |
47,400 |
48,100 |
(11)% |
10% |
81,400 |
83,400 |
(2)% |
|
El Soldado mine(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
269,700 |
500,900 |
928,800 |
1,193,500 |
1,140,400 |
(76)% |
(46)% |
770,600 |
2,635,800 |
(71)% |
|
Ore processed - Sulphide |
1,469,500 |
1,555,600 |
1,668,300 |
1,636,700 |
1,714,600 |
(14)% |
(6)% |
3,025,100 |
3,169,000 |
(5)% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.81 |
0.78 |
0.72 |
0.84 |
0.84 |
(4)% |
4% |
0.79 |
0.88 |
(10)% |
|
Recovery (%) |
80.4 |
79.9 |
80.6 |
79.9 |
81.0 |
(1)% |
1% |
80.1 |
78.9 |
2% |
|
Production - Copper in concentrate |
9,600 |
9,700 |
9,700 |
11,000 |
11,600 |
(17)% |
(1)% |
19,300 |
21,900 |
(12)% |
|
Chagres smelter(1) |
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(3) |
26,400 |
27,700 |
25,300 |
28,600 |
27,800 |
(5)% |
(5)% |
54,100 |
50,900 |
6% |
|
Production |
25,700 |
26,300 |
24,600 |
27,800 |
27,500 |
(7)% |
(2)% |
52,000 |
49,500 |
5% |
|
Total copper production(4) |
98,200 |
97,000 |
99,200 |
100,200 |
96,600 |
2% |
1% |
195,200 |
185,600 |
5% |
|
Total payable copper production |
94,100 |
93,100 |
95,300 |
96,000 |
92,700 |
2% |
1% |
187,200 |
178,100 |
5% |
|
Total copper sales volumes |
93,500 |
92,100 |
106,800 |
96,500 |
98,300 |
(5)% |
2% |
185,600 |
191,600 |
(3)% |
|
Total payable sales volumes |
89,500 |
88,300 |
102,300 |
92,600 |
94,000 |
(5)% |
1% |
177,800 |
183,500 |
(3)% |
|
Third-party sales(5) |
129,600 |
90,500 |
107,700 |
159,100 |
106,600 |
22% |
43% |
220,100 |
175,400 |
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Peru |
|
|
|
|
|
|
|
|
|
|
|
Quellaveco mine(6) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
13,588,700 |
12,075,200 |
10,850,700 |
11,932,000 |
11,131,500 |
22% |
13% |
25,663,900 |
22,586,200 |
14% |
|
Ore processed - Sulphide |
13,616,300 |
12,555,200 |
12,820,000 |
13,018,400 |
12,884,900 |
6% |
8% |
26,171,500 |
25,350,100 |
3% |
|
Ore grade processed - Sulphide (% TCu)(2) |
0.64 |
0.68 |
0.66 |
0.76 |
0.73 |
(12)% |
(6)% |
0.66 |
0.77 |
(14)% |
|
Recovery (%) |
86.3 |
85.5 |
83.1 |
83.8 |
81.5 |
6% |
1% |
85.9 |
80.8 |
6% |
|
Total copper production |
75,000 |
73,400 |
70,300 |
83,300 |
76,700 |
(2)% |
2% |
148,400 |
156,600 |
(5)% |
|
Total payable copper production |
72,500 |
70,900 |
67,900 |
80,500 |
74,100 |
(2)% |
2% |
143,500 |
151,400 |
(5)% |
|
Total copper sales volumes |
70,300 |
74,400 |
67,800 |
89,200 |
73,000 |
(4)% |
(6)% |
144,700 |
153,000 |
(5)% |
|
Total payable sales volumes |
67,600 |
71,600 |
65,300 |
85,800 |
70,300 |
(4)% |
(6)% |
139,300 |
147,400 |
(5)% |
(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) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Premium iron ore |
15,392 |
15,936 |
(3)% |
15,208 |
1% |
30,600 |
31,381 |
(2)% |
|
Kumba - South Africa(1) |
8,844 |
9,257 |
(4)% |
8,842 |
0% |
17,686 |
18,247 |
(3)% |
|
Minas-Rio - Brazil(2) |
6,548 |
6,679 |
(2)% |
6,366 |
3% |
12,914 |
13,134 |
(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 15.4 million tonnes was 3% lower than the comparative period, due to lower production from both Kumba and Minas-Rio.
Kumba - Total production decreased by 4% to 8.8 million tonnes primarily driven by a 16% decrease in Kolomela's production to 2.4 million tonnes, due to a planned plant maintenance shutdown which occurred in line with the scheduled rail maintenance. This was partly offset by a 1% increase in Sishen's production to 6.5 million tonnes due to improved plant feedstock and increased plant availability despite challenging conditions with the heaviest rainfall in many decades experienced during the second quarter.
Total sales decreased by 4% to 9.4 million tonnes(1) due to the 10-day third-party logistics maintenance shutdown in May.
Total finished stock decreased to 7.0 million tonnes(1), compared to Q1 2026 (7.3 million tonnes). Stock at the mines was 4.8 million tonnes (Q1 2026: 4.7 million tonnes), with stock at the port at 2.2 million tonnes (Q1 2026: 2.6 million tonnes).
For the year to date, Kumba's iron (Fe) content averaged 63.6% (H1 2025: 64.1%), while the average lump:fines ratio was 66:34 (H1 2025: 67:33).
The H1 2026 average realised price of $90/tonne(1) (FOB South Africa, wet basis) was 8% higher than the Fastmarkets 62% Fe benchmark price of $83/tonne (FOB South Africa, adjusted for freight and moisture), primarily reflecting the benefit of premiums for our lump product and high Fe content.
Minas-Rio - Production was down by 2% to 6.5 million tonnes compared to the comparative period, reflecting the impact of the lower ore grade and mass recovery, partially offset by improved plant performance supported by increased stability in the ore feed.
The H1 2026 average realised price of $82/tonne (FOB Brazil, wet basis) was 1% higher than the Fastmarkets 65% Fe benchmark price of $81/tonne (FOB Brazil, adjusted for freight and moisture), benefiting from the premium for grade (~67%) Fe content, partially offset by the impact of redirected sales from the conflict in the Middle East and provisionally priced sales volumes.
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 remains 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 H1 2025, total finished stock was 7.4 million tonnes; stock at the mines was 6.4 million tonnes and stock at the port was 1.0 million tonnes.
(2) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD for Kumba and c.5.2 BRL:USD for Minas-Rio (previously c.16.00 ZAR:USD for Kumba and c.5.3 BRL:USD for Minas-Rio).
|
Premium iron ore (000 t) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Premium iron ore production(1) |
15,392 |
15,208 |
15,113 |
14,342 |
15,936 |
(3)% |
1% |
30,600 |
31,381 |
(2)% |
|
Premium iron ore sales(1) |
16,716 |
14,842 |
16,166 |
14,407 |
16,406 |
2% |
13% |
31,558 |
30,970 |
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production |
8,844 |
8,842 |
8,590 |
9,247 |
9,257 |
(4)% |
0% |
17,686 |
18,247 |
(3)% |
|
Sishen |
6,479 |
6,257 |
6,560 |
6,347 |
6,427 |
1% |
4% |
12,736 |
12,382 |
3% |
|
Kolomela |
2,365 |
2,585 |
2,030 |
2,900 |
2,830 |
(16)% |
(9)% |
4,950 |
5,865 |
(16)% |
|
Kumba sales volumes(2) |
9,418 |
9,140 |
8,947 |
9,392 |
9,770 |
(4)% |
3% |
18,558 |
18,709 |
(1)% |
|
Lump(2) |
6,246 |
5,961 |
6,139 |
6,133 |
6,463 |
(3)% |
5% |
12,207 |
12,500 |
(2)% |
|
Fines(2) |
3,172 |
3,179 |
2,808 |
3,259 |
3,307 |
(4)% |
0% |
6,351 |
6,209 |
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production |
|
|
|
|
|
|
|
|
|
|
|
Pellet feed |
6,548 |
6,366 |
6,523 |
5,095 |
6,679 |
(2)% |
3% |
12,914 |
13,134 |
(2)% |
|
Minas-Rio sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed |
7,298 |
5,702 |
7,219 |
5,015 |
6,636 |
10% |
28% |
13,000 |
12,261 |
6% |
(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) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Manganese ore(1) |
908,300 |
745,600 |
22% |
759,100 |
20% |
1,667,400 |
1,094,000 |
52% |
(1) Anglo American's 40% attributable share of saleable production and sales.
Manganese ore production increased by 22% to 908,300 tonnes, reflecting higher operating levels at the Australian operations following the impacts of tropical cyclone Megan in March 2024 which affected the comparative period. While production in the current quarter was initially impacted by adverse weather conditions in Australia as well as mining and equipment constraints in South Africa, successful execution of a recovery plan improved performance through the quarter, partially offsetting these challenges.
|
Manganese (tonnes)(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Production |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore |
908,300 |
759,100 |
908,500 |
972,800 |
745,600 |
22% |
20% |
1,667,400 |
1,094,000 |
52% |
|
Sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore |
1,043,700 |
946,000 |
976,500 |
1,030,000 |
608,800 |
71% |
10% |
1,989,700 |
907,200 |
119% |
(1) Anglo American's 40% attributable share of saleable production and sales.
De Beers - Diamonds
|
Diamonds(1) (000 carats) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Botswana |
5,488 |
2,651 |
107% |
4,814 |
14% |
10,302 |
7,223 |
43% |
|
Namibia |
531 |
535 |
(1)% |
556 |
(4)% |
1,087 |
1,166 |
(7)% |
|
South Africa |
734 |
592 |
24% |
740 |
(1)% |
1,474 |
1,075 |
37% |
|
Canada |
1,028 |
361 |
185% |
1,023 |
0% |
2,051 |
750 |
173% |
|
Total carats recovered |
7,781 |
4,139 |
88% |
7,133 |
9% |
14,914 |
10,214 |
46% |
(1) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production was 88% higher at 7.8 million carats, reflecting the impact of the extended maintenance shutdown in the comparative period at Orapa in Botswana, as well as the planned mining of higher-grade ore at both Jwaneng in Botswana and Gahcho Kué in Canada. Planned plant maintenance at Orapa and Jwaneng during the second half of the year is expected to substantially decrease production levels from current rates.
In Botswana, production increased to 5.5 million carats, due to the impact of the extended maintenance at Orapa in the comparative period as well as the planned mining of higher-grade ore at Jwaneng to optimise plant throughput.
Production in Namibia was broadly unchanged at 0.5 million carats. The retirement of the Coral Sea vessel in the comparative period and planned maintenance of the Mafuta vessel at Debmarine Namibia were largely offset by the planned mining of higher-grade areas at Namdeb.
In South Africa, production at Venetia increased to 0.7 million carats, largely as a result of processing higher volumes of underground ore. As announced by De Beers on 13 July 2026, a pause in production at Venetia is proposed to start in the second half of the year.
In Canada, production increased to 1.0 million carats, as Gahcho Kué benefited from the planned processing of higher-grade ore from the new mining area.
Trading Performance
Rough diamond trading conditions remained challenging in the first half of 2026. The geopolitical and macroeconomic landscape remains uncertain, with the onset of the conflict in the Middle East adding to economic and consumer confidence risks. Synthetic lab-grown diamonds also continued to affect demand for lower value natural diamonds adding pressure in more price-sensitive categories. However, stronger pricing for higher value goods supported a stable overall average price index throughout the period.
The H1 2026 consolidated average realised price declined by 32% to $105/carat, as a result of both a sales mix with a higher proportion of lower value goods due to the current inventory mix and a 16% decrease in the average rough price index (which is now reported including the impact of the stock rebalancing actions taken throughout 2025).
Rough diamond sales in Q2 2026 totalled 7.1 million carats (6.0 million carats on a consolidated basis)(1) from three Sights, generating consolidated rough diamond sales revenue of $665 million. This compares with three Sights in Q2 2025 of 7.6 million carats (6.8 million carats on a consolidated basis)(1), generating $1.2 billion of consolidated rough diamond sales revenue.
2026 Guidance
Production(2) guidance for 2026 is unchanged at 21-26 million carats (100% basis), as the impact of planned plant maintenance at Orapa and Jwaneng and the proposed production pause at Venetia in the second half is expected to reduce the full year production run-rate. 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 Kué joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2026 unit costs of c.16.50 ZAR:USD (previously c.16.00 ZAR:USD).
|
Diamonds(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Carats recovered (000 carats) |
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless stated) |
|
|
|
|
|
|
|
|
|
|
|
Jwaneng |
2,789 |
2,232 |
0 |
3,151 |
1,859 |
50% |
25% |
5,021 |
4,108 |
22% |
|
Orapa(2) |
2,699 |
2,582 |
1,881 |
2,879 |
792 |
241% |
5% |
5,281 |
3,115 |
70% |
|
Total Botswana |
5,488 |
4,814 |
1,881 |
6,030 |
2,651 |
107% |
14% |
10,302 |
7,223 |
43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia |
370 |
354 |
286 |
303 |
385 |
(4)% |
5% |
724 |
846 |
(14)% |
|
Namdeb (land operations) |
161 |
202 |
173 |
154 |
150 |
7% |
(20)% |
363 |
320 |
13% |
|
Total Namibia |
531 |
556 |
459 |
457 |
535 |
(1)% |
(4)% |
1,087 |
1,166 |
(7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetia |
734 |
740 |
496 |
659 |
592 |
24% |
(1)% |
1,474 |
1,075 |
37% |
|
Total South Africa |
734 |
740 |
496 |
659 |
592 |
24% |
(1)% |
1,474 |
1,075 |
37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis) |
1,028 |
1,023 |
949 |
511 |
361 |
185% |
0% |
2,051 |
750 |
173% |
|
Total Canada |
1,028 |
1,023 |
949 |
511 |
361 |
185% |
0% |
2,051 |
750 |
173% |
|
Total carats recovered |
7,781 |
7,133 |
3,785 |
7,657 |
4,139 |
88% |
9% |
14,914 |
10,214 |
46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%) (000 carats)(3) |
7,061 |
7,723 |
5,941 |
5,715 |
7,555 |
(7)% |
(9)% |
14,784 |
12,270 |
20% |
|
Consolidated sales volume (000 carats)(3) |
6,038 |
6,408 |
5,383 |
4,558 |
6,815 |
(11)% |
(6)% |
12,446 |
11,005 |
13% |
|
Consolidated rough diamond sales value ($m)(4) |
665 |
648 |
571 |
700 |
1,185 |
(44)% |
3% |
1,313 |
1,705 |
(23)% |
|
Average price ($/ct)(5) |
110 |
101 |
106 |
154 |
174 |
(37)% |
9% |
105 |
155 |
(32)% |
|
Average price index(6) |
69 |
68 |
74 |
81 |
83 |
(17)% |
1% |
69 |
82 |
(16)% |
|
Number of Sights |
3 |
2 |
3 |
2 |
3 |
|
|
5 |
5 |
|
(1) Production is on a 100% basis, except for the Gahcho Kué 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.
Steelmaking Coal
|
Steelmaking coal(1) (000 t) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Steelmaking coal |
2,032 |
2,056 |
(1)% |
1,545 |
32% |
3,577 |
4,295 |
(17)% |
(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 1% to 2.0 million tonnes, primarily impacted by expected difficult strata conditions at Aquila and continued impacts from the significant weather event at Dawson open cut operation in Q1 2026. This was offset by Moranbah North as production ramped-up following the incident in March 2025 and increased production at the Capcoal open cut operation.
Across all the operations, the ratio of hard coking coal production to PCI/semi-soft coking coal was 77:23 during the quarter, lower than Q2 2025 (85:15), reflecting increased PCI/semi-soft coking volumes from the open cut operations due to sequencing of coal flows.
The H1 2026 average realised price for hard coking coal was $201/tonne, compared to the benchmark price of $236/tonne. This resulted in a decrease in the price realisation to 85% (H1 2025: 93%), reflecting lower volumes of premium hard coking coal from the underground mines.
As previously announced, Anglo American has entered into a definitive agreement to sell the remaining portfolio of Steelmaking Coal assets in Australia to Dhilmar, subject to relevant approvals, with the transaction expected to complete by the first quarter of 2027.
|
Coal, by product (000 t)(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Production volumes(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking coal |
2,032 |
1,545 |
2,064 |
1,884 |
2,056 |
(1)% |
32% |
3,577 |
4,295 |
(17)% |
|
Hard coking coal(2) |
1,559 |
1,222 |
1,703 |
1,524 |
1,749 |
(11)% |
28% |
2,781 |
3,506 |
(21)% |
|
PCI / SSCC |
473 |
323 |
361 |
360 |
307 |
54% |
46% |
796 |
789 |
1% |
|
Thermal coal |
276 |
305 |
413 |
269 |
298 |
(7)% |
(10)% |
581 |
542 |
7% |
|
Sales volumes(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking coal |
1,923 |
1,471 |
2,231 |
1,816 |
2,206 |
(13)% |
31% |
3,394 |
3,837 |
(12)% |
|
Hard coking coal(2) |
1,409 |
1,238 |
1,761 |
1,498 |
1,690 |
(17)% |
14% |
2,647 |
3,005 |
(12)% |
|
PCI / SSCC |
514 |
233 |
470 |
318 |
516 |
0% |
121% |
747 |
832 |
(10)% |
|
Export thermal coal(3) |
253 |
287 |
310 |
361 |
335 |
(24)% |
(12)% |
540 |
807 |
(33)% |
|
|
||||||||||
|
Steelmaking coal, by operation (000 t)(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Steelmaking coal(2)(3) |
2,032 |
1,545 |
2,064 |
1,884 |
2,056 |
(1)% |
32% |
3,577 |
4,295 |
(17)% |
|
Moranbah North(2) |
459 |
195 |
173 |
177 |
136 |
238% |
135% |
654 |
668 |
(2)% |
|
Grosvenor |
- |
- |
- |
- |
- |
n/a |
n/a |
- |
- |
n/a |
|
Aquila (incl. Capcoal)(2) |
1,060 |
1,071 |
1,338 |
970 |
1,292 |
(18)% |
(1)% |
2,131 |
2,378 |
(10)% |
|
Dawson |
513 |
279 |
553 |
737 |
628 |
(18)% |
84% |
792 |
1,249 |
(37)% |
(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 Q2 2026 and 0.1Mt in Q1 2026.
Nickel
|
Nickel (tonnes) |
Q2 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q1 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2025 |
2026 |
2026 |
2025 |
||||
|
Nickel |
9,100 |
9,500 |
(4)% |
9,100 |
0% |
18,200 |
19,300 |
(6)% |
Nickel production decreased by 4% to 9,100 tonnes, reflecting the impact of planned maintenance that was brought forward from later in 2026 at Barro Alto and Codemin. Production is now expected to increase gradually at both operations from the third 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) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2026 vs. Q2 2025 |
Q2 2026 vs. Q1 2026 |
H1 |
H1 |
H1 2026 vs. H1 2025 |
|
2026 |
2026 |
2025 |
2025 |
2025 |
2026 |
2025 |
||||
|
Barro Alto |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
985,900 |
333,900 |
433,500 |
934,500 |
809,500 |
22% |
195% |
1,319,800 |
1,324,500 |
0% |
|
Ore processed |
575,100 |
600,400 |
618,900 |
610,700 |
599,900 |
(4)% |
(4)% |
1,175,500 |
1,240,200 |
(5)% |
|
Ore grade processed - %Ni |
1.47 |
1.41 |
1.50 |
1.51 |
1.43 |
3% |
4% |
1.44 |
1.41 |
2% |
|
Production |
7,300 |
7,500 |
8,400 |
8,200 |
7,700 |
(5)% |
(3)% |
14,800 |
15,800 |
(6)% |
|
Codemin |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
- |
- |
- |
- |
- |
n/a |
n/a |
- |
1,400 |
n/a |
|
Ore processed |
115,200 |
113,900 |
127,900 |
134,800 |
138,700 |
(17)% |
1% |
229,100 |
267,900 |
(14)% |
|
Ore grade processed - %Ni |
1.43 |
1.41 |
1.45 |
1.46 |
1.40 |
2% |
1% |
1.42 |
1.39 |
2% |
|
Production |
1,800 |
1,600 |
1,900 |
1,900 |
1,800 |
0% |
13% |
3,400 |
3,500 |
(3)% |
|
Total nickel production |
9,100 |
9,100 |
10,300 |
10,100 |
9,500 |
(4)% |
0% |
18,200 |
19,300 |
(6)% |
|
Sales volumes |
9,100 |
9,900 |
11,800 |
8,600 |
9,700 |
(6)% |
(8)% |
19,000 |
19,800 |
(4)% |
Notes
• This Production Report for the second quarter ended 30 June 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.
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UK Tyler Broda Tel: +44 (0)20 7968 1470
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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.
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.
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