Anglo American reports on solid quarter in copper and iron ore

In its Q2 2025 Production Report Anglo American, reported on “another solid quarter in Copper and Iron Ore, with both businesses tracking to guidance.” In Copper, Anglo American benefited from strong performance at both Quellaveco and Los Bronces, while Collahuasi improved from its first quarter. In Iron Ore, the focus on operational excellence is also continuing to drive the right results with another excellent quarter of delivery from both Minas-Rio and Kumba. 

Duncan Wanblad, CEO of Anglo American, said in the Report: “We continue to progress with our portfolio simplification as we reshape our business for the longer term – and our reorganisation and cost reduction programmes are on track. The demerger of Valterra Platinum at the end of May has been a great success with considerable value unlocked for shareholders, and we are continuing to progress the nickel and steelmaking coal transactions. A formal process for the sale of De Beers is advancing, despite the current challenging market conditions. In Steelmaking Coal, good progress has been made at Moranbah following the event on 31 March, with a full restart expected in due course. On this basis, we continue to believe that this event does not constitute a material adverse change under our agreements with Peabody. 

“Looking beyond this transitionary year, we will emerge as a highly differentiated, higher margin and more cash generative business setting us up to deliver the outstanding potential of our world class assets and resource endowments.” 

Q2 2025 overview

• Copper production was 173,300 tonnes, reflecting higher production from Quellaveco in Peru as a result of higher plant throughput, offset by planned lower production in Chile, which resulted in a 11% decrease year-on-year. Quarter-on-quarter, production is 3% higher, largely due to improved performance from Collahuasi.
• Iron ore production increased by 2% to 15.9 million tonnes, primarily driven by strong performance at Minas-Rio.
• Manganese ore production increased by 109% to 745,600 tonnes, primarily due to the resumption of mining activities at the Australian operations following the damage caused by a tropical cyclone in March 2024. Export sales resumed progressively from the second half of May.
• Rough diamond production decreased by 36% to 4.1 million carats, reflecting the continued production response to the prolonged period of lower demand.
• Steelmaking coal production was 51% lower at 2.1 million tonnes, primarily due to the suspension of Grosvenor since June 2024, the sale of Jellinbah in November 2024⁷ and the event at Moranbah in March 2025.
• Nickel production decreased by 5% to 9,500 tonnes, reflecting expected lower grade.
• Production from our Platinum Group Metals (PGMs) operations decreased by 47% to 492,100 ounces. On a like-for-like basis, up to the point of demerger in May, production decreased by 18%⁶, primarily reflecting planned lower purchase of concentrate volumes, as well as the continued suspension of operations at Tumela Lower in Amandelbult following flooding earlier this year.
• Production and unit cost guidance for our continuing businesses remains unchanged, except for lower Copper Peru unit costs of c.100 c/lb (previously c.110 c/lb) which are offset by higher Copper Chile unit costs of c.195 c/lb (previously c.185 c/lb). Overall, Copper unit cost guidance is unchanged.